| Feature Item |
| Children's Trust Fund Caters to Muslims Wed 29 Jun 2005 |
|
The first Child Trust Fund which complies with Muslim laws will be launched today. Children’s savings specialist the Children’s Mutual has created a fund that is in line with Islamic Shariah law for children from Muslim families.
Shariah principles forbid Muslims from either receiving or paying interest, meaning that they could not put money into a traditional savings account. They are also not allowed to invest money in companies that are involved in tobacco, alcohol or pornography.
However, the Children’s Mutual has launched an ethical fund which invests in the shares of companies that are not involved in any of the banned activities, there is also no interest paid on the account.
The launch of the fund was being attended by Economic Secretary to the Treasury Ivan Lewis, as well as David White, chief executive of the Children’s Mutual, Dr Akber Mohamedali, Treasurer of the Muslim Council of Britain, as well as Muslim families.
|
|
|
|
|
|
| Disclaimer |
| Events are listed by the Muslim Council of Britain (the "MCB") at its discretion. The views of any organisation holding an event or any speakers at such an event are theirs alone and not those of the MCB. The MCB is not responsible for the content of external sites. The inclusion of any events on the MCB website does not amount to any endorsement by the MCB of such event or of any speakers at such event. |
|
|
