John Sandwick, manager, SAFA Investment Services, said, "Professionally managed assets worldwide are now around US$80 trillion, of which Muslims own at least US$3 trillion. What is striking is that almost none of that is invested with any respect for Sharia. A lot of that is invested in the types of securities that actually accelerated the global financial crisis.
"Sharia-compliant investing means sticking to true assets, assets which are producing good for the community and the economy. As an added bonus we discovered that Sharia-compliant investing produces superior profits than conventional investing," Sandwick added.
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Commenting on the launch, Abdullah Al Fouzan, chairman of The Investor for Securities, said: "We are delighted to open this new and exciting section at the Investor. It is our strategy to expand our services to provide a cutting-edge solution for hundreds of billions of savings in Saudi investments that need to be liquid investments, at the same time have strong long-term returns.
"SAFA offers purity and invents a way to convert the underlying assets in the active Murabaha investments, offering safe good low-risk returns," he added.
The Investor is regulated by the Saudi Capital Market Authority and advised by the Sharia Review Bureau. It currently has over US$1 billion of total assets under management (AUM).
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