“They seem like a gimmick,” says the manager of one such fund. “But in fact they are not really any different from socially responsible or ethical investments, such as environment-friendly funds. And by setting a minimum investment requirement of only $15,000, the fund is available to lower-income Islamic investors.”
Six such funds were launched last year and are performing satisfactorily. These include Robert Fleming’s Oasis Fund, and PFM’s Ibn Khaldun fund. “Islamic investors are delighted,” says Thomas de Sausmarez, assistant to the managing director at PFM in Doha.
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