deutsche-to-offer-sharia-fund-admin-in-indonesia

Deutsche to offer Shari'a fund admin in Indonesia

The firm becomes the first custodian bank in Indonesia to offer approved Shari'a fund admin services.
July 09, 2006
Deutsche Bank has notched up a first in Indonesia becoming the only custodian bank to offer ShariÆa fund administration services. The announcement follows approval by IndonesiaÆs National ShariÆa Board NSB and comes at a time when ShariÆa funds are experiencing strong growth in Indonesia on the back of growing affluence, growing awareness and imminent issuance of ShariÆa bonds.

Unlike traditional mutual funds in Indonesia, ShariÆa-based fund administration services are governed by a different set of principles. The biggest different between this and traditional fund administration services stem from the method in which income and stock dividends are calculated and recognised. In accordance with Islamic principles, the options for payment of tax and donations are different...
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