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| Shariah-Compliant World Fund Launched In Guernsey |
by Amanda Banks, Tax-News.com, London
Thursday, August 19, 2010
Investment manager Argyll Investment Services Limited has launched ‘the
World Shariah Funds PCC Limited’, a Guernsey-based suite of Islamic-compliant
investments which is to be listed on the Channel Islands Stock Exchange (CISX)
and distributed globally.
The World Shariah Funds have brought together three major Islamic investment
teams within a single fund structure: From Malaysia, Reliance Asset Management
(Malaysia) with USD4.3bn assets under management; the south-east Asian CIMB
Principal Asset Management Berhad with USD6.85bn assets under management; and
Markaz of Kuwait with USD2.2bn assets under management.
This is the first time they have come together in a single offering and strict
criteria have been applied to the selection of the companies whose shares are
held within the funds. These specifically exclude, amongst others, companies
dealing in alcohol, pornography, tobacco or those with highly leveraged balance
sheets. From a ‘basket’ of Shariah-compliant companies, a selection
is made of those whose earnings are most likely to exceed the market average
and the result is an actively-managed portfolio intended to outperform an Islamic
equity index.
Stuart Place, Marketing Director at Argyll, said: “Following the first
phase of the world credit crisis investors are more wary of holding heavily
indebted companies in their portfolios. The filter process for the World Shariah
funds eliminates such businesses as non-compliant under Shariah principles.”
“As the next phase pans out, less leveraged companies will be less dependent
on bank finance and should have more robust balance sheets; an attractive proposition
in the search for value.”
The Administrator of the World Shariah Funds PCC Limited is Legis Fund Services
Limited which has experience of administering Shariah compliant Guernsey open-ended
funds. Managing Director Martin Tolcher said: “This fund adds to the Shariah
compliant structures we already administer and the overall breadth of fund types
under Legis’s administration. There continues to be increased demand for
Shariah-compliant investment products, including offshore funds whose portfolios
consist of Shariah-compliant securities.”
He added: “This specialist area of fund administration is a growth area for Guernsey.
The increased awareness of and desire for these products globally, the presence
of the Channel Islands Stock Exchange and Guernsey’s position as a highly
reputable jurisdiction are a winning combination.”
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