SEI Launches South Africa’s First Offshore Shariah Funds

Nick Parmee

20 November 2008

US-based manager of managers SEI has launched an offshore range of Shariah-compliant investment funds aimed at South African institutional and retail investors.

The four funds are Islamic US Equities, Islamic European Equities, Islamic Emerging Markets Equities and Pacific Basin Equities. All are registered with the South African regulator and are designed to comply with Shariah laws while not compromising investment return potential. Each holds a certificate of compliance and Shariah law is specifically included in the investment objective of each fund, with customised Shariah guidelines for each underlying fund manager.

The funds are constructed using SEI’s manager-of-managers investment philosophy which involves structuring offshore portfolios using multiple managers within each asset class.

The funds are benchmarked against the Dow Jones Islamic World Index which covers over 1,600 Shariah compliant companies with a market capitalisation of more than $9 trillion.

SEI is a global provider of outsourced asset management, investment processing and investment operations solutions. At 30 September 2008, through its subsidiaries and partnerships in which the company has a significant interest, SEI administered $431 billion in mutual fund and pooled assets, and managed $162 billion in assets.