ShariaPortfolio, an asset manager focusing on Sharia-compliant wealth management, has introduced portfolio management services in Canada.
The firm recently launched offices in Vancouver as well as Toronto after getting the nod for its Canada registration from the Ontario Securities Commission.
Plans are on to expand the employee strength of ShariaPortfolio Canada in additional provinces eventually.
Commenting on the launch in Canada, ShariaPortfolio CEO Naushad Virji said: “Islamic finance follows religious guidelines that exclude certain business sectors such as tobacco, alcohol and gambling as well as shunning excessive leverage.
“With more than a million Muslims in Canada, Islamic finance is a rapidly growing necessity. We are proud to be able to cater to these requirements. With our growing team of investment experts, we are confident we will grow quickly in Canada.
“We offer fully customisable portfolios and are able to cater to each client’s individual requirements, depending on their financial goals.”
ShariaPortfolio imbibes halal ethical standards in its investment selection, taking a “long-term perspective” to wealth management.
The firm has been operating in the US since 2003. It oversees $115m in assets for clients across 26 states.
Besides, it delivers institutional level services to support collaborations with traditional financial services providers looking to incorporate Islamic portfolio management.