Global asset manager Schroders has launched the Islamic Global Equity Fund for UK domiciled investors.
The fund employs an integrated, multi-factor investment approach, which seeks to outperform the Dow Jones Islamic Market World Index over a three-to-five-year period.
It will be managed by the Schroders Systematic Investments (SSI) unit, which seeks to provide factor-based investing to support clients’ investment needs.
Schroders “worked closely with an external Shariah Adviser” to develop the fund and it has also been certified by an independent external Shariah Supervisory Board.
‘Rigorously screened to ensure adherence with Shariah Law’
Doug Abbott, head of UK intermediary, Schroders, said: “Schroders is uniquely positioned to offer our clients access to a global investment universe comprising of over 2,600 stocks that have been rigorously screened to ensure adherence with Shariah Law.
“The fund maintains features such as dividend income purification, whereby any dividend income deemed non-Shariah compliant is donated to charity.
“We recognise that Shariah-compliant investors have been underserved by the market and we are delighted to leverage our long-standing investment expertise to address this gap.
“The launch of this fund is a great example of our ability to build solutions in response to demand from our clients and to increase the range of innovative investment products we offer to investors in the UK.”
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