Value-based Arabesque latest addition to London Islamic finance sector

Asset management firm Arabesque has received regulatory approval to start operations with its value-based investment strategies - the latest addition to Britain's Islamic finance sector. The London-headquartered firm now has in place a team of 18 staff, with additional offices in Frankfurt and New York, chief executive Omar Selim said. Moreover, Arabesque is backed by an advisory board of ethical industry professionals. The firm is backed by capital from its own management and has commitments from several institutional investors. Arabesque plans to establish funds in Luxembourg and will offer managed accounts as well.