New Shariah investment options for Trust funds

AL BARAKA Bank has introduced the only wholly Shariah- compliant investment account which is designed for Trust monies held on behalf of clients by attorneys.

The bank’s senior legal division manager, Rooksana Safaat, said: “Our two Corporate Saver Account offering brings to the market a pure investment option, as a viable alternative to interest-based financial instruments, thus affording attorneys and their clients the peace of mind that their investment option is fully Shariah-compliant.

“This investment approach is designed especially to suit both attorneys and their clients. Where investments are made for clients in terms of Section 78 (2A) of the Attor- neys Act 53 of 1979 by the attorney, the return earned will accrue to the attorney’s client,” said Safaat.

“Clients can authorise their attorney to invest Trust monies on their behalf for the duration of a property transaction, using Al Baraka Bank’s Corporate Saver investment option. Upon the registration of the transfer of the property, the attorney is obliged to pay the permissible income, or profit earned on the investment to the client,” Safaat stressed.

She said the bank’s Corporate Saver was also ideal for anyone buying property. They can instruct their attorney to invest their property funds in the Corporate Saver Account and enjoy permissible returns. – Daily News Reporter