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Britain's new national pension scheme for workers whose employers do not run their own plans has appointed HSBC and F&C to run the Islamic and ethical portfolios respectively.

The National Employment Savings Trust, expected to become Britain's largest pension fund with up to 100 billion pounds in total assets by 2030, will offer the two portfolios, among others, when it launches next year.

Contributions of members choosing Islamic fund management will be paid into the HSBC Life Amanah Pension Fund, run by the banking group's Islamic finance unit. Such investments would shun association with areas forbidden by Islam, such as alcohol, weapons, pornography, gambling and mainstream financial services because they charge interest, also seen as sinful.

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