Hand Benefits Offers Shariah Compliant CIF
Hand Benefits & Trust (HB&T), a BPAS Company, has launched a new collective investment fund (CIF) designed to meet the needs of Muslim investors within their qualified retirement plan.
The MIZÂN All Equity Moderate Allocation Fund was launched in conjunction with Lightstone Capital Advisers, the company said in a press release. It is now accessible to all retirement service providers through the National Securities Clearing Corporation (NSCC) trading platform, with three different share classes available.
The MIZÂN Fund seeks long term capital appreciation, consistent with Islamic investment principles, by holding a portfolio of seven diversified equity styles, the announcement said. The Fund seeks to outperform the Russell 3000 Index over a three to five-year time period.
With seven sub-portfolios encompassing various equity styles, the Fund invests in a diversified portfolio of U.S. stocks. Each sub-portfolio is chosen using objective, quantitative selection rules developed by Lightstone Capital Management that are consistent with Islamic investment principles. Screens used follow generally accepted interpretations of Islamic Law, such as the Dow Jones Islamic Market Index Rulebook, which will eliminate companies such as those involved in gaming, pornography, or alcohol, as well as companies that are significantly involved in paying or receiving interest, including banks.
All of HB&T’s Collective Investment Funds are sub-advised by outside registered investment advisers (RIAs), who are responsible for the distribution of these investment vehicles within the qualified plan marketplace.
More information is at www.mizanfunds.com.