David White, Chief Executive of The Children's Mutual, said: "All parents, from every community, should have the opportunity to give their child a financial springboard into adult life. Working with the Muslim community to launch this Stakeholder account means the Child Trust Fund is now a truly universal product. Until this year only one in five families were saving for their children, we want to give five in five families the opportunity to put money away for their child's future."

Iqbal Asaria, member of the Governor of the Bank of England's working party on the introduction of Islamic finance in the UK, said: "The launch of a Shariah compliant Child Trust Fund is particularly welcome as it will enable the Muslim community to wholeheartedly participate in this important initiative. For the first time, Muslims will be able to invest for their children in keeping with the tenets of their faith right from birth."

A distinguished panel of scholars, who specialise in Islamic finance law, will be working closely with The Children's Mutual and it's fund manager to create the product.