New Pace DC Investment Option - Shariah Fund
The Pace Trustees regularly review the investment options offered by Pace DC and have decided to expand the self-select fund range to include a Shariah compliant investment option.
We took advice from our investment adviser and discussed the approach with the Chair and Sponsor of the Co-op’s Rise Network to ensure a suitable fund was made available to meet colleague’s needs.
The Pace Growth (Shariah) Fund follows a process that has been approved by an independent Shariah Supervisory Committee which aims to meet the requirements of Shariah law and the principles of Islamic finance. This Fund doesn’t invest in financial services companies, companies that manufacture weapons, or companies in industries that are prohibited by the Quran such as alcohol, tobacco, gambling and entertainment, or pork-related products.
A small amount of the revenue generated by companies that the Fund invests in (less than 5%) may come from non-compliant activities. Therefore, the Shariah Supervisory Committee agree the methodology and calculation of a purification cost which is donated by the Fund to charities agreed by the Shariah Supervisory Committee.
If you want to invest in the Pace Growth (Shariah) Fund you can do so by changing your investment options through Manage Your Account online or via the Coll8 app.
Full details, including the charges applicable to the fund, can be found on the Fund factsheet here and in the Pace DC Fund Guide.