Lombard Odier launches sharia fund

Islamic_financeSwiss private bank Lombard Odier has launched its first sharia-compliant investment offering. The discretionary mandate was certified by the Shariah Supervisory Board of Amanie Advisors, an advisory firm, and will invest in sukuk, equities and thematic funds such as Islamic real estate funds. The launch follows reports that Lombard Odier plans to form a partnership with a Saudi bank and open an office in Abu Dhabi to strengthen its standing in the Middle East region. The Geneva-based bank currently has a representative office in Dubai. The partnership with the unnamed Saudi bank would prevent Lombard Odier’s Mena-based clients having to transfer assets to Switzerland. “The money stays in the country, in the book of the bank, but we would have this partnership to manage the assets internationally,” partner and group managing director Arnaud Leclerq told Reuters. ©2018 funds global mena

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