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United Kingdom : IBB accredits ISLAMIC PENSION TRUST

July 4, 2014

Islamic Bank of Britain (IBB) has announced that it has certified the Islamic Pension Trust, a new 100% Sharia-based auto-enrolment Pension Scheme.

Guided by IBB's expert Sharia compliance department on the way it should be structured, Carey Pensions UK, created the Islamic Pension Trust.

It has been introduced to fulfill the demand for a Sharia compliant pension scheme to meet the criteria for automatic enrolment, as the government has defined.

This will enable British employers to fulfill their legal obligation to automatically enrol qualified Muslim staff into a qualifying workplace pension scheme, without sacrificing their religious beliefs.

CEO and Director, IBB, Sultan Choudhury,said : "IBB is very proud to be involved in the accreditation of the Islamic Pension Trust, a scheme tailored to the specific requirements of Muslim employees. We can all appreciate the importance of sensible financial planning for our future, but until now it has not been possible for employers in the UK to enrol their Muslim employees into a workplace pension scheme without compromising their beliefs. The launch of the Islamic Pension Trust has changed that, as it enables British Muslim employers and charities to provide a fully Sharia compliant workplace pension that meets all of the Government's criteria for an auto-enrolment scheme."

CEO, Carey Pension UK LLP, Christine Hallett, added : "Carey Pensions UK prides itself on designing high quality pension products that are well run, offer value for money and support employees with their retirement savings. Our new Islamic Pension Trust is no exception and IBB was the natural choice to provide Sharia accreditation - their range of innovative, Sharia compliant products makes them the clear leaders in the field of Islamic finance in the UK."

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Source: TendersInfo (India)

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