HSBC will this week become the first bank to offer Shariah-compliant pension funds to the United Kingdom’s two million strong Islamic community, the firm has revealed.
Julian Lyne, the head of institutional pooled funds at HSBC Asset Management, explained that the Life Amanah Pension Fund has been approved by an independent panel of Islamic scholars.
Interest is not permitted under Muslim law, and the fund will also avoid investments in doctrinally unacceptable firms and industries such as breweries and distilleries, tobacco products, casinos and pork producers. Any dividends generated by firms unacceptable to the Muslim code will be ‘purified’ by being given away to charity.
The new Islamic-friendly products are available through the bank’s Amanah Finance Division, which provides a number of other similar services. The fund will track the top 100 suitable firms and feature exposure to global equities.
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