Islamic Investment

	Islamic Investment This includes Shari'ah based criteria for investing in equity, detailed explanation of meaning and Shari'ah reasoning on which criteria relies, purification and aspects of equity fund management Shari'ah Guidelines for Equity Investing. Financial Ratio Screens: No investment may be made in any company which: The value of cash and interest-bearing securities exceeds 30% of the market value of equity, where market value of equity is measured by averaging the trailing twelve months market capitalization (i.e. the product of the stock price and the number of outstanding shares). Outstanding total debt exceeds 30% of the market value of equity (as defined above). Receivables are more than 50% of total assets. Prohibited Industries No investment may be made in any company whose core business and/or major source of revenue is: Manufacturing, packaging, or distributing pork products, tobacco or alcohol for human consumption. Operating gambling casinos, or manufacturing gaming machines or equipment. Producing, distributing or promoting music. Creating, publishing, broadcasting or distributing pornography. Financial services, including banks, brokerage firms, and insurance companies. Trading of gold or silver as cash or on deferred basis. Financial Instruments The following instruments or any derivatives thereof may not be held in the portfolio: Futures Forwards Preferred Stock Options Swaps Short sales Any other instruments that involve the payment or receipt of interest.