West Bromwich Building Society is offering a Shariah-compliant child trust fund in several of its Midlands branches.
The building society says Muslim families living in the Midlands will now have the opportunity to open an account that complies with their religious beliefs. The Shariah baby bond will be invested in shares listed on the Ftse Global Islamic Index, and management of the bond will be supervised by a Sharia advisory board of scholars.
West Bromwich Building Society product manager Andy Hesltine says: “I am delighte we are able to offer this product. Muslim customers will confidently be able to invest according to their Islamic principles, according to Shariah law.”