At ABL Asset Management- Emaan Funds, we are dedicated to offering innovative asset management and investment advisory services in accordance with the principles of Islamic Shariah.
To achieve this objective, we adhere to the guidelines laid down by the Shariah Advisor- Al-Hilal Shariah Advisors (Pvt.) Limited. Learn more about our Shariah Advisors
The primary role of the Shariah Advisor is to ensure compliance with Islamic Shariah principles which includes:
Shariah Advisory Board determines and regularly monitors the Shariah Compliance criteria for the selection of companies or instruments in which the various funds of ABL Asset Management may invest. Screening of these investment avenues includes periodic review of Shariah Compliance screening of Investments and Identification of purification amounts.
The Shariah Advisory Board ensures that the funds’, services and operations are in compliance with the Islamic guidelines through the performance of annual Shariah audits. These Periodic Sharia audits and certifications provide assurance to the stakeholders and thus enhancing the credibility of the institution.
Funds may invest in securities that generate Shariah non-compliant income, which is diligently purified and divested by the Asset Management Company. The entire purification process is determined, monitored and completed under the purification guidelines of the Shariah Advisor.
The Shariah Advisor also prepares annual Shariah Audit and Review Reports pertaining to the Shariah compliance of the Fund’s activities. This report forms the integral part of the Fund’s annual Financial Statements
Following is the screening criteria for investments in equity scrips in the domestic market.
The business of the investee company should be Halal. Accordingly, investment in shares of conventional banks, insurance companies, leasing companies, companies dealing in alcohol and any other non-compliant activities is not permissible.
The total interest debt of the investee company should not exceed 40% of the total assets. The debt here includes all interest-based debt & interest based financing.
The following two conditions must be observed for share screening purposes:
The total illiquid assets of the investee company as a percentage of the total assets should at least be 20% where illiquid assets are defined as those assets which can be traded at price different from their Par value.
Watch the exclusive series of videos featuring our Shariah Advisor answering to some of the most common questions related to Islamic Finance & Islamic Investments. Watch the exclusive series of videos featuring our Shariah Advisor answering to some of the most common questions related to Islamic Finance & Islamic Investments.
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Islamic Funds under the management of ABL Asset Management are certified to be Shariah Compliant by Al Hilal Shariah Advisors. Al Hilal is Pakistan’s first Shariah Advisory company in operation since 2011 and plays a major role in the Islamic Capital Markets of Pakistan. The Shariah Supervisory council of Al Hilal is headed by Mufti Irshad Ahmad Aijaz while Mufti Najeeb Khan Sahab acts as the Vice Chairman of the Council.
Mufti Irshad Ahmad Aijaz is the chairman of the Shariah Supervisory Board of Al Hilal Shariah Advisors Mufti Irshad has to his credit development of several Shariah Compliant financial structures and has been a pioneer in the Islamic banking industry He is currently also the chairman of the Shariah Board of the State Bank of Pakistan Mufti Irshad completed his takhassus fil ifta from Jamia Dar ul uloom Korangi and has an MBA in finance from Iqra University
Mufti Najeeb Khan is the Shariah board member of Al Hilal Shariah Advisors Mufti Najeeb graduated from Jamia Darul Uloom, Karachi where he obtained Shaha dat ul Aalamia (Masters in Arabic and Islamic Studies) and Al T’akhassus fi al Iftaa’Iftaa’(Specialisation in Islamic Jurisprudence and Fatwa) He later went on to complete in Masters in Business from Monash Univer Mufti Najeeb has over 18 years of research experience related to Islamic Finance and other Shari’ah related subjects He is also an experienced lecturer and trainer in the field of Islamic Finance, Economics, Fiqh, Islamic Financial Laws and General Islamic Science He is a Faculty member, Jamia Darul Uloom, Karachi since 1999 and has been associated with the Centre For Islamic Economics, Karachi, National Institute of Banking and Finance SBP and Sheikh Zaid Islamic Research Centre University of Karachi
Other Members:
Mufti Talha Saleem Kapadia - Member Shariah Board
Mufti Muhammad Shakir Siddiqui - Member Shariah Board
Mufti Ovais Ahmed Qazi - Member Shariah Board
Mufti Faisal Ahmed - Member Shariah Board
Hafiz Waqar Yousufi - Member Shariah Board
