With the current population of 2.8m British Muslims expected to double over the next two decades to 8% of the population1, HSBC is urging all Defined Contribution (DC) pension schemes to offer and promote a Shariah-compliant investment option to its members.
HSBC Amanah offers customers a range of financial products that are structured to adhere to Shariah. This includes the HSBC Amanah Pension Fund, which is a life-wrapped, passive global equity fund whose investments are overseen by the HSBC Shariah Committee - ensuring compliance.
HSBC Life Amanah Pension Fund tracks the Dow Jones Islamic Titans 100 Index, which consists of Shariah-compliant companies. These stocks have been endorsed by the Dow Jones Shariah Supervisory Committee.
Paul Budgen, National Business Development Manager at HSBC's Workplace Retirement Services (WRS), comments:
"With auto-enrolment coming into play from 2012, among the estimated five to eight million people that will be saving more or joining a Workplace Pension Scheme for the first time, there will be a significant number of Muslims. It is vital all these new investors have an inclusive fund range to choose from.
By investing in the HSBC Life Amanah Pension Fund, members will have access to a fund that accommodates Shariah principles, features a proven investment process and track record, along with robust risk management. We estimate that less than 1/100th of 1% of DC assets in the UK invest in Islamic funds despite Muslims forming 4% of the current UK population. Amanah is Arabic for ‘trust' and this fund reinforces HSBC's Group values of being ‘open' to different ideas and cultures and ‘connected' with our customers, community and each other."
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