Smart Pension and Wahed, an Islamic digital investment platform, have launched a new advertising campaign which aims to encourage Muslim employers and savers to consider halal workplace pensions.
Last month, Smart Pension and Wahed introduced the Halal Workplace Pension to meet the need for modern, Shariah-compliant pensions among Muslim employers and the UK’s 3.9 million Muslims. The DC master trust provides a Shariah-compliant pension which includes a managed investment glidepath as the default option.
According to the Office for National Statistics, one-third of Muslim employees lack a workplace pension, with 78 per cent concerned about Shariah compliance. Additionally, the Muslim UK population is significantly younger than the general population highlighting an opportunity for young savers.
Smart chief marketing officer Dan Barker says: “At Smart Pension we are committed to ensuring that workplace pensions are diverse and inclusive, and give access to good retirement outcomes to every saver in the UK. British Muslim employers and employees have been missing out on a fair investing landscape for too long, with little choice when it comes to investing their pension.
“This has left many Muslims in the UK feeling disconnected from financial services as well as their pensions. We hope this campaign resonates with Muslim employers and the UK’s Muslim population and encourages them to consider a halal workplace pension.”
Wahed head of UK Syed Ahmed says: “We’re delighted to be launching this new advertising campaign with Smart Pension. Wahed’s mission of financial inclusion through accessible and faith-based investing is further strengthened through our collaboration with Smart Pension. This pioneering pension scheme ensures equitable opportunities for Muslims, adhering to Shariah principles. It represents a significant step towards levelling the pensions landscape and nurturing financial empowerment.”