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Groupon starts refund program
TORONTO, Aug. 20 (UPI) -- FrontierAlt Oasis Funds Management said Monday it launched a Canadian income fund based on Islamic investment principles.
The FrontierAlt Oasis Global Income Fund will focus on Shariah-compliant companies within the Dow Jones Islamic Market Index "that have demonstrated consistency in rewarding their shareholders with strong dividend payments," the Toronto financial services company said.
The fund also will invest in sukuk -- Islamic bonds that do not pay interest, which is not permitted by Islamic investing principles. Instead, the bonds provide income from underlying assets or services.
"We believe this fund is an excellent income alternative for Muslim investors and provides an opportunity for all Canadian investors to participate in this growing investment category," FrontierAlt Oasis President and Chief Executive Officer Asif Khan said in a statement.
Islamic investment principles preclude investments in securities of companies dealing in certain products or services and operating with high financial ratios of liquid assets, debt or interest income, FrontierAlt said. These principles also require purification of income streams for purging any prohibited elements, the company said.
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