Any fund management company intends to offer its products & services with Shari'ah compliance to the contemporary market reality, is recommended with the following '10' Secrets:
1. Establishment of a Shari’ah Council (comprising of at least 3 members with Shari’ah knowledge) to analyze and duly endorse on at least a quarterly basis all enforceable policies, guidelines, products and other related aspects & activities in accordance with Shari’ah principles.
2. Engagement of an independent Shari’ah Advisor (knowledgeable in Islamic finance, investment, Management, Mu’amalat & Shari’ah) to advise the company closely in it’s day to day product innovations, accounts, policies, strategies, planning, marketing and other related documentations, images & activities.
3. the intended fund protfolio shall be Segregated and be identified as “Islamic or Shari'ah Fund”.
4. Fund Management & Investment Policies @ Guidelines adapted by the company shall be with Shari’ah Compliance.
5. Product innovation Guidelines shall be with Shari’ah spirit to screen through the existing products & develop new products accordingly.
6. Forms, procedures & relevant Documents shall be developed with Shari’ah spirit and be segregated accordingly.
7. All accounts of the fund shall be Segregated and be duly managed in accordance with the Shari’ah Standard.
8. a Separate Management team for the operation, by complying the Shari’ah Standard in its planning & actions.
9. Establishment of a Shari’ah Audit to inspect the accounts accordingly.
10. Payment of Zakat on net income/ profit.
No comments:
Post a Comment