The recently endorsed Fatwa, signed by the four member Sharia’h Board of Amanie Dubai, one of the leading Islamic consultancy firms, positions Allfunds Bank as the first and sole B2B fund platform fully compliant with Sharia principles. Allfunds Bank already offers more than 80 Sharia’h compliant funds, sourced from 15 fund promoters based in Luxembourg, Ireland, UAE and Saudi Arabia.
This latest development establishes Allfunds Bank as the centre of excellence in the Islamic Open Architecture space and will create further opportunities to expand its service offer. Clients of Allfunds Bank will have direct access to the largest available range of Islamic funds through the fully automated platform, thus diversifying their choice for investments.

Concurrent with this initiative Allfunds Bank is also extending its traditional research services to include Islamic Funds to help clients in their selection of funds, which will also involve the launching of a dedicated website offering thorough information on these funds.

Juan Alcaraz, Allfunds Bank CEO, said: “Launching this innovative project was something we envisioned when we first arrived to the Middle East. The Allfunds Bank business model is geared to meeting the needs and demands of our clients wherever they operate in the world, and, therefore, the development of a model fully compliant with Islamic principles became an important business priority.”

Gianluca Renzini, Deputy General Manager of Allfunds Bank, added: “We have worked closely with our international partners to engage world-class fund managers, with excellent track records, in order to offer investors market leading Sharia compliant investment solutions. Our fund platform will allow us to deliver to Islamic investors the same high quality managers and strategies as those already available to conventional investors, including excellent track records, comparable returns, competitive fees and diversification across asset classes.”
Allfunds Bank was launched in 2000 to provide financial institutions with efficient and secure access to the developing open architecture investment funds market. The company philosophy is to offer an integrated investment fund service to the business to business marketplace based on operational excellence, comprehensive information and leading fund research capability.

With an on the ground presence in Spain, Italy, the United Kingdom, Chile and Luxembourg, Allfunds Bank is active across 17 countries and has a client base of 300 firms covering commercial banks, private banks, fund houses, insurance companies and distribution platforms.

Source: Opalesque