Schroders launches Shariah-compliant global equity fund

Non-compliant income will be donated to charity

Schroders has launched a Shariah-compliant global equity fund, which seeks to offer investors a diversified investment strategy.

The Islamic Global Equity fund seeks to outperform its Dow Jones Islamic Market World benchmark over a three to five-year period and will be managed by the Schroders systematic investments (SSI) unit, which utilises factor-based investing. Schroders scrapes £75m for British Opportunities Trust as UK smaller companies launches fail to entice It will provide access to a universe of more than 2,600 stocks, according to Doug Abbott, head of UK intermediary at Schroders, who added the fund includes "dividend income purification", a function which means any non-Shariah complaint income is d...