Salam Pax funds can now be transacted via Calastone’s international order routing network that will support Salam’s cross-border and international activities.
The Salam Pax fund range is the first Shariah-compliant fund suite available as risk-profiled products and is recognized an early mover by making this Islamic fund range available as an RDR-compliant ‘unbundled’ fund share class. The group has investors across Europe and a growing international investor base in both retail and wholesale markets.
Lawrie Chandler, Director of Salam Pax added, “Calastone helps to optimize our UK fund dealing and simplify our growing European cross-border distribution. We have great ambition for further growth and have every confidence that by automating our processing and back office capabilities this will help us achieve the benefits of scale on a domestic, regional and international basis.”
Calastone’s ambition is to connect fund providers, managers, distributors, platforms, custodians and fund administrators. Irrespective of firms’ size or location, it seeks to enable the industry to interoperate, reap the full potential of automation, benefit from straight-through processing, and reduce cost and risk by taking full advantage of the efficiencies that automated transaction processing can offer.
Commenting on the introduction of Salam Pax to the network, Isabell de Wit, Associate Director said, “We welcome, support and seek to play a part in driving greater innovation, distribution and efficiency right across the investment lifecycle. We applaud Salam Pax’s early recognition that by making the fund range available as an RDR-compliance share class this would offer distribution opportunities and potential to reach investors all over the world. Many of the largest distribution platforms are connected to our global network and we look forward to playing a role in helping this fund become successful by providing interoperation, automation and access to a wide range of connected investment parties.”