Alternative Market Briefing

SEI launches South Africa`s first offshore multi manager Shari`ah funds for institutional and retail investors

Wednesday, November 19, 2008

SEI, the U.S.-based manager of managers, has become the first global investment management firm to launch an offshore range of Shari’ah compliant (compliant with Islamic Law) investment funds for South African institutional and retail investors.

The four Shari’ah funds: the SEI Islamic US Equities Fund, the SEI Islamic European Equities Fund, the SEI Islamic Emerging Markets Equities Fund and the SEI Pacific Basin Equities Fund, are registered with the Financial Services Board and are designed to comply with Shari’ah laws whilst not comprising investment return potential. Each fund holds a certificate of Shari’ah compliance and Shari’ah law is specifically included in the investment objective of each fund, with customised Shari’ah guidelines for each underlying fund manager. The Shari’ah funds are constructed using SEI’s manager–of-managers investment philosophy which involves structuring offshore portfolios using multiple managers within each asset class.

The funds ensure Shari’ah compliance in two key ways. Firstly, SEI is advised by a Shari’ah board comprised of three highly reputable Muslim scholars who provide advice on investment objectives, guidelines, contracts and portfolio reviews to ensure strict compliance with Shari’ah. Secondly the funds are benchmarked against the Dow Jones Islamic World Index which covers over 1,600 companies (who are Shari’ah compliant) with a market capitalisation of more than US $9 trillion.

About SEI South Africa ......................

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