Stanbic IBTC Asset Management Limited ,in its commitment to enhancing living conditions s to invest in building local communities and enriching lives has strengthened the fortunes of the needy.
Recently, the firm, which prides a s Nigeria’s biggest asset management firm, donated the non-permissible income of its Shariah compliant mutual fund – the Stanbic IBTC Imaan Fund, to a registered charity, in line with the principles of Shariah.
The Stanbic IBTC Imaan Fund, which was originally introduced to private investors in 2011 as a Shariah compliant portfolio, has the primary objective of achieving long-term capital appreciation of its assets by investing in Shariah-compliant equity securities approved by the Shariah Advisory Committee of Experts (ACE).
The Fund invests a minimum of 60 percent of its assets in equities of Shariah-compliant companies listed on the Nigerian Stock Exchange while retaining a maximum of 40 percent in non-interest bearing fixed income securities (Sukuk).
The Fund prohibits investments in businesses that sell or produce alcohol, tobacco, pork products, conventional financial services, (banking, insurance, etc.), weapons, defense products and entertainment.
The non-permissible income, which constitutes a certain percentage of the fund’s dividend income, is usually donated to charities that have gone through screening and approval by ACE.
The screening is undertaken to ensure that the benefiting charities are not involved in any activity that is contrary to Shariah principles.
The formal presentation of cheques to ACE in the sum of N787,037.02 was made in Lagos on Thursday, January 25, 2018, with the parties expressing optimism that it would help in attaining the objective of supporting the vulnerable and under-privileged in society.
Chief Executive, Stanbic IBTC Asset Management Limited, Mrs. Bunmi Dayo-Olagunju, said as a company with strong corporate governance, adherence to ethical conduct, underlined by probity and transparency, will remain cardinal operational principles.
The Stanbic IBTC Imaan Fund, she said, is tailored to meet the needs of those seeking investments compliant with their religious principles and beliefs, and specifically targeted at people seeking conformity with their religious beliefs and ethics.
The pooled funds are invested in Shariah-compliant equity and non-interest bearing fixed income securities.
The minimum subscription amount into the fund is N5,000 and subsequent investments of N5,000.00, Dayo-Olagunju disclosed, noting that Stanbic IBTC Asset Management Limited has amassed impeccable wealth of experience and expertise in managing funds on behalf of savings schemes, institutional and corporates bodies and high net-worth individuals for over two decades.
“Mutual funds offer investors the advantages of portfolio diversification and professional management at low cost. These advantages are particularly important because diversification and professional management ensure steady returns when compared to other investment strategies.
Mutual funds offer an opportunity for steady growth in assets while reducing the attendant risk associated with investing in individual securities,” said Dayo-Olagunju.
Stanbic IBTC Asset Management Limited Ltd is a wholly-owned subsidiary of Stanbic IBTC Holdings PLC, which is part of the Standard Bank Group, Africa’s largest bank by assets. Standard Bank Group has been in operation for 154 years and has direct, on-the-ground representation in 20 African countries.
Stanbic IBTC Holdings PLC provides the full spectrum of financial services with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Stories by Bonny Amadi