Qatari investment bank QInvest said on Monday it is launching a sharia-compliant European equities fund in partnership with Pioneer Investments, a firm with over $246 billion in assets under management.
The fund will focus on investing in pan-European blue-chip, mid and large-cap stocks and Pioneer Investments will manage the fund and act as sub advisor, a statement said.
Dr Ataf Ahmed, head of asset management at QInvest, said: "The launch of this fund broadens our offering to clients, providing access to a portfolio with dedicated pan-European exposure.
"We believe that the current macroeconomic environment in Europe, characterised by a weak euro, low oil prices and the likely onset of quantitative easing by the ECB, will be positive for European businesses and create some compelling investment opportunities over the mid-term.
"We are very excited by this partnership and look forward to working with the investment team at Pioneer Investments."
Neal Jenkins, head of the Middle East, Central Asia and Africa region at Pioneer Investments, added: "Around the world, there is a growing demand for sharia-compliant European-focused products. This is being driven by not just Islamic investors looking to increase their exposure to European stocks, but also by conventional investors looking to diversify their portfolios, many of whom are being drawn to the more ethical investing principles of Islamic finance."
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