Swip awaits FSA approval for global Islamic offering

Swip is to launch a global Islamic fund by the end of the first quarter, pending FSA approval. The ...

Swip is to launch a global Islamic fund by the end of the first quarter, pending FSA approval. The fund is to be managed by Tim Scholefield, head of international research and global sectors at Swip, who will work from a list of stocks screened by the Sharia Board, which sets eligible criteria for Islamic investments. Andy Frepp, sales and marketing director at Swip, said the fund is likely to be launched as a Luxembourg-based Sicav but would be marketed at retail IFAs, paying standard levels of commission. If successful, the group would launch further Islamic funds. He said there are ...