Verification Method for Shariah Compliant
Screening process method
Screening process method is employed in order to sort those stocks and shares that listed in Bursa Malaysia as shariah-compliant. There are two methods in shariah testing methodology that happen to be quantitative and qualitative. Shariah advisory Commission payment (SAC) received input and support through the SC. The SC collected information on the businesses from various sources, including company twelve-monthly financial reports, company responses to survey forms and through queries made to the respective business management. The SC, throughout the SAC, is constantly on the monitor the activities of all corporations listed about Bursa Malaysia on routine basis based upon availability of info to determine their particular status through the Shariah point of view. In order to be classified as Shariah-compliant; SAC ought to consider three criteria which can be: (a) The proposed business activity should be Shariah-compliant (b) The takings raised through the IPO ought to be placed in an Islamic accounts (c) In the event the profits are used, the expenditure should be Shariah-compliant. To determine the tolerable level of mixed contributions coming from permissible and non-permissible actions towards proceeds and revenue before duty of a organization, the BARDA DE GOLF has established many benchmarks depending on ijtihad (reasoning from the source of Shariah simply by qualified Shariah scholars). In case the contributions coming from non-permissible actions exceed the benchmark, the securities of the company will be classified as Shariah noncompliant. The benchmarks are: a) the five-percent benchmark
This kind of benchmark can be used to assess the amount of mixed input from the actions that are evidently prohibited just like riba (interest-based companies like conventional banks), gambling, liquor and pork. b) The 10-percent standard
This standard is used to assess the level of merged contributions from the activities that involve the element of " `umumbalwaвЂќ the prohibited element affecting many people and difficult to stop. An...
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