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Product matters

Religion and capitalism make uneasy bedfellows and by and large the two would much rather have nothing to do with each other. However, deities are nothing if not unpredictable and even the most devout of followers may want to make provision against an inconveniently prolonged sojourn in this temporal realm.

There are around two million Muslims in Britain and under Islamic law they are prohibited from interest-paying investments, as this is regarded as usury. Investments in pornography, alcohol, gambling, and non-halal meat products are forbidden. It has been nearly impossible for Muslims to use any form of conventional pension, until now.

The Parsoli Sipp has brought together a product which appears to address this market, albeit at quite a high price. The Sipp management is provided by PPML. Its parent company Winterthur has been bedevilled by poor Sipp admin although it claims that it has put its house in order.

The fund management is provided by Fiona Orford-Williams of Gerrard. Her track record in managing the Gerrard ethical fund looks patchy and, given the very restrictive investment brief for this fund, it is hard to see the fund outperforming other ethical investments, let alone the wider market.

The beauty of this product is it does not matter that you are paying fees that are way over the top or that it will probably turn up at the bottom of league tables more often than Shrewsbury Town Football Club. It is a new and unique, commission-paying product to offer to two million potential buyers.

Thomas McPhail is head of pensions at Torquil Clark


PIA expels default IFA firm

The PIA has expelled the IFA R.A. Austin Life and Pensions formerly located at Portland House, 11-13 Station Road, Kettering, Northants because it no longer meets the regulator&#39s financial resources requirements.The firm is no longer authorised to conduct investment business after it was placed into Creditors Voluntary Liquidation on July 24, 2000. Following that, investors […]

Lincoln pension is an alternative to stakeholder

Lincoln Financial Group is offering a low-cost personal pension designed as an alternative to stakeholder. Personal pension direct has an annual fund management charge of 0.9 per cent. It has no bid/offer spread and a 100 per cent allocation rate fixed throughout the contract. The plan is available over the internet and phone or through […]

Hanging on the phone with no help from NU

How right of Beatrice Dixon to refer to the level of service now provided by Norwich Union. A recent investment bond application submitted on August 30 was finally received this week after two previous schedules had been sent with the wrongly spelt surname. A further bond application sent to NU September 3 resulted in the […]

L&G publishes mortgage club compliance toolkit

Legal & General is launching a toolkit to help brokers in its mortgage club comply with the requirements of the Mortgage Code Compliance Board. The first part of the toolkit concentrates on the regulator’s requirements for fitness and properness and the second part, due for publication in the coming weeks, covers training and competency. The […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes


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