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.
One in four Australians will outlive their retirement savings by more than 10 years. Longevity risk - the risk of outliving your savings - is one of the biggest economic and social issues facing ... Watch video
We invite you to watch our latest video featuring Sebastian MacKay, Investment Director, Multi Asset Investing at Standard Life Investments.
In this short 2 minute clip, MacKay discusses the key objectives ... Watch video
We invite you to read the following article in which Colonial First State general manager of products and investments, Peter Chun, explains the new range of funds launched in partnership with Sanlam Global ... Watch video
"We've identified a need for a more transparent, cost-effective and tax-efficient vehicle in the investment market and we think we've delivered that," said Matt Heine, joint managing director ... Watch video
As head of the Australian UBS Smaller Companies investment team, Stephen's job is to uncover the little gems in the Australian sharemarket and invest in them before they become household names.
"We ... Watch video
Ralton Asset Management has successfully run separately managed accounts for a long time. As a value manager, Ralton is constantly looking at shares that are mispriced; the turnaround stories, the 'fallen ... Watch video
Ibbotson's team travel around the country, visiting advisers, understanding their practice and really working out how the investment strategy that Ibbotson puts forward in the market is going to be beneficial ... Watch video
Get it Daily
FREE to your inbox, get the Financial Standard Daily Email.