First Muslim Child Trust Fund
A Sharia compliant CTF to be available from September
29th June 2005
The Children's Mutual have announced that they are adding a Child Trust Fund account suitable for Muslims to their range of CTF products.
Until now, Muslims haven't had the option of investing their baby bonds in an account compatible with Sharia law, which forbids the earning or payment of interest, or investment in unethical industries.
As the Children's Mutual already operate an 'ethical' account in partnership with the Co-op, it is assumed that the new Islamic account will invest in the same range of companies, and as CTFs are available with a variable, investment based return rather than interest payments, the new account will be compatible with Islamic law.
The account will be available for investment from 1st September.
Read More: BBC
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