Islamic fund's adviser push

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.”