LCP launches UK's only Sharia-compliant fund

The London Stock Exchange already boasts 53 Sukuk issues, raising more than $38bn. It has a mounting presence in Sharia-compliant Exchange Traded Funds (ETFs) too, with seven available based on Islamic indices. In addition, Takaful has reached a new high in the UK, with premiums estimated to have reached $30bn in 2012. However, since the launch of the Sovereign Sukuk, there has been a general hush around the subject, with the Government not considering another one in the near future. While investors will find a number of other commercial funds to take its place, curiously, there remain few opportunities to invest in Sharia-compliant residential funds. That gap in the market has been seized by the residential funds and asset manager, London Central Portfolio (LCP).