The Shariyah Review Bureau (SRB) has been enlisted by Abu Dhabi-based fund manager, Shukr Investments, to approve the sharia credentials of its global public equity fund range.
The SRB has been recruited to help Shukr set up a sharia supervisory board to supervise the ethical framework of its equity funds.
This supervision will mean ensuring Shukr’s processes, investments and charity distributions align with sharia principles.
The firm is aiming to provide 10% returns to investors while also donating 50% of performance fees to charitable causes, according to a statement.
“We believe our success lies in being grateful and giving back to society,” said Omar Bassal, director of Shukr Investments. “While we are the only firm we know of that donates half of our performance fees to charity, we hope this principle becomes an industry standard.”
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