London-based National Employment Savings Trust (NEST) will launch a global equity Sharia-compliant fund, Professional Pensions reports. The firm will seek a manager for its NEST Sharia-compliant fund, which will not include any asset classes forbidden under Sharia law.
The selected bidder will have to get their products approved by a board of Sharia scholars. NEST, which will launch the fund as part of its optional suite of investment funds, in order to fully provide for the needs of scheme members, will not seek direct approval from the board of scholars for the launch.
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