Luxembourg-based, asset manager and provider of Shariah compliant investment solutions, SEDCO Capital Global Funds (SCGF), has launched the first Shariah-compliant investment funds, which will be managed depending on environmental, social and governance (ESG) principles.
The SEDCO Capital US Equities Fundamental Indexing Fund and SEDCO Capital Global Higher Dividend Yield Fund will be screened for compliance with international conventions and guidelines on environment, human rights and business ethics. The funds will also incorporate proxy voting according to best corporate governance standards in its ESG programme, it said.
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The funds are targeted at institutions, high net worth individuals, family offices, and qualified distributors wishing to invest in a socially responsible manner, while complying with Shariah principles. Both funds are managed by IPM Informed Portfolio Management, a signatory of the United Nations Principles for Responsible Investment (UNPRI).
SRI assets under management have grown by 26% a year in Europe since the financial crisis, compared to only 0.4% for all assets under management.
CEO of SEDCO Capital, Hasan Al Jabri, said: "Shariah compliance and socially responsible investment share a common goal: to create real value for economies and improve people’s quality of life.
"SEDCO Capital is excited about setting a new benchmark for this unique investment opportunity. By working with IPM, a signatory of the UNPRI, SEDCO Capital is adding Shariah- compliant responsible investment to its portfolio of innovative trends and signaling its dedication to building a more sustainable financial system."
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By GlobalDataSEDCO Capital is expected to include over 15 funds totaling more than US$1.6 billion in assets under management by the end of 2013.
