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Parsoli adds an Islamic option for Muslim investors

Muslim financial specialists Parsoli UK has introduced the Parsoli global Islamic equity fund.

The fund is an open-ended investment company and has been aimed at Muslim investors in the UK and Europe who are looking for a financial product that complies with Shari’ah.

Shari’ah means to be compliant with both Islamic law and the Koran, and as a result the fund will not invest in any companies that breach these laws and religious guidelines.

A company that complies with Shari’ah cannot have income that derives from pornography, the manufacture and distribution of alcohol, gaming or gambling, anything to do with pork, or any other banned meats, conventional banking or conventional assurance.

The fund will invest in between 40 and 60 global blue chip companies that comply with Shari’ah. The companies will be chosen by the Shari’ah supervisory board made up of Islamic scholars and Muslim legal experts. If any of the companies invested in makes any future investment changes so they have 5 per cent or less of its income from a non-Shari’ah source, part of this will be sent to a charity. The companies are still in the process of being chosen.

This is a unique product as it is the only UK-based Shari’ah fund at the moment. The concept itself is not new as there are another 105 existing Islamic mutual funds. However the majority of these are based in the Middle East with others in other Islamic areas such as Pakistan and Indonesia. With an estimated 2.5m Muslims in the UK, this product should be attractive to devout Muslims who want to invest but who have been put off by not wanting to break Shari’ah.

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Robert Clifford

Lives: Belper, Derbyshire. Born: March 9, 1968 in Nottingham. Age: 33. Education: South East Derbyshire College,A Level Maths, Psych-ology,Theatre Studies and Art. FPC1,2,3, Cemap. Career: Marketing manager Advance Mortgage Systems 1989, director ofmortgage services at Whitechurch Securities 1991, partner then managingdirector of MP between 1992 to 1997, group managing director forBishopscourt Financial Holdings between 1997 […]

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