Investment management platform provider Praemium has been appointed by the Islamic Bank of Britain (IBB) to launch the UK’s only Sharia compliant retail discretionary portfolio service.
IBB stated Praemium’s discretionary portfolio service would give investors the chance to set up investments through its independent financial advisers. It added that the service would appeal to the full spectrum of investors seeking Sharia-compliant investment options, including high-net-worth investors who typically used a discretionary asset manager or investment adviser, and group pensions and employers looking for a solution for their Islamic employees.
IBB commercial director Sultan Choudhury stated that not only did the new service expand the boundaries of British Islamic finance, but removed constraints to Muslims finding solutions to their wealth management and retirement needs.
Praemium was hoping to introduce a similar Sharia compliant product in Australia, according to Praemium managing director Arthur Naoumidis.