Malawi's Vanguard Life Assurance, part of Zimbabwe's ZimRe Holdings, is set to introduce what they say will be Malawi's first Shari'ah compliant pension fund.
Speaking to The Islamic Globe acting MD Emmanuel Saruchera said VLA's Mudaraba Equishare Fund has been created as a result of the Malawi Pensions Act, introduced in June this year that has made the universal holding of a pension fund mandatory.
The fund will invest in conventional investment vehicles that do not compromise Shari'ah stipulations.
Working with the Muslim Association of Malawi, VLA is planning to create further products for the 13% of Malawians that are Muslim.
Saruchera said the fund will be officially launched in December but has already received a high volume of interest from prospective clients nationwide.
© The Islamic Globe 2011
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