Parsoli launch first ISA approved onshore UK Islamic Mutual fund and enter strategic alliance with IslamiQ

IslamiQ announces the launch of the Parsoli Global Islamic Equity Fund, the first Islamically structured onshore UK fund. The Parsoli Global Islamic Equity Fund will offer Muslims in the UK an unprecedented opportunity to invest in a Shari'ah compliant manner. The Fund will be featured on the IslamiQFunds service (www.islamiqstocks.com/islamiqfunds/index.php4), thus providing investors with both offline and online accessibility.

While a range of onshore equity funds is available to the conventional investor the introduction of the Parsoli Global Islamic Equity Fund constitutes a real breakthrough for the Muslim investor in the UK. With ISA status the Fund enables investors for the first time to invest in a tax efficient manner without compromising on their Islamic principles.

Investors will be able to opt for either lump sum investments (minimum investment £1,000) or a regular monthly savings option (minimum savings £50 per month). The Fund thus opens up Shari'ah compliant investments to a whole spectrum of investors, ranging from the individual Muslim investor to the local Mosque or Muslim community organisation, which wishes to utilise surplus funds in a tax efficient and Shari'ah compliant manner.

The Parsoli Global Islamic Equity Fund will be featured online to offshore investors via the IslamiQFunds service. The IslamiQFunds service brings together for the first time a range of Islamic investment funds in a single site and is the first online funds supermarket dedicated exclusively to Islamic investment products.

Commenting on the joint IslamiQ-Parsoli launch of the Fund, Dr Hasnita Hashim IslamiQ CEO, stated, "We at IslamiQ are very excited about the launch of the Parsoli fund and commend them for their dedication in bringing this ground breaking service to UK Muslim investors. In line with our own mission to introduce Islamic investments to the wider investor public, we believe the Parsoli Global Islamic Equity Fund will open up a new world of Shari'ah compliant investments to Muslims in the UK. Furthermore, we believe that investors from the Middle East will also be very interested in this credible UK onshore investment opportunity. "

Currently, the majority of Islamic funds have mainly been targeted at large institutions and high net worth individuals. A key differentiator of both the Parsoli Global Islamic Equity Fund and the IslamiQFunds service is that both offer far greater choice to the wider Muslim investor base, enabling them to access a range of investment products. In addition, the IslamiQFunds service also provides Shari'ah guidelines on the Islamic funds offered.

With the addition of the Parsoli Global Islamic Equity Fund, IslamiQ now offers both access to and analysis of nineteen Islamically structured funds, which account for around a fifth of the total Islamic funds market. The service allows customers to access detailed fact sheets on each of the funds, as well as comparative data, which can be used to assess performance across the range of funds featured.

Please visit us at www.IslamiQStocks.com
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For further information please contact:
Gulazam Khan    Tel: +44 (0) 20 7663 5609/+(44)
IslamiQ.com Ltd    7900 554582
E-mail: gulazamkhan@islamiq.com

Issued by:
Henry Harrison-Topham/Russell Elliott        Tel: +44 (0) 20 7220 7477
Bankside Consultants Limited, London
E-mail: henry@bankside.co.uk/russell@bankside.co.uk

Note to editors:

IslamiQ

 IslamiQ was launched in March 2000, by Dr Hasnita Dato' Hashim, one of the pioneers of Islamic investment banking. The site offers information on and access to investment products that are in line with the principles of Shari'ah law.

 IslamiQStocks.com was launched in August 2000 and is the first website to offer a comprehensive "stocks screening service" across several key exchanges according to Shari'ah Law.

 IslamiQFunds was launched in October 2000 as part of IslamiQStocks and offers a range of Islamic investment funds in a single site. The IslamiQFunds service is the first online funds supermarket dedicated to Islamic products.

 In February 2001, IslamiQ introduced, through a partnership with Trade.com, the first integrated Islamic brokerage service TradeIslamiQ, allowing IslamiQ members to screen, analyse and trade in US stocks. The service features ScreenIslamiQ, which allows investors to verify the Shari'ah permissibility of 6,000 stocks, across the NYSE, NASDAQ and the American Stock Exchange.


Parsoli Global Islamic Equity

 Parsoli Global Islamic Equity Fund is an open-ended investment company that invests in accordance with Shari'ah.

 The sponsor of the Fund is Parsoli (UK) Ltd, which monitors investments and ensures the Fund is managed according to Shari'ah. The Shari'ah Supervisory Board must approve all investments made by the Fund and currently comprises:

o Justice Muhammad Taqi Usmani (Karachi, Pakistan)
o Sheikh Nizam Yaquby (Manama, Bahrain)

 The Authorised Corporate Director is City Financial Managers limited (regulated by IMRO and a member of AUTIF), a specialist administrator of investment funds based in London. The City Financial Group is responsible for the administration of some 130 authorised unit trusts and open-ended investment companies and has approximately £2 billion under administration.

 Capel Cure Sharp Limited is the investment adviser to Parsoli Global Islamic Equity Fund and is responsible for the preliminary assessment of the suitability of companies in accordance with the established Shari'ah restrictions and ongoing management of the portfolio.

 The Depositary is Bank of New York and Depositary Company Ltd, regulated by IMRO. The Bank of New York has over $7 trillion of assets in custody on behalf of investors worldwide making it one of the world's largest custodians.





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