The Islamic Bank of Britain is to launch a Sharia-compliant discretionary portfolio service for investors who invest through financial advisers.
The service, launched with investment management platform Præmium, will see the Islamic Bank of Britain screen discretionary investment services.
The service will include a range of strategies as well as Sharia-approved ISA and SIPP products.
The Islamic Bank of Britain will ensure investment models are 100 per cent Sharia-compliant and meet with the approval of conditions set by its Sharia Supervisory Committee, made up of Sharia scholars.
Sultan Choudhury, commercial director at the Islamic Bank of Britain, said, ‘Not only does this new service expand the boundaries of British Islamic finance, it also removes the constraints previously faced by British Muslims for their wealth management and retirement needs.
‘The discretionary portfolio service will offer peace of mind for customers, both financially and spiritually.’