Product design is catching up with Muslim pound
The rise in Muslim investors has created a shift towards Sharia-compliant funds, Faizal Karbani has claimed.
The chief executive of London-based financial advisory firm Simply Sharia pointed to figures from the Ethical Media Group which showed that in Britain alone, Muslims contributed £31bn a year to the economy, and there are 10,000 British Muslims.
This has resulted in asset managers designing products to meet this need, one of the latest being London Central Apartments, a UK Sharia-compliant residential property fund that is making its first acquisitions around areas such as Mayfair, Knightsbridge, Kensington and Chelsea, launched by London Central Property.
According to Mr Karbani, LCA is eligible for direct investment, conventional self-invested personal pensions, small, self-administered schemes and Isas.
It is also approved for inclusion in Pointon York’s Sharia compliant Sipps, which have been accredited by Islamic Bank of Britain.
“As a bricks and mortar product, often preferred by Muslim investors, the LCA fund is a perfect recipe for us.”