CAAM launches its first Shariah Sicav

Crédit Agricole Asset Management (CAAM) has launched CAAM Islamic, its first Sicav to invest in accordance with Shariah Law. This Luxembourg-domiciled Ucits III fund will be available to both private and institutional investors and will initially offer three sub-funds registered for sale in France: CAAM Islamic BRIC Quant, CAAM Islamic Asian Active Equity Ex-Japan and CAAM Islamic Multimanagers Global Equities.

Although this is the group's first Sicav aimed at the growing Islamic investment market, CAAM has more than 15 years experience of running money in accordance with Shariah Law - having first developed these portfolios towards the end of the 1990s.

All sectors of activity forbidden by Shariah are excluded, so invests in alcohol, gambling, production of pork and its derivatives, weapons or tobacco are prohibited. The funds will also avoid companies considered as unacceptable due to their level of indebtedness or liquidity.