RUSSIA - AK BARS Bank closes $60 million Murabaha financing

CPIFINANCIAL.NET - AK BARS Bank has successfully closed the debut in CIS one-year syndicated Murabaha financing for the total amount of $60 million. Citi and the Islamic Corporation for the Development of the Private Sector (ICD) acted as exclusive Joint Lead Arrangers and Bookrunners (source)

UK - New range of Shari’ah-compliant UK pensions launched

Pointon York has launched a range of Shari’ah-compliant Self-Invested Personal Pensions (SIPPs) to meet growing demand from UK Muslims for a suitable retirement vehicle. The specialist SIPP provider is the first to receive Shari’ah-compliant accreditation by the Islamic Bank of Britain (IBB) for its full range of SIPPs

Sultan Choudhury, Commercial Director, IBB said, “People are being alerted to the risks of not putting enough aside in pensions for their retirement.  British Muslims in particular have had very limited choices of Shari’ah-compliant products to invest within their pensions.  Retirement planning has therefore been neglected because, amongst other reasons, the specific needs of Muslims have not been addressed. The launch of Pointon York’s range of SIPPs, accredited by IBB, therefore, represents a new opportunity for Muslims to invest for their future.”

Jo French, Managing Director of Pointon York, said: “The launch of our Shari’ah-compliant SIPPs is significant for Muslims, their IFAs and employers; it will encourage all parties to consider pensions as an important tool when planning for their retirement.  It will also provide IFAs with the right products to deliver bespoke tax and wealth management strategies to the Muslim community.  Employers will also benefit by being able to offer staff a pension scheme in advance of the 2012 auto-enrolment deadline. This is the first time that Muslim employees, IFAs and employers will have access to SIPPs accredited by Islamic Bank of Britain.” (source)