PDF - No Interest Investments

WHAT IS SHARI’AH - COMPLIANT INVESTING?
- Shari'ah is the dynamic body of Islamic religious law.
- Shari'ah compliant investment funds are governed by the principles of Shari'ah law as
sanctioned by a Shari'ah Supervisory Board and continuously monitored by a designated
Shari'ah Advisor or Auditor.
- To ensure Shari'ah-compliance, investment opportunities are put through social and
financial screens.
COMPANY ELIGIBILITY
To determine their eligibility, companies are screened to ensure that each meets the standards set out by the Shari’ah Supervisory
Board. A company must meet Shari'ah requirements for acceptable products, business activities, debt levels, and interest income
and expenses.
SCREENS FOR ACCEPTABLE BUSINESS ACTIVITIES
If a company primarily deals in the products listed below, they are NOT considered potential investments under Shari’ah law. Any firm
falling into this category is eliminated from the eligible list.
l Alcohol
l Tobacco
l Pork-related products
l Conventional financial services (banking, insurance, etc.)
l Weapons and defense
l Entertainment (hotels, casinos/gambling, cinema, pornography, music, etc.)
During the screening process, each company is examined based on how it earns revenue. The sectors listed below are considered
inappropriate for Islamic investment purposes and companies in those sectors are EXCLUDED from the list.
l Defense
l Brewers
l Distillers & Vintners
l Food Products
l Recreational Products
l Tobacco
l Consumer Finance
l Specialty Finance
l Restaurants & Bars
l Banks
l Full Line Insurance
l Insurance Brokers
l Property & Casualty Insurance
l Reinsurance
l Life Insurance
l Real Estate Dev. And Holding
l Food Retailers & Wholesalers
l Broadcasting & Entertainment
l Media Agencies
l Gambling
l Hotels
l Recreational Services
l Investment Services
l Mortgage Finance
SCREENS FOR ACCEPTABLE FINANCIAL RATIOS
After the business activity screening is completed, companies are then evaluated according to several financial ratio filters. These
filters are based on criteria set by the Shari`ah Supervisory Board. This screen removes companies with unacceptable levels of debts
or impure interest income.
All of the following ratios must be less than 33%:
l Total debt divided by trailing 12-month average market capitalization
l The sum of a company’s cash and interest-bearing securities divided by trailing 12-month average market capitalization
l Accounts receivables divided by trailing 12-month average market capitalization
If a company passes both screens then they are considered as possible investments for the Fund. Each potential investment is also
further scrutinized by the Portfolio Advisor for investment quality and potential.
ON-GOING REVIEW
The list of eligible companies is reviewed quarterly to ensure continued adherence to the established criteria.
Liquidity is an additional criterion for inclusion. The list of eligible companies include only actively traded stocks that are
easily accessible to investors. The very smallest and most thinly traded stocks are excluded.
For more information,
Jeff (Jaafer) Gareau,#"*3&DPO
'JOBODJBM"EWJTPS
905-469-1932OPJOUFSFTUDB
* As of July 31, 2009
FUND FACTS
Global Iman Fund, Series A
April 13, 2015
This document contains key information you should know about the Global Iman Fund. You can find more detailed information in the Fund’s
simplified prospectus. Ask your representative for a copy, contact Global Growth Assets Inc. at 1-866-680-4734 or [email protected] or
visit http://www.globalgrowth.ca.
Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.
QUICK FACTS
Fund code:
GPF 100 (ISC), 101 (DSC), 102 (LL)
Date series started:
Total value of fund on March 31, 2015:
Management expense ratio (MER):
March 6, 2009
$ 26,562,087
Fund manager:
Global Growth Assets Inc.
Portfolio manager:
UBS Investment Management Canada Inc.
Minimum investment:
$500 initial, $25 additional
2.84%
WHAT DOES THE FUND INVEST IN?
The Fund provides investors with long-term growth by investing primarily in a diversified portfolio of global investments that are in accordance
with Islamic investment principles.
The charts below give you a snapshot of the Fund’s investments on March 31, 2015. The Fund’s investments will change.
Top 10 Investments (March 31, 2015)
1 Apple Inc.
2 Microsoft Corporation
3 CVS Caremark Corporation
4 Merck & Company Inc.
5 Google Inc.
6 Johnson & Johnson
7 Procter & Gamble
8 Novartis A.G.
9 Chevron Corporation
10 Tencent Holdings Limited
Total percentage of top 10 investments
Investment Mix (March 31, 2015)
9.61%
5.84%
5.03%
4.71%
4.60%
4.33%
3.77%
3.51%
3.24%
3.22%
Industry Allocation
32.5% Information Technology
26.7% Health Care
10.4% Energy
14.0% Consumer Products
6.0% Industrial Products
4.5% Materials
2.4% Net Other Assets
3.5% Telecommunication
Portfolio Allocation
64.6% US Equities
33.1% International Equities
47.86%
2.3% Net Other Assets
Total number of investments: 33
HOW RISKY IS IT?
RISK RATING
The value of the Fund can go down as well as up. You could lose money.
Global Growth Assets Inc. (“GGAI”) has rated the volatility of this
Fund as medium.
This rating is based on how much the Fund’s returns have changed
from year to year. It doesn’t tell you how volatile the Fund will be
in the future. The rating can change over time. A fund with a low
risk rating can still lose money.
One way to gauge risk is to look at how much a fund’s returns change
over time. This is called "volatility".
In general, funds with higher volatility will have returns that change
more over time. They typically have a greater chance of losing money
and may have a greater chance of higher returns. Funds with lower
volatility tend to have returns that change less over time. They typically
have lower returns and may have a lower chance of losing money.
Low
Low to
medium
Medium
Medium
to high
High
For more information about the risk rating and specific risks that
can affect the Fund’s returns, see the “What are the risks of
investing in this Fund?” section of the Fund’s simplified prospectus.
No guarantees
Like most mutual funds, this Fund doesn’t have any guarantees.
You may not get back the amount of money you invest.
1
Global Iman Fund, Series A
HOW HAS THE FUND PERFORMED?
This section tells you how Series A units of the Fund have performed over the past 5 years. Returns are after expenses have been deducted.
These expenses reduce the Fund’s returns.
Year-by-year returns
This chart shows how Series A units of the Fund performed in each of the past 5 years. The Fund dropped in value in 2 of the 5 years. The range
of returns and change from year to year can help you assess how risky the Fund has been in the past. It does not tell you how the Fund will
perform in the future.
31.49%
30.00%
-10.00%
11.44%
5.60%
10.00%
-5.31%
-1.63%
Best and worst 3-month returns
This table shows the best and worst returns for Series A units of the Fund in a 3-month period over the past 5 years. The best and worst
3-month returns could be higher or lower in the future. Consider how much of a loss you could afford to take in a short period of time.
Return
3 months ending
If you invested $1,000 at the beginning of the period
Best return
13.35%
December 31, 2013
Your investment would rise to $1,134.
Worst return
-10.47%
June 30, 2010
Your investment would drop to $895.
Average return
The annual compounded return of Series A units of the fund was 10.08% since the inception of the Fund. If you had invested $1,000 in the
Fund on March 6, 2009, your investment would now be worth $1,791.
WHO IS THE FUND FOR?
A WORD ABOUT TAX
Investors who are:

seeking capital appreciation in a Shari’ah compliant global equity
mutual fund;

seeking capital appreciation in a fund with an ethical or socially
responsible philosophy;

have a medium risk tolerance; and

have the ability to invest for the medium to long term.
Don’t invest in this Fund if you need a steady source of income
from your investment.
In general, you’ll have to pay income tax on any money you make on
a fund. How much you pay depends on the tax laws where you live
and whether or not you hold the fund in a registered plan, such as a
Registered Retirement Savings Plan or a Tax-Free Savings Account.
Keep in mind that if you hold your fund in a non-registered account,
fund distributions are included in your taxable income, whether you
get them in cash or have them reinvested.
HOW MUCH DOES IT COST?
The following tables show the fees and expenses you could pay to buy, own and sell Series A units of the Fund. The fees and expenses —
including any commissions — can vary among series of the Fund. Higher commissions can influence representatives to recommend one
investment over another. Ask about other funds and investments that may be suitable for you at a lower cost.
1. Sales charges
You have to choose a sales charge option when you buy the Fund. Ask your representative about the pros and cons of each option.
Sales charge option
Initial sales charge
What you pay
How it works
in per cent (%)
in dollars ($)
0% to 5% of the amount
you buy
$0 to $50 on every
$1,000 you buy
•
This fee is negotiated with and paid to your
representative’s firm at the time of purchase to a
maximum of 5% and is deducted from the amount you
invest. The Manager does not receive any of this
commission.
Global Iman Fund, Series A
Deferred sales charge
If you sell within:
1 year of buying - 5.75%
2 years of buying - 5.5%
3 years of buying - 5.0%
N/A at time of
purchase
•
You do not pay a fee to your representative.
•
The deferred sales charge is a set rate. It is deducted
from the amount you receive at the time you redeem.
It is a percentage of the original purchase price. When
you buy the fund, the Manager pays a sales
commission of 5% to your representative. Any
deferred sales charge you pay goes to the Manager.
•
You can sell up to 10% of your deferred sales charge
units held on December 31 of the preceding year that
would otherwise be subject to the redemption fee, at
no charge.
•
You do not pay a fee to your representative.
•
The low-load sales charge is a set rate. It is deducted
from the amount you receive at the time you sell. It is
a percentage of the original purchase price. When you
buy the fund, the Manager pays a sales commission of
2% to your representative. Any low-load sales charge
you pay goes to the Manager.
Ranges from $0 to
$57.50 on every $1,000
you redeem
4 years of buying - 4.5%
5 years of buying - 4.0%
6 years of buying - 3.0%
7 years of buying - 2.0%
Thereafter - nil
Low load charge
option
If you sell within:
1 year of buying - 3.0%
2 years of buying - 2.5%
3 years of buying - 2.00%
N/A at
purchase
time
of
Ranges from $0 to $30
on every $1,000 you
redeem
Thereafter - nil
2. Fund expenses
You don’t pay these expenses directly. They affect you because they reduce the returns of the Fund.
As of December 31, 2014, the Fund’s expenses were 2.84% of its value which equals $28.40 for every $1,000 invested.
Annual Rate (as a % of the Fund’s assets)
Management expense ratio (MER)
This is the total of the Series A management fee (including the trailing
commission) and operating expenses. Global Growth Assets Inc. waived some of
the Fund's expenses. If it had not done so, the MER would have been higher.
2.84%
Trading expense ratio (TER)
These are the Fund's trading costs.
0.05%
Fund expenses
2.89%
More about the trailing commission
The trailing commission is an ongoing commission. It is paid for as long as you own the Fund. It is for the services and advice that your
representative and their firm provide to you.
Global Growth Assets Inc. pays the trailing commission to your representative’s firm. It is paid from the Fund's management fee and is based
on the value of your investment. The rate depends on the sales charge option you choose.
Sales charge option
Amount of trailing commission
in per cent (%)
in dollars ($)
Initial sales charge
0% - 1% of the value of your investment each year
$0 to $10.00 each year on every $1,000 invested
Deferred sales charge
0% - 0.50% of the value of your investment for years 1 – 7
$0 to $5.00 for years 1 – 7
0% - 1.0% of the value of your investment each year
thereafter
$0 to $10.00 each year thereafter
0% - 0.75% of the value of your investment for years 1 – 3
$0 to $7.50 for years 1 – 3
0% - 1.0% of the value of your investment each year
thereafter
$0 to $10.00 each year thereafter
Low load sales charge
Global Iman Fund, Series A
3. Other fees
You may have to pay other fees when you buy, hold, sell or switch units of the fund.
Fee
What you pay
Short-term trading fee
Up to 2% of the value of units you sell or switch within 90 days of buying them. This fee is charged by the
Fund.
Switch fee
You may switch your units for Series F units of the Fund. Your representative may charge you up to 2% of the
value of the units switched.
WHAT IF I CHANGE MY MIND?
FOR MORE INFORMATION
Under securities law in some provinces and territories, you have the
right to:
Contact Global Growth Assets Inc. or your representative for a copy
of the Fund’s simplified prospectus and other disclosure documents.
These documents and the Fund Facts make up the Fund’s legal
documents.


withdraw from an agreement to buy mutual fund units within
two business days after you receive a simplified prospectus or
Fund Facts document, or
cancel your purchase within 48 hours after you receive
confirmation of the purchase.
In some provinces and territories, you also have the right to cancel a
purchase, or in some jurisdictions, claim damages, if the simplified
prospectus, annual information form, Fund Facts document or
financial statements contain a misrepresentation. You must act within
the time limit set by the securities law in your province or territory.
For more information, see the securities law of your province or
territory or ask a lawyer.
Global Growth Assets Inc.
100 Mural Street, Richmond Hill, Ontario, L4B 1J3
Jeff (Jaafer) Gareau, B.A., I.R.Econ.
Financial Advisor, NO INTEREST Investments
Financial Advisor, Global Maxfin Investments Inc.
www.NOINTEREST.ca Tel. 905-469-1932
To learn more about investing in mutual funds, see the brochure
Understanding mutual funds, which is available on the website of
the Canadian Securities Administrators at www.securitiesadministrators.ca.
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Testimonials from Clients and Community Leaders
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>"63$!?('=(!8%5!/))0$%!@+$.!A)%$)<!since 2006!)(.!1'($&4*+!246&!7$$(!'($!'0!-+!7$&4!%$*)42'(&12#&5! "!1)3$!&$$(!('412(;!7<4!&2(,$%24+ )(.
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$L#e,4)42'(&!)n.!"!)-! ;*).!41)4!41$!-$.2)!)(.!.'M$(&!'0!-)&92.&!'3$%!41$!+$)%&!1)3$!7$$(!2(3242(;!12-!4'!&#$)?!'(!"&*)-2,!"(3$&4-$(4&!N!J2()(,$!
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7$&4!412(;&!"63$!.'($!2(! -+!#%'0$&&2'()*!,)%$$%!)(.!"!%$,'--$(.!12-!12;1*+5>!!!!!!!!!!!!!!!!!!!!!!!!!!
!Sheikh Riad Ouarzazi - Milton, Ontario and Dubai, U.A.E.
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"!1'#$!+'<!)(.!+'<%!0)-2*+!)%$!2(!41$!7$&4!'0!1$)*41!)(.!&#2%24&5!"!='<*.!*2?$!4)?$!412&!'##'%4<(24+!4'!41)(?!+'<!0'%!+'<%!$00'%4&!4'!$.<,)4$!41$!8<&*2-!
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@,)%7'%'<;1I!"!0'<(.!+'<%!&$-2()%!4'!7$!3$%+!2(0'%-)423$!)(.!,'--$(.!+'<!0'%!2(,'%#'%)42(;!3$%+!,%$)423$*+!&'-$!2(4$%$&42(;!O)=)1!4$,1(2X<$&!
.<%2(;!412&!"(3$&4-$(4!@$-2()%5!Y12&!1$*#$.!-)2(4)2(!41$!$(41<&2)&-!'0!41$!-$-7$%&!$(1)(,2(;!41$2%!)72*24+!4'!&4)+!0',<&$.!=12*$!)*&'!*$)%(2(;!1'=!
4'!&)3$!4)L$&!)(.!-)?$!2(3$&4-$(4&!),,'%.2(;!4'!"&*)-2,!;<2.$*2($&5!
8)+!A'.!%$=)%.!+'<!7'41!2(!412&!*20$!)(.!2(!41$!1$%$)04$%5!C-$$(5!
/)MM)?6C**)1!Z1)2%5>!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Abdulhamid Hathiyani, B.A., M.A. (Impartial - NOT a client)
Past President of NASSERPURIA MEMON JAMAT - CANADA www.nmjcanada.com
>/$00![/))0$%\!A)%$)<!1)&!7$$(!1$*#2(;!-$!&2(,$!"!&4)%4$.!-+!#%'0$&&2'()*!,)%$$%5555!R241!41$!,'-#*2,)42'(&!'0!"&*)-2,!"(3$&4-$(4&!)(.!
J2()(,$5557$2(;!)!,*2$(4!'0!/))0$%6&!)(.!VU!"VYSPS@Y!"(3$&4-$(4&!4)?$&!-<,1!'0!41$!7<%.$(!)=)+555"!%$,'--$(.!/))0$%!=241'<4!1$&24)42'(5>!
!
Dr. M. Ziad Omar, BSc, DDS, MCID, FRCD(C), Adjunct Clinical Professor, University of Western Ontario, Certified Specialist in Orthodontics
>R$!1)3$!?('=(!/))0$%!@+$.!A)%$)<!0'%!'3$%!H!+$)%&5!]$!1)&!7$$(!'<%!4%<&4$.!02()(,2)*!).32&'%!&2(,$!'<%!)%%23)*!2(!E)().)!)(.!,'(42(<'<&*+!
1$*#&!<&!=241!])*)*!PP@W!)(.!PS@W!2(3$&4-$(4&5!"!)-!3$%+!-<,1!2-#%$&&$.!7+!12&!$00'%4&!'(!.$*23$%2(;!"(3$&4-$(4!@$-2()%&!)(.!12&!.)=)1!4
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"!&4%'(;*+!%$,'--$(.!0$**'=!E)().2)(!8<&*2-&!4'!4)?$!412&!'##'%4<(24+!'0!])*)*!2(3$&4-$(4&!C**)1!1)&!;%)(4$.!)&!>VU!"VYSPS@Y!"(3$&4-$(4&>!
=241!/))0$%!A)%$)<!4'!;%'=!'<%!2(3$&4-$(4!)(.!;$4!%$=)%.&!7'41!2(!412&!*20$!)(.!2(!41$!1$%$)04$%5>!!!!!!!!!!!!!F.Azhar & Family!^!_)(,'<3$%I!Q5E5
Q%'41$%!/$00I!
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2(!41$!C%?!41)4!+'<!1).!$(.'%&$.5!!]'=$3$%I!41$+!)%$!-'%$!#%'024c'%2$(4$.!%)41$%!41)(!0'**'=2(;!41$!4$($4&!'0!"&*)-!2(!41$2%!#%'0$&&2'()*!)(.!#$%&'()*!
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;<2.$*2($&5!8)+!A'.!%$=)%.!+'<!)(.!+'<%!&4)00!)4!VU!"VYSPS@Y!"(3$&4-$(4&!0'%!)**!'0!+'<%!#%'0$&&2'()*!)(.!,'--<(24+!='%?!=241!41$!8<&*2-!
E12*.%$(d&!C2.I!"@@PCI!)(.!&'!-)(+!-'%$5>!
Dr. Ashraf Naim, MA, MBA, OCP, PMP, SSGB!
Oakville, Ontario
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>"d3$!7$$(!)!,*2$(4!'0!/$00![/))0$%\!A)%$)<!'0!VU!"VYSPS@Y!"(3$&4-$(4&!0'%!'3$%!\HDUV!)(G!41H\!
1)3$!#%'32.$.!-$!=241!;%$)4!&$%32,$5!!"!('!
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0<(.&!41)4!0'**'=!&4%2,4!"&*)-2,!;<2.$*2($&5!!/))0$%d&!%$;<*)%!<#.)4$&!)(.!#%'-#4!%$&#'(&$&!4'!-+!X<$&42'(&!)&&<%$&!-$!41)4!1$:&!.'2(;!12&!9'7I!)(.!
41)4d&!3$%+!2-#'%4)(4!4'!-$5!!"0!+'<d%$!*''?2(;!0'%!02()(,2)*!).32,$I!,)**!/))0$%!4'.)+5f!
Mr. Y. Al-Kishawi, IT Consultant
Halifax, Nova Scotia
>J2(.2(;!2(3$&4-$(4&!41)4!-$4!'<%!J)241!0'%!'<%!%$42%$-$(4!N!$.<,)42'(!#*)(&!=)&!1)%.5!R$!0'<(.!/))0$%!@+$.!A)%$)<!'0!VU!"VYSPS@Y
"(3$&4-$(4&I!41$!gH!$L#$%4!2(!"&*)-2,!N!S412,)*!"(3$&4-$(4&5!15!+$)%&!*)4$%I!=$d%$!&42**!1)##+!,*2$(4&!=241!$L,$**$(4!2(3$&4-$(4!%$4<%(&!)(.!&$%32,$5>!
Anwar Naim, MBA, MCSE, OCP
ING Direct Bank of Canada, IT Department
h"!='<*.!*2?$!4'!,'(;%)4<*)4$!)(.!41)(?!+'<!0'%!.'2(;!&<,1!)!&#$,2)*!9'7!4'!&$%3$!)(.!1$*#!41$!8<&*2-!,'--<(24+!0'%!20!+$)%&5!!`'<!1)3$!1$*#$.!
1<(.%$.&!'0!,*2$(4&!*2?$!-+!1<&7)(.!)(.!"!=1'!=)(4!4'!<&$!1)*)*!2(3$&4-$(4&!0'%!41$2%!%$42%$-$(4!#*)(&5!!8)+!C**)1!7*$&&!+'<!N!+'<%!0)-2*+!)(.
;23$!+'<!#%'&#$%24+!2(!+'<%!7<&2($&&5f!
Sharifah Dusoruth - Toronto, Ontario
!
Testimonials from Clients and Community Leaders
>/))0$%!@+$.!A)%$)<!1)&!7$$(!1)(.*2(;!-+!0)-2*+d&!2(3$&4-$(4&!0'%!15+!+$)%&5!"!)*=)+&!%$,'--$(.!Q%5!/))0$%!4'!-+!0)-2*+I!0%2$(.&I!)(.!,*2$(4&!
41%'<;1'<4!U(4)%2'5!P$0$%%2(;!&'-$'($!4'!)(!C.32&'%!2(3'*3$&!4%<&4!)(.!"!?('=!0%'-!7$2(;!)!,*2$(4!-+&$*0!41)4!/))0$%!2&!)!#%'0$&&2'()*!;232(;!&<#$%
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$!8<&*2-!,'--<(24+!)(.!;$($%)*!&',2$4+!2(!.'M$(&!'0!,1)%242$&!)(.!2(4$%c0)241!#%';%)-&5!R241!12&!$L#$%42&$!2(!"&*)-2,!2(3$&4-$(4&I!)(+'($!&1'<*.!0
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MOHSIN CHOWDHURY, CGA
Accountant and Controller - Mississauga, ON
h8+!0)-2*+!1)&!7$$(!<&2(;!/))0$%d&!&$%32,$&!&2(,$!Haai5!]$!2&!)(!$L#$%2$(,$.I!%$*2)7*$!J2()(,2)*!C.32&'%!=241!)!&4%'(;!<(.$%&4)(.2(;!'0!12&!,*2$(4&d!
($$.&5!/))0$%!2&!)(!$L#$%4!2(!12&!02$*.!'0!"&*)-2,!"(3$&4-$(4&!)(.!J2()(,$!=241!)!3$%+!12;1!*$3$*!'0!2(4$;%24+!)(.!1)&!)*=)+&!#%'32.$.!<&!=241!$L,$**$(4!
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Hossam Khedr, MBA
IT Solutions Project Manager, Mississauga, Ontario
>"!1)3$!?('=(!/))0$%!0'%!more than 10!+$)%&!('=!&2(,$!"!02%&4!2--2;%)4$.!4'!E)().)5!R1)4!"!*2?$!)7'<4!='%?2(;!=241!12-!2&!41)4!1$!2&!1'($&4I! ?
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"!)-!('4!)(!$L#$%4!=1$(!24!,'-$&!4'!2(3$&4-$(4&!)(.!$3$(!*$&&!'0!)(!$L#$%4!=1$(!24!,'-$&!4'!&1)%2)1!,'-#*2)(,$!)(.!"!0<**+!4%<&4!/))0$%!'(!41$&$!
4'#2,&5!8)+!C**)1!7*$&&!)**!12&!$00'%4&5!R)*c&)*)-I>!
Ehab Jaber.
Toronto, ON (Harvard University Grad)
h"!='<*.!*2?$!4'!#)+!4%27<4$!4'!/$00![/))0$%\!A)%$)<!0'%!12&!2--$(&$!,'(4%27<42'(!)(.!.'2(;!$3$%+412(;!1<-)(*+!#'&&27*$!2(!1$*#2(;!'<%!8<&*2-!
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Dr. Garba O. Yahaya, Ph.D.
Chemical Engineer
Mississauga, Ontario
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Arif Jahangiri
Telecom Specialist
Mississauga, Ontario
!
>"!1)3$!?('=(!Q%5!/))0$%!A)%$)<!&2(,$!FGGF!)(.!1)3$!7$$(!2(3$&42(;!2(!12&!"&*)-2,!#%'.<,4&!&2(,$!41)4!42-$5!]$!2&!=241'<4!)!.'<74!41$!-'&4!&2(,$%$!
)(.!?('=*$.;$)7*$!J2()(,2)*!C.32&'%!41)4!"!1)3$!,'-$!),%'&&5!Q%5!/))0$%d&!,'(42(<'<&!-2&&2'(!1)&!7$$(!4'!1$*#!#$'#*$!41%'<;1!.)=)1!)(.!)*&'!
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4'!-$I!)(.!"!,'--$(.!12-!0'%!7$2(;!'($!'0!41$!'(*+!8<&*2-!C.32&'%&!=1'!,)(!-)();$!)(.!41'%'<;1*+!.$0$(.!12&!2(3$&4-$(4!#%'.<,4&!)&!7$2(;!
@1)%2)1!,'-#*2)(45!]2&!&<##'%4!'0!41$!,'--<(24+!2&!)*&'!$L$-#*)%+!)(.!"!)*=)+&!4)?$!41$!42-$!4'!%$0$%!12&!&$%32,$&!4'!'41$%!8<&*2-&!2(!E)().)5>!!
Omar Zahir - Mississauga
Strategy Manager
Members of the DJIM Index Shari’ah
Supervisory Board
(Sheikh Taqi Usmani is no longer affiliated but was a Founding member of the Board.)
Shaykh Abdul Sattar Abu
Ghuddah - Syria
Shaykh Yusuf Talal DeLorenzo
- United States
Dr. Abu Ghuddah is a senior Shari’ah Advisor to
Albaraka Investment Co. of Saudi Arabia. He holds a
PhD in Islamic Law. Dr. Abu Ghuddah has published
many books on Islamic Financial transactions. He was
an advisor for Islamic Law Encyclopeadia (Kuwait
Awqaf Ministry). Dr. Abu Ghuddah is a member and
chairman of seeral reputed Islamic Shari’ah Boards.
Mr. DeLorenzo is considered a leading Islamic scholar
in the United States. He has translated over twenty
books from Arabic, Persian, and Urdu for publication
in English and has been commissioned to prepare a
new translation of the Qur’an. Mr. DeLorenzo
compiled the first English translation of legal rulings
issued by Shari’ah supervisory boards on the
operations of Islamic banks. since 1989, Mr.
DeLorenzo has served as secretary of the Figh Council
of North America. He is also a Shari’ah consultant to
several Islamic financial institutions and was an
advisor on Islamic education to the government of
Pakistan.
Shaykh Nizam Yaquby - Bahrain
Mr. Yaquby is a member of the Islamic supervisory
boards for several Islamic institutions, including the
Arab Islamic Bank and the Abu Dhabi Islamic Bank.
His work has appeared in the following publications:
Risalah Fi al-Tawbah, Qurrat al-’Ainayn fi Fada il Birr
al-Walidayn, Irshad al-’Uqala’ila Hukun al-Qira’h min
al-Mushaf fi al-Salah, Tahqia al-Amal fi Ikhraj Zakat
al-Fitr bi al-Mal.
Shaykh Dr. Mohamed A. Elgari
- Saudi Arabia
Dr. Elgari is an associate professor of Islamic
Economics and the director of the Center for Research
in Islamic Economics at King Abdulaziz University in
Saudi Arabia. He is an expert at the Islamic
Jurisprudence Academy (OIC), Economics. He is also
an advisor to several Islamic financial instituitons
worldwide and the author of many books on Islamic
banking.
Shaykh Dr. Mohd Daud Bakar
- Malaysia
Dr. Bakar is currently a member of the Shari’ah
Advisory Council of many financial institutions in
Malaysia and around the world, including the Central
Bank of Malaysia, Securities Commission of Malaysia,
International Islamic Financial Market in Bahrain,
Accounting and Auditing Organization for Islamic
Financial Institutions in Bahrain and HSBC
(Malaysia).
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