Continuing a trend of firms rolling out Islamic-based financial services, Argyll Investment Services has launched a Guernsey-based suite of these investments to be listed on the island’s stock exchange.

World Shariah Funds PCC brings together three investment teams in a single fund structure: from Malaysia, Reliance Asset Management (Malaysia) with $4.3 billion assets under management; the south-east Asian CIMB Principal Asset Management Berhad with $6.85 billion assets under management; and Markaz of Kuwait with $2.2 billion assets under management. (PCC stands for Protected Cell Company.)

Shariah funds select firms that comply with Islamic law, such as its ban on firms making money by charging interest on loans, gambling and alcohol.

The fund’s administrator is Legis Fund Services.

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