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EFA and BCEE win mandate for European Sharia’a compliant money market fund

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Bank of London and The Middle East, an independent UK wholesale Sharia’a compliant bank based in London, has launched the first Sharia’a compliant money market fund in Europe.

 
Using Luxembourg’s Specialised Investment Funds law, BLME has appointed European Fund Administration and Banque et Caisse d’Epargne de l’Etat for fund servicing and custody.
 
The BLME Umbrella Fund Sicav-SIF, worth over USD50,000,000 invests in a diversified portfolio of high quality Islamic money market instruments, such as Commodity Murabaha (exchange contract trade), Sukuk (Islamic bond) and Ijara (assets leasing).
 
In order to serve BLME and respond to the significant market growth in Islamic investments, EFA has tailored its open fund accounting architecture and transfer agency platform while offering specific training to a dedicated team.
 
Nigel Denison, head of asset management at BLME, says: “For the first European Sharia’a compliant fund launched by an Islamic bank, we needed a specialised fund administrator and a highly rated custodian bank. We chose EFA’s service offering, with BCEE, for their tailored and specialised platform, which is adaptable to our complex structures.”
 
Thomas Seale, chief executive of EFA, says: “Thanks to our specialised teams and their efforts into adapting our platform for Sharia’a compliance requirements, we are glad to have been a pioneer in the Islamic finance space which is deemed to develop fast. Further, EFA strongly supports Luxembourg’s efforts into becoming a domicile of choice for Islamic finance.”
 

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