Thursday, May 28, 2009

New Shariah-compliant product to be launched

It’s a fast-paced world we live in. Just yesterday, this blog referred to FrontierAlt Oasis as Canada’s only Shariah-compliant mutual fund. Not for much longer, it appears.

Jovian Capital Corporation today announced an agreement with Islamic financial services company UM Financial Inc. to “explore the launch of a co-branded, Shariah-compliant investment product.”

Toronto-based UM Financial has previously secured a $120 million Shariah-compliant residential mortgage investment facility from a regulated Canadian financial institution, and has developed Shariah- compliant investment and deposit products with other financial institutions in Canada.

"We are very excited to be partnering with Jovian on a product that would provide Muslims in Canada with a much-needed, Canadian-based and Shariah-compliant investment product which avoids such industries as gambling, alcohol and tobacco, and enables active review of financial ratios and leveraging," said Omar Kalair, President and CEO of UM.

"We feel that a product designed for Muslim investors will have broad appeal in Canada and elsewhere," said Jovian CEO Philip Armstrong.

There’s no word yet on when the new product will be available.

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