The Islamic system of financial management is faith-based, underpinned by the Qur’anic proscription on riba (interest) and gharar (intentional incomplete disclosure). As such, a core component of the Islamic system of financial management is Shariah compliance. Typically, Shariah compliance is determined by a Shariah Board, a committee of Islamic financial and legal experts established to ensure that the financial institution’s practices and products offered are in compliance with Islamic Law. The Shariah screening for the FTSE/JSE Shariah indices is done by Yasaar Ltd.

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