Islamic banking product for parents saving money

Wed, 25 Jan 2006

Muslim parents can now opt for a new Islamic banking product when they want to start saving money on behalf of their children.

West Bromwich Building Society has launched a child trust fund account that complies with Shariah, the Islamic law that forbids earning or paying interest.

Parents throughout the Midlands who have been unable to find a suitable savings account in which they could deposit their child trust fund vouchers could now do so in the West Bromwich Baby Bond.

Deposits into this bond will be used as investments in the FTSE Global Islamic Index. The fund managers will be a Shariah advisory board of scholars.

"By offering Shariah Baby Bonds ... Muslim customers will confidently be able to invest according to their Islamic principles, consistent with Shariah law," says the savings provider's product manager, Andy Heseltine.

The savings account is available from West Bromwich Building Society in conjunction with Children's Mutual.

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