Register  
Praemium plans Australian Sharia service
Thursday, 9 December 2010 12:10pm

Praemium will launch an Australian Sharia-compliant service in the next quarter after working with the Islamic Bank of Britain to introduce the UK's only Sharia-compliant retail Discretionary Portfolio Service.

Praemium, a financial portfolio administration provider, said it hopes to introduce a Sharia-compliant product in Australia in the new year with discussions already under way.

"There is interest in Sharia investments globally, and separately managed accounts (SMA) are particularly well suited due to their transparency," said Arthur Naoumidis, managing director of Praemium.

This transparency is an important feature for investors to ensure Sharia compliance, according to Naoumidis.

The Australian fund will have the same features as the UK version, but controlled by a committee of Islamic scholars that determine whether investments are compliant, which will be done by an Australian or Asian group.

"It will certainly have an Australia and Asian focus," said Naoumidis, "Although we have also now received interest from New Zealand as they have a need for us too."

The UK service will be based on Praemium's DPS Select service, offering investors the opportunity to invest in Sharia-compliant investment options.

Praemium supplies administration services, SMAs and wrap technology to over 500 financial institutions and intermediaries and has $42.2 billion of assets in Australia.

Blogs
Follow the industry experts.
Christopher Page
Christopher Page
Managing Director

Quality of advice is the real constant
David Murray's Financial System Inquiry (FSI) is due to report in a few days and rumours and speculation on what it will recommend ...read more
 
Benjamin Ong
Benjamin Ong
Chief Economist

Reflation, rotation and the taper
'Tis being my final type (drivel, to some gentle readers) for the year, we'll take a look back at the 2013 that was to seek the lessons ... read more
 
Alex Dunnin
Alex Dunnin
Director of Research & Editorial Services

It's all in the coffee mugs
The Future Fund was already Australia's most misunderstood fund even before it released its latest explanatory paper describing its ... read more
News Search   
VideoBrought to you by
Introduction to Series #07
What are the key challenges advisers face when building retirement portfolios for clients? Watch Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management. Watch video
State Street Global Advisors SPDR S&P 500 ETF
We invite you to watch our latest video program on FSiTV featuring State Street Global Advisors (SSgA) head of SPDR ETFs Amanda Skelly, as interviewed by Mark Smith, deputy editor of Financial Standard. In ... Watch video
Colonial First State Multi-Asset Real Return Fund
Find out more about the investment philosophy and objective of the Colonial First State Multi-Asset Real Return Fund. Senior Portfolio Manager, Kej Somaia explains. Watch video
Adviser Efficiency
The secret sauce to an enduring adviser-and-client relationship changes from time to time. One minute it's about the adviser's ability to provide expert advice around investments and the next minute, it's ... Watch video
Why Multi-Asset Solutions?
Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management talks about the advantages of objective-based investing in the multi-asset space. Watch video
Get it
Daily
FREE to your inbox, get the Financial Standard Daily Email.
Get the Free
iPad app
Download the Financial Standard iPad app for FREE
Industry
Events
NOV
27
DEC
02
FEAL - La Trobe Financial National Achievement Awards
17
Post Retirement Australia 2014 Conference
JAN
28
Financial Standard Chief Economists Forum 2015 - Sydney
30
Financial Standard Chief Economists Forum 2015 - Melbourne
MAR
25
Digital Marketing for Banking & Financial Services 2015 Summit
News
Bites

$245 (inc GST) for 1 year
 
 
Copyright © 1992-2014 Rainmaker Group
All material on this site is subject to copyright. All rights reserved. No part of this material may be reproduced, translated, transmitted, framed or stored in a retrieval system for public or private use without the written permission of the publisher.
Link to something xQhOrQpe