MUTUAL FUNDS BY MUHAMMAD RASHID ZAFER , ACA. WHAT IS MUTUAL FUND. An investment vehicle that pools money from many investors and invest it according to predetermined objective. Each investor gets a share of the pool proportionate to the initial investment.
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MUHAMMAD RASHID ZAFER, ACA
The business of the investee company should be Halal.
Illiquid assets means plant and machinery, inventory etc.
Net Liquid Assets = TA-ILA-TL
Non Compliant Income includes interest, income from gambling, gains on derivatives.
Non-Shariah Compliant Investments include investments in money market funds, money market instruments, bonds, PIBs, CoIs, CoDs, TFCs, DSCs, derivatives etc.
Interest bearing debt includes bonds, TFCs, conventional bank loans, finance lease, and preference shares etc.