NEST has confirmed it will offer investors access to a global equity Sharia-compliant fund, it confirmed today.The mandate to run the brief - posted on the official European Union tender website today - said the successful bidder will have their products approved by a board of Sharia scholars. The fund will not include any asset classes forbidden under Sharia law - for example, conventional bonds.(source)
The notice said: "NEST is seeking to include a passive or actively managed Sharia compliant global equity investment option as part of its optional suite of investment funds in order to fully provide for the needs of scheme members."
NEST said, at present, it would not seek direct approval from a board of scholars for the NEST Sharia-compliant Fund.
It said it would conduct the fund manager selection process using in-house expertise, in order to produce a shortlist of managers. Investment advisers will support NEST in the final selection of the fund, a statement said.
The fund management firm selected to run the brief will be announced by March.
NEST added it would continue to explore the market in Islamic investment products so that it may evolve the offering to meet the risk/return expectations of our members.
NEST said, at present, it would not seek direct approval from a board of scholars for the NEST Sharia-compliant Fund.
It said it would conduct the fund manager selection process using in-house expertise, in order to produce a shortlist of managers. Investment advisers will support NEST in the final selection of the fund, a statement said.
The fund management firm selected to run the brief will be announced by March.
NEST added it would continue to explore the market in Islamic investment products so that it may evolve the offering to meet the risk/return expectations of our members.
Source : http://www.professionalpensions.com/professional-pensions/news/1938529/nest-offer-sharia-global-equity-fund - Jan 20, 2011
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