The agreement brings together SEI’s Shariah asset management capabilities and Allfunds’ platform and intermediary services to allow banks, wealth managers, and insurance providers the to access Shariah-compliant funds.
SEI Middle East senior executive officer Jahangir Aka said SEI Islamic Investment Funds through the Allfunds platform will enable wealth management providers to present a broader range of investment choices to their Shariah clients.
"Diversification remains important for the Shariah investor and the SEI Islamic Investment Funds are designed to provide global equity exposure to a Shariah portfolio," Aka said.
Launched in May 2007, the SEI Islamic Investment Funds provide investors with a Shariah-compliant program of four global equity funds with oversight from HSBC Amanah’s Shariah committee.
These funds include the SEI Islamic US Equity, SEI Islamic Pacific Basin Equity, SEI Islamic European Equity, and SEI Islamic Emerging Markets Equity Funds.
The funds will use SEI’s Manager-of-Managers process to select, combine, and monitor some of the global investment managers. The SEI Islamic Investment Funds are domiciled in Dublin and offer daily liquidity.
Founded in 2000, Allfunds Bank is jointly owned by the Santander and Intesa San Paolo groups, Allfunds Bank is the distribution and advice B2B platform.
Allfunds Bank, with $70bn in assets under intermediation, is specialized in delivering open architecture solutions to institutional clients, by offering them as many as 20,000 funds from 400 plus international and local fund houses on a purely automated dealing platform.
