tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, March 28th, 10:13PM

Investments

rss
Latest Headlines

Islamic fund's adviser push

The managers of New Zealand’s first Islamic KiwiSaver fund are keen to talk to advisers who would like another option to offer their clients.

Monday, February 2nd 2015, 6:00AM

by Susan Edmunds

The Amanah KiwiSaver Plan has been registered for business since mid-last year but barrister Brian Henry, who operates the fund, said it had been collecting members on the basis of word-of-mouth referrals.

Saturday marked the official launch of the fund with fewer than 200 members so far. Henry said there had been a delay putting the finishing touches on the Islamic advisory board, which includes two sheikhs.

“There’s a gap in the market and we believe we can fill that gap.”

He said Amanah had already been talking to one group of advisers who wanted to be able to provide it as an option to their Muslim clients. “We will work with advisers around the country who want to offer it as a second option, it’s a genuinely different option,” he said. “Most other KiwiSavers tend to be much the same with a different stirring pot. We’re quite different. It’s something we’ve worked on for years to put together.”

Henry said the fund’s biggest difference was that it did not deal in interest-based products such as term deposits or other bank lending products.

It also has an ethical mandate not to invest in companies that produce pork, alcohol, tobacco or pornography. It avoids derivatives because of the Sharia prohibition on gambling.

The fund will pay purification payments to charities on any interest returns.

Investments must involve a shared risk, such as shares that would rise or fall with the company’s fortunes. It is currently invested in stocks such Apple, Facebook and Google. Henry said: “It’s a very back-to-basics investment style. We invest in companies that are making something that people want, real estate that is debt free and farming.”

He said there was a benefit to non-Muslim investors who wanted a KiwiSaver fund that did not use financial gearing. “It’s not at risk to the banks... it should appeal to anyone looking for an ethical fund that doesn’t get involved in money lending, people who want a fund that over a number of years will steadily grow.”

The main fund is targeting 10% to 14% growth in US dollar terms year-on-year.

« KiwiSaver effect has wide reachMore KiwiSaver information needed: Boyle »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

News and information about KiwiSaver

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com