Islamic Banking

Jersey Approves Shariah Fund, Sends Delegation to Middle East

Stephen Harris, 13 March 2006

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The Jersey Financial Services Commission has approved its first Shariah compliant fund. The Algo Al-Qayyim Fund will be administered in Jers...

The Jersey Financial Services Commission has approved its first Shariah compliant fund. The Algo Al-Qayyim Fund will be administered in Jersey by Volaw Trust & Corporate Services, which spent two years working on the project.

The fund has had input from the scholars provided by the Shariah Supervisory Board of Yasaar, and Algo Capital Management, which provided screening techniques. Citibank is acting as prime broker. The fund will be marketed under Jersey’s Expert Fund Regime.

“Even for a technically complex fund, the approval process was made easier because of Jersey’s Expert Fund regime where the emphasis is on investor protection and the quality of the service providers involved in the promotion and administration of the fund,” said Trevor Norman, director of Volaw Trust & Corporate Services.

An official Jersey delegation has recently been in the Gulf visiting Bahrain, Qatar and the United Arab Emirates. Its main remit is to herald Jersey’s specialist skills in developing Islamic financial instruments which comply with Shariah law.

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