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Accountants launch service for Muslims
9:00am Monday 10th September 2012 in News
Practising Muslims in Keighley have been invited to take advantage of a financial service designed to comply with the rules of their faith.
Yorkshire accountants and business advisers Garbutt & Elliott have launched an Independent Financial Planning arm specifically for the Muslim community called Ummah Financial Planning.
The firm says it recognises that UK Muslims need professional advice which allows them to manage their finances in line with their personal beliefs.
The launch was timed to coincide with the Muslim holy month of Ramadan.
Shabab Gulfraz, a financial consultant with the new service, said: “Towards the end of the blessed month of Ramadan Muslims are required to pay a fixed portion of their wealth to charity. When calculating the amount to pay, Muslims will take a detailed look at their financial arrangements.
“When looking at these arrangements, Muslims need also to consider how their money is invested and what drives the returns they are receiving. Many of the traditional UK financial products involve receipt or payment of interest and as such are considered unlawful for Muslims.
“Many ISA, PEP, unit trusts and pension funds invest money in a mix of different assets including shares, property, loans to the government, corporate bonds and cash.
“Although these funds are professionally managed by teams of investment managers whose aim is to maximise the returns and create profit, they are often unlawful for Muslims as they generate some of their profits from interest or investment into un-Islamic activities.
“These activities could include alcohol production, gambling, pork products and pornography for example.”
Ummah Financial Planning offers a range of fee-based financial planning services to the Muslim private and corporate markets through its offices in Leeds and York. Call Simon Holt on (01904) 464100, Shabab Gulfraz on 07871 3001332 or Yusuf Bashforth on 07977 261065.