Money managers under the microscope
News and views on the asset management industry from Reuters and elsewhere:
If it was not the holy month of Ramadan, I would confidently predict plenty of Halal cork-popping in UK Islamic finance circles today, following news of the first company in Europe — International Innovative Technologies (ITT) – to raise $10 million through a sukuk deal.
This has been a labour of love… rumours and counter-rumours about which company, government or institution would do the honours have abounded since the UK shelved its plans for a 2 billion pound short-note sukuk programme at the end of 2008. The UK may not be the only theatre of action in Europe – Luxembourg’s sukuk is rumoured to be on its way and France is equally open about its ambitions.
from Global Investing:
Speaking at the Reuters Islamic Finance Summit today, Dar highlighted the development of an upcoming F&C fund that will meet both ethical and Shariah investing criteria, and can be sold to both Muslims and non-Muslims. "I see this as the way forward in markets such as Malaysia, where a significant proportion of the population is non-Muslim," he said, adding that once such products have established a track record, it should appeal to a broader audience, and encourage other launches.