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International legal practice Norton Rose LLP has advised Barclays Capital, the investment banking arm of Barclays Bank plc, on the launch of the Al-Safi umbrella trust platform, a fund which intends to comply with Shariah principles. The Al-Safi platform seeks to provide an innovative, Shariah compliant structure which is intended to enable Islamic and non-Islamic investors to access a broader range of exposure profiles with respect to Shariah compliant equities. The Al-Safi platform seeks to assist such investors in maximising their potential returns. Shariah Capital has been appointed as Shariah advisor to the Al-Safi platform and will provide day to day monitoring of the investments of the trust. The intention is to ensure the investments remain in accordance with the principles of Shariah which prohibit investments in certain industries (such as gambling and the manufacturing of armaments), certain products (such as alcohol and pork) and certain investment strategies (such as speculative or interest-related strategies). Dean Naumowicz, banking partner, Norton Rose LLP commented: “We are delighted to have acted on the launch of the Al-Safi platform. While the strategies to be utilised by the trust are not in themselves out of the ordinary, enabling such strategies to be done in a way that is intended to comply with the principles of Shariah has been pioneering. With this and other fund structures being discussed, we are no doubt witnessing the rise of a new area of structured finance.” The Norton Rose LLP team was led by partner Dean Naumowicz, with support from partner Cathy Pitt. They were assisted by Uzma Khan and Shatha Ali.
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