Options UK (part of STM Group Plc) has joined forces with worldwide Halal investment specialists Wahed Invest to launch a fully diversified, Sharia-compliant Halal Workplace Pension (HWP). The pioneering pension vehicle is designed to satisfy burgeoning demand from British Muslims for a retirement product compatible with Sharia law, enabling them to enjoy generous tax advantages without compromising on their beliefs.
The partnership between Options UK and Wahed Invest has resulted in the creation of a unique HWP which comprises Sharia-compliant funds selected for their adherence to Muslim values. Advised by its Sharia board, Wahed Invest ensures that all returns from these funds, which include investments in Sukuk funds (Islamic Bonds), Gold and the Islamic Global Equity Index, are Halal.
The values underpinning Sharia-compliant pensions and other investment products are comparable to those found within the ethical and socially responsible investing sector. At the heart of Sharia-compliant investing is a belief that all-natural and depletable resources should be managed in trust for ours and future generations. The investment process also involves financial screening to ensure securities are Sharia-compliant and investments in heavily indebted companies are avoided. In addition, Riba (interest) is neither held nor received, while investing in industries including alcohol, gambling, firearms, tobacco, and any other areas considered Haram (unlawful) is also forbidden.