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

The age of SMSFs
The growth of the number and volume of self-managed super funds (SMSFs) seems to have no end. As the sector reaches the one million ...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

BRUMBIE: Walk quietly but carry a big stick
It's now a few weeks since Financial System Inquiry (FSI) chief David Murray handed down his interim report and already sectional advance ... read more
News Search   
VideoBrought to you by
Who wants to be a RockStar 2014 Highlights
Count's Chris Mekhail was crowned 2014 Rockstar this year for his soaring rendition of Swedish House Mafia hit 'Don't You Worry Child' at the annual Who wants to be a RockStar event organised by the Finance ... Watch video
AMP Capital Australian Equity Concentrated Fund
We invite you to watch our latest video program on FSiTV featuring AMP Capital's Co-Head of Australian Fundamental Equities Gian Pandit, as interviewed by Mark Smith, deputy editor of Financial Standard. In ... Watch video
Member Awareness
Lawyer involvement in the claim assessment stage can lead to the member being financially worse off and increases claims administration costs. What can be done to reduce lawyer involvement in the claim ... Watch video
Platinum Asset Management
Reflecting on more than three decades in the industry, Platinum Asset Management managing director Kerr Neilson says one of the changes in the industry has the been the erosion of the information advantage ... Watch video
MAX 2014 Highlights
The annual MAX forum places all the movers and shakers in financial services when it comes to sales, marketing and distribution. Find out the recipe of those who are taking the lead. Watch the video n ... Watch video
Claims Management
Is the industry doing enough to engage employers in relation to their role in the claims process? Comments by: Annette Torrington -CommInsure, Pauline Vamos - Association of Superannuation Funds Australia ... 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
AUG
22
AUG
26
Best Practice Forum: Managed Accounts
SEP
10
Risk and Liquidity Forum
11
Liability Driven Investing Forum
OCT
07
Major Market Players Symposium
15
Investment Performance Measurement, Attribution & Risk Management
News
Bites
Advertisement

$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 v8EcjVRW