Zurich International Life (ZIL) is aiming to attract Islamic investors by adding five new Islamic fu...
Zurich International Life (ZIL) is aiming to attract Islamic investors by adding five new Islamic funds to its Mirror and International Wealth Account (IWA) platforms.
The funds, all from DWS Investments, follow a strict Sharia- compliant framework. Martin Davis, chief executive of ZIL, said: "There are roughly 1.6 billion Muslims on the planet and as an individual group they are becoming increasingly affluent and much more international in their nature.
"They are becoming increasingly involved in western financial services and are increasingly looking for solutions that are compliant to their religion or culture."
Currently, approximately a third of ZIL's business comes from the Middle East, a figure it is keen to grow.
Davis said the growth in Sharia-compliant funds was a result of the Muslim community as a whole becoming wealthier. But he said Sharia-compliant funds were also proving attractive to many outside the Muslim community.
Davis added: "Sharia-compliance is about only investing in industries that match the Muslim position, for example, no gambling, tobacco, alcohol or weapons. Those principles have got broader appeal than just the Muslim community."
The five Islamic funds are part of a range of additions to the Mirror and IWA platforms, which includes funds from Blackrock, JPMorgan, Fidelity and Invesco.
Ramifications for advice firms
Calling for new advisers to join
Falls to 2.4%
Spent three years in the role
One of many options being 'kicked around'