Praemium to launch UK Sharia portfolio service
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.
Recommended for you
Financial advisers will have to pay around $10.4 million of the impending $47.3 million CSLR special levy but Treasury has expanded the remit to also include super fund trustees and other retail-facing sub-sectors.
Recommendations by the FSC around implementing a practicing certificate framework for advisers would be burdensome and add little value for AFSLs, according to SIAA.
The RBA has made its latest interest rate decision at the the final monetary policy meeting of 2025.
AZ NGA has acquired Sydney-based advice and wealth management firm Financial Decisions, allowing its CEO to step back and focus on providing advice.
