UK workers now have another Islamic pension product with Wahed Invest-Options tie-up
Wahed Invest has teamed up with Options UK to offer a Shariah-compliant workplace pension product for UK employees.
Launched at the beginning of September, the new pension option enables UK-based employees, via their employers, to invest in eight model portfolios which includes five third-party pension funds operated by the U.S.-based firm best known for its Islamic robo-advisor. These portfolios will include Wakalah funds (Treasury Deposits), Gold and the Islamic Global Equity Index as well Wahed’s lifestyle option.
A workplace pension scheme is set up by organisations to provide their employees with retirement benefits. Since April 6 2019, the UK government stipulates that the total minimum contribution of a workplace pension is 8% (employer’s minimum contribution is 3% and an employee’s minimum contribution is 5%).
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