Sharia-compliant fund hires agency

A sharia-compliant investment fund has brought in Peregrine Communications for its launch later this year.

Amiri Capital is one of a few companies operating in the arena, but wants to explain its benefits to investors and trumpet its sharia compliance. Sharia is the body of Islamic religious law, the legal framework that regulates public and some aspects of private life. Traditional hedge funds, especially with regards to buying and selling on, would make some aspects of investing untenable for those of Islamic faith.

Amiri has a fatwa - religious legal ruling - on a new structure it believes will be universally accepted under sharia law. The firm is due to launch the specialist sharia-compliant hedge funds in the second quarter of this year. They will be marketed to institutional clients.

The account is headed by Anthony Payne, who founded Peregrine in 2003.

The Middle East is awash with cash and investors there are looking for financial options that are sharia-compliant.

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