UK Money News
12th June 2008
First-ever Shariah-compliant savings plan unveiled
The UK's first ever Shariah compliant savings plan alternative to a guaranteed equity bond has been launched today.
Investors can access the alburaq savings plan with a minimum investment of £500, with deposits permitted for five years.
The product has been designed in accordance with Islamic principles and promises investors the return of their deposit as well as 100 per cent of any gain posted by 20 shares in companies listed on the Dow Jones Islamic Titans 100 Index.
Keith Leach, head of alburaq, said: "Over the past few years the UK has seen an increase in the availability of Islamic home finance products but there remain very few options for Muslims wishing to save money in accordance with their religious beliefs.
"This new account is also an easy way for Muslim savers to gain exposure to the equity markets, in a secure way."
The savings plan is being offered and marketed in conjunction with the Bank of Ireland.
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