View more on these topics

Islamic firm sets up Muslim-focused supermart

Islamic financial services group iHilal is set to launch one of the world&#39s first Muslim-focused fund supermarkets into the UK next month.

iHilal will operate principally as a b2b platform for IFAs with Muslim clients although it says it also hopes to appeal to advisers with ethical investors.

The platform will only carry funds which are compliant with Islamic law, Shari&#39ah, which does not permit interest-based or speculative investing and prohibits investment in certain industries such as pornography, gambling or alcohol production. It will also offer Shari&#39ah compliant mortgages and pensions.

There are currently a very limited range of Shari&#39ah funds in the UK and the platform will offer just two funds at launch.

However, it has been in talks with the FSA and many of the UK&#39s major fund management names to encourage further launches in the sector. iHilal says that from its discussions, it is confident that there will be more products set up soon.

The platform will offer education and guidance about Islamic law and will also have a live news feed from Dow Jones.

The home office estimates that there are more than 2.5 million Muslims in the UK, of which around 300,000 are high-net-worth individuals.

Executive director Roger Sanders says: “The message to IFAs is that we want them to see the market, to understand that it is there, to help them to grow their businesses to take advantage of this incredible potential.”

Recommended

Trends in terror

The international security outlook since September 11 and its effect on the airline and marine sectors is the subject of a talk at the Insurance Institute of London later this month. The lecture will consider the long-term terrorist trends that can be expected, the likelihood that the US-led campaign in Afghanistan will destroy al-Qaeda, the […]

MFR reform will increase pension transfers

Scottish Equitable is predicting an increase in pensions transfers as a result of minimum funding requirement reform.ScotEq wants IFAs to be aware of the advice implications for clients following proposals from the Department for Work and Pensions with a scheme specific standard.It believes many members of a defined benefit scheme may be best advised to […]

NU calls for scale of fees as it warns against axing commission

Norwich Union expects commission to stay after the Sandler review but under a regime of greater disclosure, where the commission is expressed and paid as a fee. The company says it is encouraged by Sandler&#39s understanding of the importance of commission and says abolishing it would be a “nail in the coffin” of financial services. […]

Genesis – 5.49 Per Cent Fixed Then Discount

Wednesday, December 12, 2001.Type: Fixed then discounted rate mortgage.Fixed term: Two years.Fixed rate: 5.49 per cent.Discounted term: One year.Discount: 1 per cent.Minimum loan: £25,001.Maximum loan: Loans of up to 75 per cent of valuation subject to amaximum of £1m, 76-90 per cent subject to a maximum of £250,000,91-95 per cent subject to a maximum of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment