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Britain Creating Parallel Islamic Financial System
by Soeren Kern
A British firm has launched a Sharia-compliant pension fund that will enable Muslims to save for retirement in compliance with Islamic principles.
The British government will begin offering Muslim workers Sharia-compliant pensions as of 2012. The launching of the funds, which are said to be structured around a strict code of ethics and based on the Muslim Koran and Islamic Sharia law (a religious code for living), reflects the gradual establishment of parallel Islamic financial and legal systems in British public life.
Pointon York, an independent financial services company based in Leicestershire in central England, announced on June 6 that it will begin offering four Sharia-compliant Self-Invested Personal Pensions (SIPP) products that do not bear interest nor invest in companies that trade in alcohol, gambling, pornography, tobacco or weapons, in conformity with Islamic law.
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