Scottish Widows launches Islamic fund

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Scottish Widows launches Islamic fund

A new investment scheme has been launched by Scottish Widows Investment Partnership (SWIP) that allows Muslims living in the UK to invest their money in line with their religious beliefs.

The Islamic Global Equity Fund is designed to offer long-term growth for those who previously have been unable to capitlaise as a result of the principles of Sharia law, which forbids followers to make money from interest-based schemes.

The portfolios will only contain stocks that are also constituents of the FTSE Global Islamic Index and all investments will exclude those companies such as arms manufacturing companies and breweries which are involved in industries forbidden under Islamic law.

Andy Frepp, director of sales and marketing at SWIP, says there has been a growing need for a financial services to Muslims.

"Our research shows that over three quarters of the two million Muslims in the UK want to be able to access financial services products that align with their beliefs, yet there are currently few investment options available to them," he said.

The Shariah Advisory Board will be providing approval and guidance on appropriate investments.

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