A Muslim's Guide To Investing & Personal Financing

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• Asset Allocation
• Purifi catio n
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• Islamic Equity Mutual Funds
• Zakah and Hajj
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• Halal and Haram
'. Mtlrk.et Cycles

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co LilABO IRAT'I 0 III ·W. I'M A' '.. S·AIIA·."· . ,: •'ONEM

INTR,OIDUCT'IGIHI IBY 5,H,AYKH YUS,Uf
TAIAL,
D'I:ILOIR
:N.Z:'O'
[LI[.[liliBUL., [PRES,S [Plr.i ec't 1:.,.In

[Desia III II irec:t,.r Da~ '\vn.d@r
IDasig n Mercedes Lopez IE,."'lor:1 Mlc.:hael D., Bromherg, Sarah H ru,Ckf~:Y~,M:a:v.is, urris M
[Plro. u c'lion a ncl II [I U II ra'iion :SPECIAL, T1HlA~N[KS
J'[e&~ca'Gwo'mccbini~~ w]iya KarlTh~'ewj' Thomas, F. Tr~jan Y
Bnan [).,Ingram
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BY I.IGHil'BUi!B IPD'SS,I!' IINC~ All R.IIGHI,5 IRI!lSI:R,Vi!D~
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Copy ri 9hted m aterl al
6 An Etbic.al Basis
1. Rlba
.8, IsEamic Contrae¢s, I 0 1·s.E3I'W·ic lnve-sting 12; HaIa] vs Har81m

t
'6, Zak.ah
, 8 Principles. of Puriflcation
20 Understandlng Investlng ~ '.-..· · .... 2···-: Ma..king '. _._ ,u. '.Inv e st 'm'.Ie·n·t··s 2"!1 .:.n_.e1.S _·an m ~.18 __ • U'-' d·'erstand__ g R··:I~:·k:·
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'II:.
3D nvesting in Stocks 132; 'What ]'s a, Stock W'olth'? 341 Stock Quotes Have a Language of 'I'heir Own 36 'Iracking the Markets
38 Markets and. Exchanges 40 Buyl·D.g' Stock 42 .AD iv-ers.:i1fi-e d Portfol fa 44 EV'alu31ting Companies
j
4,6 Mutual Fun ds 48, Fund. Ol,jective. and 8tY'Ie 50 How an Islamic Equi y Fund WOl'"ks
52 'Ge~ttingFU.n.d Iniol'matioD .54 EvaluatingFunds. 56· Fund Expensee

58 International 'Funds
60 Introducing ·El'TFs. 62; nveatlngln E'TFs 6,4 Suk uk
66 Sukuk Stru,c'tUI' e8 ·8:" 'g . ,I _,'ea,·ll Esta 6····· Investin :_.>'" ln... R· ,,(Iii ._:. te
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721 Understanding 'Personal
Finance 7'41 Islamic Savin.gs Accounts '76 Takaful 78 Ilome Finance
82 84 8e, 8,8
Employer Plans Inve-sting for Education E!8ta.te Planning Islaraio Estate Planning
9a, Index
Ccpyrlohted
material
.An ..······tllca....·".• SIS a E' hi '}B' •· •

Islamic law establishes guidelines Ior fair
financialrelationships,
In order 'to navlgate the lns and outs o.f the modern 11 nane ial landseape in ac CO:r.d.EU1J)ew.it:h, Islam, it is Imp ortant to understand. 'how traditional Islamic financial prln C Iples have been adapted. to serve mode m e co no mle purposes, Islamic financ ial p'I:lliJ]{~jiples are based
" 'I' '. ,wiaiW'" or .', aria h ,;W.u]C, is Sh ']"," .' h m ,s Ianue ']1
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deslgne d to, P'IO mute social all d '8-COUO mic jil1S'Uce ~The Shariah con talns an e 11tire
'financial relationships and outlines am array of 'traditio Ina],C 0 ntrac t forms-« agreeme n ts that C 0 m.p:~with religious
bodv oflaws devoted to business and,
parties to all,agre e ment :receive fair and just treatment, W,hile Wes'tern. contract Iawlncludea provisions 'that safeguard all parties from misre pre sentatio 11." Islamic contract law inc Indes add- .l!.l! 0 n a:]1 ,P_ 0- t el.n'tl'" ons d B,~ gn s,dl, ,-- II" _-, 1ll _ v8 _ ____H·l"OS So to ellmdna te all fo rms of exp 10ltation,
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and e Udc,al prmnci:ple s to ensure tha t all
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CO'N'RAC' .AII.le,s, Although ~hey were 'C0 neelved in, ancient

timesand orlglnally dealt wlth business transactions in. areas sue h. as agriculture and, trade that were relevant fun. the "ag:e
contemporary Shariah scholars have facilitated the creation of the modem Islamic flnan ebll Industry, V¥hat began originally as individuals wan tlng to ad here to the, 'tenets, of Shariah in, finan cia Id],ealings has evolved into a global phe no meno n since Its re surgence In the 197081 The key 'was, tIn €I development of' Innovatfve :aliP~ajj;iLO",- m. e ts- and_ p- fvu. cts -:,n,AI'U, ,I, Ilu;oe -en _, __ R J) 'that co m,:ply wi th Shariah w hile p roviding necessary ea p,it~l for e co no mic develo p;~' ment 1~n.dinvestment opi'pcn~tuni)t,y~ A]'though, they diller from. each other in ;80me dis.tinc~ilveways~all ac eeptab le Islamic eon tracts share ,3, numb er of' common elements that Illastrate the inte gral role of eth ieal standards in ' A"".. '~I '] Jo:nSlIJ.lTIlPS Sh "",.ro., snanan-oasec d nnano ld.\ll reia t'· -ru...' .. Amo ng 't1U3 me st signilic,amt provlsio ns IDS, 'that each contract is structured. to enable legitimate profits while avoiding lrihar, or unwarranted gains All are based on the concepts ,oi'shared risk and 'tha,t meneyis not a commodity that can be bought and.
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strueture s ·and combining eontrao t ~ es,
By adapting Islamic eontractual
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sold a_,t a profi t. No unilateral adj ustments
of the Prophet Muhammad, peace
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Islamic contract
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fo r:ms h ~enreve [uStrikiu\g,ly mal_
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leable. Before
co Ionlallsm, G _'~' ... '... thev were used extensfvely in the expandlng and. ever-changing Islamic e mpire, But d urlng the co 10rdal
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r\e'\~.d.ttento comply "fit'll the colonizing o0 untrp's laws,
era " laws were.,

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'~he A:I:"I b'ic:w~nl for co ntro_[~lls_Aq,cl-, IliterallyIrll~slali~g as ~to Lind"oi"10 . s.~ren:gr~hen By a"lden SIDn~ ,AqiJ (0 tie to m'~~fl fI'helorHirmolion Df Il]ln la:~htllir ,molki ng n a fi rm ['0 mlmilm en t 10 0 n ~g reemelot.,
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m,alY be made, and all iorbidl glh'.ra!r" or levels of' ambiguity or uncertamty that
can lead to unpre dictable or unantic

pated
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Islamtc law also ,s'tip ulates 'tha'&

contracts should have
C,(UlSe quenoes.
Shanah-compllant
no 'basis' in debt sino e debt is a form, of money, Islamie prlnciples maintain 'that
making a loan is, a charitable deed, and the on:~y reward :fOT lending 'money should come from Allah, If a debt exists and is part of a, transac tlon, i,t must be 80 Id ,at
face value
L:E:GA'L'REQUIR'E,MEINT.
In.additlnn 'to 'these. core principles Shariah spec ifte is that all co ntrao ts m ust
meet the followin,g requtremente

• Th eW8must be
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"0 "OIU 'who Ii.li, ',veil 'when ".u ,d.all 'witlh .'.'Ih i,n IDntr',.ctiil'''I~1I .dl.II I lair 11 fi'xaid 'lime" th'.lnl \Vri'l. it ".'WIII,;' ,ancdlel' a :5.c:rn~l. \V.i't., lit 1I.'wn:-Ia.'lw •• 11!I1 ''ou wi"fh 'fairnale.ra,n,d' I:h.~ .crl~b.h,.luld , nlol r.l:ul. 10 'wlri'l. as IUialhl ha's lalulg~h hi'lm SI} h!e s,h,. u.11I1 "'lri~'I.,J' I' " ,abid 1.,II&Ii'ltll who owe. tih,. d;.b'l Id' cI.t_" '. n d h. I!h Dulld II. calra!lul ,of~(,hlis d~ulf"k.:]1 Allah" ,llli's Lorrlll" !anlcl not eli n.ilnish an,'lhi n g 'Ilrom, it; but ,i'l'h., wh. ow.:.' th. d.,bl is-lulnJ:saunll i'lnl u1nd,ar,sla,ndin,g. or 'w'.a k" or iil,'i h. ii,sIblol' al~II~. ,. 1 ,di c lall~.1 him s.llll" 111.1 hi s- 'I ualrcli ani ,dielalle wil1h l.drn~.,s;Ii!i!.IJ' (Q urian ,2:.2:8 2')
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parties to an arrange me nt, • The product must be real and must
minimum of '~'O
em plho'sis, en m~kiimlg blllJlsiness ~glreemle:nt5
This IpaS$O',Qle demll:l'lilrStrtl,tGs.lslla'm 's
be owned by one. party., -, Thiel'S must be' an offe.r and an acceptance of the offer,
l'or~oIIDlndJPlro. ,vidingp~te(.i~n 10 a~l.
p~rfles" IBnth Ire roote.dll n eth.co I,n ohl ns cd, iuslfi~e~h~s i,eS,pedally fir U~ w here I T
• All P&rti es 'must fulmy agre e 'to the deal's purpose and terms,
of plge~~
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mentati:olml
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inm h~ mdlred.s
• ITh,~price must be agreed on mutually, wlth no :p,~ty subject to duress,
• ITher-emust be no undue burden on one pfn~ty ~o the advantage of another.

• The terms must be :in aeeordance wit'it other Sharlah principles, For example, ,a contract involving a 'prohfbited product such as alcoho 1 or pork would 'be unaccep table.
'. The. subject of the

.of the deal,
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ntract must
change hands upon completion
Islamic ' ontracts

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Time-honored agreements provide the Ioundation Ior modern business arrangements,

Eaeh of the six f¥pes,. of contracts that 0 Iltemn ' gOLV~; 'I!Jn~ b·q;PlJ~, 0lt ~';"JI,I~O:, "it"'.OfoCl. . fic i1_, , sIanne .u nanciai transae to'ions d'ietai. 'I_S .'. '" the ri.g'.his-a nd ob II' g. atlo n 'S' 'of e''v: ervone lR. ",~
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ra b aha' rea'ol r estate contract, the flnaneier :may use ·the

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invo lved in the. agreeme IIt, WhUe simllar, eae lli1 bas dlstin ctive terms and uses,
MUSH.U'KA,
payment sche dule may also 'be fixed or flerl,b~,e-so a buye r can ,Pt1lY' time . over
', ~ .r Utung I~n.••alral 'CIon.t·raC'~'jl'th e. ()'wn €T 0,f, II an asset ean transfer its, use=-along m'th
mortgages to determine the ]lrofit The
curve nt rate of earnings, on conventional
In a mus hara k,G e.quity partnership, two or more partners co n tri bute capital ~toa
me nt, a partner 'with a larger lnvestme
•,'ARA
proITiect." though not 'n'EH!eSsarHy in ,equal amounts, :In 'this shared, e quity arrange-
the bel\8'fi'ts, th,at derive from that use-to.
lias. pro portlonally more centro lover the decisions that are- made and would
nt
absor b a large r percentage of any" potential losses, again 0 n a prop ortlo nal basis, To make the terms of the agre ement
As a lease agreeme n t ~:ijara does not transfer ownership of the asset, The owner, in Utis, 'typ e of eontrac t assume s ,~,,~, l-~I,,,,,J' a .' oritv .of the risk whlc h th e~ 1i!1Iil~ m ~:I'i ,. I~ ,
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a lessee in exc hange fa r cash payme IIts
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profit is, compensation, In, a related contract structure called,
'Clear from the start, a musharaka contract must spe elfy eao h partne r's profit as 31 predetennmed 'po:rtioI], of whatever
,iila rlll w'. Ii'ql,i na, 'Ute lease
payments
the total profit turns out to be, However, unlike the way risk is app ortio ned, profit .' t isn ,. neeessan "1y proporttona l t ti:-ib ~O me
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investment amount.
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either
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accumulate [rver a set term to p~y 'the assert's, purchase price, which includes a prede termlne d profit " or marku p; for 'the owner/lessor, In. this ease, both, the lessor and le ssee agree 0 n '~'heterms the t mutually obligate them, to complete
'the transfer, .
permanent or diminishing" a]80 called whleh one partner !eventU1aU,y.buys out '[11e. other with 'r.e,gularl:y scheduled
investments run the partnership. MUDAJRABA
lI.clini,ng b'all'a:n,cI ,mu,llIlalralka, in
APPLIC'. -IO'NS,
CO'NIRA,CT 'TYPI
In a mudalraba partnership 0 ne or more partners supply the capital and 'the other provides expe rtise and managemen t to C omplete a jo int 'Veeture, ,Any p rofit " n 'ii'lflhl' fih lsn ,,~ nredatermined ~i;CJ .),j'~lin·dodl using a ratio that is sp ened '~JU 1n the t con tract, Whine all po tential ffnanoial losses are the sole respcnsfbillty of Ule partner ,err: artners who. Invest the capip tal ~the managing partner TIDS'l{S losing the 'fT -'9 a;n,-.d!~r, __ h:'- s ~e~:~- pent ~4¥f~-~t 1m ellor 'th.·a.·.t a IIJ _ en s en_ _, on the project 'if it does T~J)t urn a profit. t
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M,ul,harak,a (Sfllar.d' eq uily pa'rln.rl1,hl'p)
T~fJ6f: mt},re p,lllne.r5 supply

to IS' .loin' ~enlu"t
• Simple iPor11111erships
•
•
fQp,itQJ
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• Sur~uk
ilva1~illll . g RIBal eSo~Dte'n'n flUf inl
BIEllsis flDlr eqlllliity'
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MUldara,b,.
MURABAHA A IlIIur.:lJallh,al contract, or installment credit gre em e n t gov ems~ the le 1'v!,l 11.4!' Vi ,"~.. . ·.. .. . d", d 1ft' owsa ·····,'···1]1·. o tan gibl e' ,~OO" s, ,~I. a,'111···· , ... se. ser to earn 1 a p' r oftt~_ _Th1art- ,of't:h-~ 'prlc 8-'P,,"f:!)v]1 -- -.,-r _ as .If' __ _ - e, _ _-, . ded 't·'l.l.I··' ,'. ".'.''. th,8,t.uB, e.xact amoun ·t)or mar"'k'll " is np" ;'" disc 10sed, in the co ntrae t., The. m,arku lP ',may b····· rn ·ft'"x,eu, 'a',m,Qun 't' or a perce H.lU!a.oe.. . '., .:..... ..e a, ,: .' ,.r,.~" 'n' (lif 'the cost of the, g'CH)ds o:r :proj),arty being, lJUricltased.
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In either tyve of contract, the paiY'''' me nts may be fixed for 'the' 'term or may adjust 011. a predetermined schedule either by all agreed upon pe rce 11 tage or 'a rate linked to a publ i.e bench mark,
sue h as 'the rate of inflation. I,.,'IIHA
An I,sla mI' conlnd may in[,11!Ide a nonreOD,urse 1Jgreemenl', w~iich ensures th Ilt no po r~ to _porlne r:Sih ip i~ pers~nl[llly li~ble fOf' losses the RG r1mlershil,p su Her'S fh of' I fe a bo.'ve am,d beyo nd the amo IJI of fJ'f his olr her o rili no I' inves~ment
D.
aDDED PROTE,ctIONS
in turn l' 'Makes, a separate arrangement 'mth 'the Investor to p'ay for th e asset plu s a pre-agreed profit, Ist isna contracts offe "r som flexl'WIll'.!', bUjl'ty ll,nancing u1,ay be delivered up fro n t or in lnstallments, and the deUve:ry date doesn't have to be. fixed. In addi t1'O n,
,r.:'!'. IOi . g, 'lUV ,,[.:11. a.LlIIL!ID i3
e,
An is,li'~sn.agreement ]8 a deferred de livery contrac t, where 0 n e party pro'Vides investme n t capital and. the other agree s to de liver a spe clflc asset 'to a purchaser 2lt a future date, The purchaser,
BAY ,AL·,IALAM
Another type of deferred delivery
eo ntract" 111'111, a I·,sal~aj.' 'was ocrigirn,aUy used to provide B conomic re sources to farme-rs befnre the harvest ror agric uI tural products that were delivered, later, Unlike
istisna, b~yal-salam contrac ts spe cify a
delive ry date and loc atio n" and pallIDle fit 'm-~~IS' be m ade r-,-f' r Cp,I" t a'-- Id'_ l' 11(1 ~~tll wh e,n-' t m, ., _ P n i, JI. _" 'J!~ ... .,'
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the contract 'is signed. CONIIRACI AJP:PLICAI11'ON,1 There are a n umbel' of ways in w'ide,1! th v miodern , , ..''I'~'] !CIlro'~;fin, an al ndustrv .., :-·u .~'l:iL'J. has app lied the core coutrac t- types to create Shariah-compllant financlng
Q,
these contracts may be revo ked. up until t hie; time that the ,p,arij'reee iving the, flnaneing has begu Dl to man ufaeture
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an ,j;!"S,o~11 the 'transa eti n 'W' uld.. Jl., be eonsidere d 8, ribs-based loan. Istisna contracts allow a homebuyer '101 finance
b
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a. ho me The ho me can't be eonsidere d a. ta --:[Vl"b-:Ie ,~S,. ~~l'e:-~u,. uJ!1ii'U,1 ~t",~b_Ull' ']t. 'I" th ',n,-' C,. _____ n~. S L S ' r- ~ ~,LO
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the goods ot begins construction, Istlsna contracts are useful 'when individua] wants to borrow 'money to build
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oppo rtn nlties, and investment products, \Vhile using Islamic con traetual traditio ns
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Mur.b,.ha '1 ..:lilli' b,ns'la: IIm.lnl'l er'8,,"I' Ggr'•• m,.nli,1__ fa" Me, stlis' D,f' ,rrJ~gih"eassets ,(J" a ,refl'~DnlbJf: ,mo.rKDlt ,p(Jy:mt~'ls may ,'.~ 5pfeOO ,oul< giver ,ime • Sulk.lJlk, • ReElll1esf;olre mioDi[Jjng • Hir'iil1llg. p, 'mlidd le~mQIIiJ _ ,to mlakl!, III p IIIIII h Ise f ond pOY1i mg lt off o¥e,r time
I rr.eI d.,liv·.r, '.In'lr.'I''I',, D.,t. UseD'to .r''';fJJlts fbi m/e, of an as-ssij IhlQI is under, con,strfUlctI'on 01 does .~ ,1)6, t I 8:11,$, • 110 n W1fa(.hllri n g pro j,eds
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Prom its be glnnlngs in Arabia 111l'EHl"Ily 1500 years ago, Islam has been distinguished by its co 11.tinulng relevano e to con temporary so cie ~1,. Noto n!y' was Allah's re.ve latio n to t he P ronhet 'M",h amm d- upon n" I, 1], him ~u ' be peace" given in Arabic, the common
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issues ot' daHl' tmportance,
language of the day; 'but it dealt 'with I t's no surp rise that trade and,
swered, For example, since investing: can take many dHferent forms, 'what type of Investing is the Qur",~n.talking abo ut? UnsUm re llgious scho lars turn to 'the Sunn,a'h~ or the collectio n,of the words
for guidance, From 'the Sunnah it is clear'
and actions of the Prophet Muhammad,
The 'Q'Ur~'ani,c erses supporting investing v and trade leave many questions unan-
Jln.v-;ss.ting are prominent topics, Arahla

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at the time of Muhammad stood at ,f:iij::i'fn ~lLlIIfLJ ,{\'iC' th Li k'n,n''I~1'1fii th .t. eeonomi .. 0
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Among the m\~n.ypoetic metaphors in the IQur'~an1the call for believers 'to inve'st 'the,ir human efforts in, a "beautiful loan" to Allah (where, unlike earthly Investments, abundant returns are assure d) jjs among the most pointed. (Qur"an 2,:245). The Qur'~an is even. more explicit in 'later passages, in futsadvocacy of investing where ,Allalh, admo nlshes Mu;sUms to "eat not up you.'r [wealth] among yourse-Ives funV3,U i'ti,e5:: but let there be trade amongst you, bymutual go 0 dwtll" (IQ'1llr. 'an. 4k2.9)!,
THE M,ESSAG'E 8 ISLAM, 1'51 0m 's 1~5 L;Ul'lo01 to II:orNers wo:r Idwid!e beUe'vl!
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even uses the language of'finance '&0 ur ge Muslims 'toward piety,
Islam, enco urages ben eve 1:8 '00 engage in, beneficial trade and to invest, It
o'f div'il~ re,v,elo~i;D,"S~~olbegan with :the, 'first hUlman b~inlg"The Iin01 m'e SJG!g,B! is of Islam, or mmm'it:fRsn'.f, ~, Alloh~~lis 10 m'~',sprodit:jIQ.lller:s in 1u r n'I II re ,At,u:sltlNg, {U tlJmm'llIid helle',ve,'tl GOirry:in 9 this, co m:epf' over 'to the worl:d of fl no miCl ,Mus~IIISlire cOdlmU1,ed lliid respons'jihJe mNne!fS, and investolrs~ The, reqllllJj rem:e~hIl'sio m Drdcai~ns for CI _ -- iCUIS Iif'B OtnJ' popu Iarly deser'ib,ed as a set of "VII p~jn[iplllS., or pHlors:These indude the te, S1J~mID'ny 01 m'i~hi'o,· li~pru~l1l, fusting_ d dunng Ramll dOI,~ (hu rlty (ZG kalh), ond a Ipjlgnilmage to ,M,I((Q (hlain~
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tharf the message sent' .by' Aillah 'm th e PropheJI M_l!IIham rna d reinfcl!f'(ls, III n ~ comllP letl:5 ~ 'siries
followers, left Mecca and migrated to

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;'h'r b'" tlnz a form 0f equ_].~J ilL partnersmp mvestmg called mus'harak:a. 111, fact, 'when. Muhammad and his
'that the ProIPh.'~'t advocated and practiced
Medina to escape persecution, the Prophet put each m.msrant in eommercial partnerill'. l-l. . l[!lulP Wl'Ui'h a 'I0 ca, .•. r . '1benever t, Iensure 'liJ:l e Ia
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Muslim scholars deduce th:at 'the 'preferred i-' " -t~_. 'ty to . j" orm 0, U1Ves. Utg ruse qUill, _ parnc '1pa t"io n., t or owners hi 0"r a 8.h rp rare 0-f ne t a assets,
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, lll'·h d f' ;&ll.., h · I[VedO(L- 0"· tne impovensne d enugrant'" Fro m these in stances and 'many' others,
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As Islamic fmanelal markets continue

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,SA'KI Hajj,; whlc h 'Ute Q:ur~anmandates 10:[ every able adult Muslim, at least once in hills or. her life, Is the 'm,QS'~mportant i ,physi-cal rite of~the faith~Yet des~pID'te,the saoredn ess of the. :tUW, 0 nly abou t 10% of Muslims worldwide are alble 'to afford to palrtJ.{~ip,atein the pllgrlmage to Mec!ca. :Saving, lor hajji by opsnmg and 'building an inve stment ,~CCHU H t is one compelling illustration of how the seemingly unconnected spheres of religious be lief and finano ial secu ~
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like ed ueation, produc tive 'v'lUII, '. ~.JI."

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S" mce Mill'· n usnms are s t']' ng y enco urageu.,J ro to avoid de bt l being able to afford things
In bellec tuaJ].y as it preparea them for

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reouhes nlann In 0:' ahead Because you can estimate the probable cost, it~spossible to calculate how mue h you will need to p~y tuition and
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other expenses. That lets 'Y'Du determine how much you m ust inve st to reac h that goat! Likewise" if you start lnvestlng now
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M,ODI,RN M,IA ' INaS FROM, elLASSICAI LAW A(:,cord:iIDi,g '10 1510m, cS:ha ria'h", 11r Divine Low elfll(O urlogement of in fest'i ng 0 n d' trude; fOlr of righil and' W~OIl!L is alrelldV~lllf revetJllBtt .instus.",,:nuc_·ne;nl,.b[lhd ..•. 1'ii.~~e_·tque,n,i!I·.tll:,.,~II1II: ..,II~nd·'. i~,.if;. e_n·.•.uOlrf':I~I-'~"'" ~,. •.I,ei!' .. •.··.~,.,ti .~,-' , by Alia h~ M IlIrSl1 m S[,hoJ!ors "",,0 r k flo I ~Iterpret thllS, . UI: 'h ,lU.lIIII~,~ uIII UI~ m D'jivine, low. Illls mlot flheir IP10(1, ,to dllC dn~:someProp h sf as Ireco~dled ~1(iI th e hacli"lh I't 0 r IrePID:rts~ thr,illllg oll~o'wed 0 r fo tbidden" RtI'~he.r:~heirrMp 011= ~ Ihe Su 1111110 (oD'firm, ~hot m U'shoroka is 1m III oll1lly hi s'i'bilily irs to ~elerllinle' whofi',. in ,their lea rned a II,we dIbut enOD,U roged lal~an investmelfllfi' veh ide opinion, the' Shar'i.alh hIS, to say 011 the, S,Uh'j;Bft flo'r Mus.lims. ~ One o'f: the plrin('ip,le'S Il'sfomic Consensu's of :Muslim I,ch.:lars"" If, .scholl[u':S, use_to _l1I11~r1Pret $hiariolh there is ~ conrs_eIIiiSUS omoRg M~'5Iim_juris~s. DItIID[ hID.S to do ,W!Uh °th.elh'ienJr£'hlY' o'f fJ',he 'point ,Of Illwt the point is ICln5'ide'red,~I'id", For SDu,reesof' low Any infierp,relofilD ell mpile" thle nll,r' (0 rilisen.sus 10 mO.n:9 modern 0": fhe 'Sib ar'ilal~1 mus,t be, denived fra m 'siho ~ars th Ifi' sto( k m Dlrkef 'iinv.sti ng' i~,nr misstb le p at len sl IOloe 1011tblese IQII!IIF SlUr(lBS,., 'is 'ta kall1l tI'S evid en(e QI'f ii's 'truth" SIUP~lort ,for ~he legllim QltJ of st~[~ I,na 109 ft, Ana liDgy DIP P lles whe1fl them ls :market ilfllves~'i n g mOly' be: f011ll mid 'ilIli no direct tle:xtuall B1videOfl for or og'oliinst (I po'i:lflJt th,e fa Illwin g Ieg,lll~ indicom_rs: __ F:Olf e:xl mp~e:1now-he reo in f1~e Q IlIIr.~fl iii 0 r 'Sill n noh Q_:. ~ r"_~a_ Dr. the SO[red S_-r_~f,lt,u,_r._e_0_f I5_:1_001'., ~_-.' , c. .. 'Is the re a discu'ssio n of st:o ck mltke,~' inVlos,1inl,., _ oo_llllet_ u_,n_' 0_;.f 11_ 4_~"S_-,U__ ,_ '._ S_.,~, en [_:~la_.p~lrs_ mo.(_h '11th _-t. " E:vl n S.DI, htl d r'aw~in:- .01-- a --a 10 :--y bslwee -,- if a liI,d ollywh'erefr.om Ihlree to 28 I, OJ ver~es. ~lIsho~k~,~n i~~r~~Jlegll' ~ II~sbJck 'opi~io tke Q ur'en is the ultimate slurre £If: II""., Iisiam's ilWlsfing (iOIl1I legilen. b .
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Industry se ctors that ge n.eralRy' do 11."t
are considere d. halal, and ate aceeptab le for Muslim investors, Some elassic
examples of suitable industrlea are:
manuraeture or market 'f~l~b.iddenprOdl~C\~S
business 'to discover its core Sontee of revenue, or how' it ae tually makes t~$ :money'. Its bldustr.y •• el\8Ir, Of' pa,[t or 'the e.COJllO m'.yto which it belongs, m,ay not always, "ten you the w'hole s'tory. produce products usedfn ga'mbliqg. ,Apubllshing 'com:p',ainy 'might printsome works th:a~ consldered are porno graphic ~Gr an agrie ul tural nroducer ... 'm'l;' .. ~". ll its oro Tlc~ vU· .. ",',.' ',,' d:i.t se , ~{JJ.l
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• Chemlcalmanufacture • Ene-rgy • Te 160'0 mmunicatlo

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• Computers and computet so~ttware

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Po'r example, a eOIDiute.,r so,ft'waif'e
• Transporta tto n onslderi. a' halal Inve stm ent ';' lUi. I" .J.II.I you need to look deeply into a company's
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• Pork and. pork products
• Pornography
ac tiviU,s,s inc 1ude the manufacture 'Or marketing oj[any of these products:,
• Alcohol. • Gambling or gaming activitie s
I n addition, most Shariah se holars advise against inve sting in tobaeco companies or these ill'volv,sd, hI weapons
and other defense-industry prnducts, MId ,many ol~s:s,fuQrthe: e ntertainme n t ]1lhdustlJ
• Conventlonal flnaneial serviees

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GElr.NIG 10 T!H'IICDRE: Islamtc Ie gal Beho tars 'use s ever a]. co nve ntio ns to determine whe n a
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,As lncreaslng numb ers of Jrvhl;8,lims have b egun '0 l to mve g,,~ an lmere asmg numner 0-f t.an " b resoure es a-re availab rue to explain Islamic
HI:ILPFUL RIIO'UR'C:I,S
aC!COUln&S' 'for more than 5'%of' a c ompany's
restric U,O D,S, and guide Iines, -0 ne of the b est places to get information 'is on, the In teme t. Typin.g ~,~ Islamic
aloe hol is not a C ore buslhess and iIlvestb:ug in that eomp a~9 stock 'is ge rn,a:ralzy' ac eeptable. ,Aso mew halt less s,tting~nt rule. 5Ef~S
different limits,
revenue" or gross income For example, if the, sale of aleo he 1 ace-a u nts for less than ,~% of an airline eomp any's revenue
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Ute s'tandard tor a core busln:egg at 10%" and dlfferent Islamic s&1inlars m:~yse-t
lbiti ··L ill 'I pro h.lJ. aon on rllll'U; 'OrIn tems. t:;as, wen. Ila company's interest-based piro'fUsor ho W.dbl,gsexe e B d certain. limi is" 'the 11 ~nv~sting In th,'e co m-Pa:ny is forbidde n, Ev.en wIle:n these ate, found b~ 'bevmilli1in. tolerab le limits i tH~ri'fte,altion of earnings flo m these co mpanles must take 'place,
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'This reasonlng ,appmies to the Islamie
to answer S'j:u3,eJlfic questions about Islamic Inve sting" M~ny' also provide answers, to 'the most ,com~nly asked questions. Another f~xcene:n~SOUle.S of informs .. tlon is the mutual fun,d,com panles tha,t offer Islamic :mutnal funds, 'If yo II eh eek out the list of companies that these mutual runds awn, you' U g:et a sense of the otto ices jj_n.VBstme nt experts are making. "Iheir websites :poovide exp Ianatlo ns of so-me of. the key tenets of Islam, explain 'the, lnve $1tm,e n t vehicles the,y offe r to help you re ach your flnanoial goals and, publish criteria! to help you decide what
is, allowable and
WIiUllt·
Inve sting"!' mto a mt\lo:r Web search engine wU 1br],n,g 11]) m~n.Y' usefu] sources. These sites of~e.nhave their own Shariah boards
is not,
"NII.01UGN A, ,SCIREEN
To sim pJI~ tlile~ of' jdentify'i 'fo·sk

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series of ,SCire,•• s,. Dr q Ues'£l1 ns, Iisiamiic SCI~eenlassess ~lu5i1rileS_5 cUvni:es lo'f Ih e comp'ony' 'iii ra haloll,of' ha ram: a
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SCR'E.ENI,ING R.ESUIL[T,S Becent gnrv'eYs of the app,ro:xim,a'iety PJOOO
companies listed. 0 n. the 10ndo n Sto ck Gfu.:", 'h " 0,' '~ih, N'·-,·,. 'y-~-, uk ,~·t,,· k ~ . ih .. . e .t3',' CIIA'c, .anbe, '!i,;JIJ.le ' ' ew.OI' '. 0-0., DX.c ,.an~e (NYS~E),,, the Nasdaq Stock Mark,e.'~ and show tnat between 75% and 80% Of 'them
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Pavin 0' ,o·,·r·· ..eeivi Il..··g-··- in ·'t-·-e·····-;-r' st . e; .'-:J.L.IL.Lt) '- . ·itle··· pro hlbiti unnons :In '1-]am. ,-8..
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The ban 0 n Interest run Islamic taw stems from the prohibition. of F1iba. 'I'here are four verses in the iQiI.lr~,an,
that cle ar Thy adm 0nlsh be Iievers to ·'..JI l avom nlb a" ano 8,'t ieasr.,,_h,,,,~'· as many ; Ice 'hadi th s'~or reports of the words an d at tions of 'the Prophet 'Muhammad, upon him be peace, echo 'these wam~ I dltl ~ mgs, , n one trani 10n;'tlte P rophe t. proclaimed e ngaging in. riba .0 ne of
)]!
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1- ~liIi!!iI"I ~_rii!l __ "

-", 'l!iO" IR ]-II'~n .~.
-_ ..
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--'JIU:51m: __~. '~~econdl
Islam's "seven d.~adI:ysins,"
'1m 'Nlert, CII5ll1IPraVtde4 ':~Iroml O-.~~-'ngl ,lAd ' II ..~, ,

Dep_r _datiun
aJ
.,,_~.. rum lbitl Th e impnca t"ions 0 f"'[;',ul~' pro \.., 10 IDl .' '" UI,'>
are clear. No lnterest-bearlng or flxedIncome investme nts ave aocep tab le for
tiona] money marke t mutual funds, ce rtifleates of' deposit (C.D!s] ~corpo rate bonds, or us, Treasury bonds or bills, nve _._ M U ,i::'~~, ~"L_ ¥08- tors __ i']' lm ~,
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ii'I'rIi a' C·II"i, Tri,'~:ro ,~'" ~iID I L. Jl.LI~~,_ 'V ,I~'''!Q 11 r l:t;,
i"IJ']nd
either iu qUeJln or term, in 'the counte r.. U:ty values" or 'relative: worth, of'" hatever
is, exchanged -cur.rency~CQ'IDll1:0 dlties, gouds.or anything else-e-m a va..rie'~ of
-=
Islamic Jaw, riba is defined as
In its most common. ,Arabic usage, rlba means to ,grow CD r to increase, In.
eXDHSS~
HI. R'IBA
,""'"
--
sales, purchases, swaps, or loans.
W,h:ile rib a is! ofte n equated with
interest, both simple and compound, and 'wjl'~h'Ute more pejorative te rm, usury, expert le,gal interp re tations make it .(31 ar th,alt 'the full meaning of the e prohibltion is, far more comprehensive, In one explanation, riba Is forbidden bee ause it is predatory or HXJl 10 ita'Uve and pro du ces p:rofir~'at another perso n's expense. Anor&her view is that 'the prohibition applles t,o money made 0 n money, us opposed. to money' made by working or 'by' Investing thro llg,h, equity partne rshl p 01· trade A re la ted exp lanatkm is that ribs in a,loan is u[ljus'~'because the parne s Involved - the' lender and 'the borrcwer=enter ,81transaction on.unequal tJ8fIDS rather than as partners taking' similar
j'
i,
and therefore pay interest to their ere dit ' . ',' 'b':0. ill. O. AI h 0 n. .-5, 0.1'- [) '~f '1"' ·,'~,'''I·t·". ., .or~" W lU ··I '''--'d ' . IMler , .I1Ru.l I leg.
'!Jjj, .
risks, That's because the lender ~s 6 lli.v··· 1100 v,1 'lib, su.'aranteed'(w,'- a prof .,··t fro m, interest
,~JI. .', ,.Ji" J.II! : . .' '.
W he ther
mo ney 0 n, the transactic n"

C orp oratlo
the borrower gains 0 r loses,
RIIBA 'ONCE IRIMOVE:D

T,lit.'e'typ]~alli
celves interest, Most {~O p ames are m at least partially' capl talize d with debt,
n 'both pays and, re-
For a lew Muslim scho lars, inves Ung: ,. . . ,. -'.~,t" .. mvo , ". · +:1., 1.0,~ corpora Ion. '. .-,"ill've:d'.in any way wnn .. , paying or co II t' ]ug HI eress~'~ naram, iec .' lnt IS But a.larze ',,, 'r'num ber of .:Jo!UU . seho believe " .. a.. «-,1.0 ,t'~at such a n l' =~_ ,, __ ~"8n~ t 1"S pern - issib Ie _.u __" =~ ~_=~ nvestm __ " _ mHS,_=.~=_~ within Um],'ts. They base their opinlo n on the le gal , f' b' maxim Om h.II IlliG -h.~'W'~:llll~~,~:l th,3..t some slays' haram can be allowed in. things that are th emselees halal ~fiorb:iddfullg: them
'I"" " .' " '.'•
UU
Companies also. 'typic/ally receive interest on cash, they hold in a bank or from other market investments, A com,pany mayalso charge its customers interest 0 n ,any over due ao eo un tsrecel bl .e" .s, .ree elVa. .
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DOII,N:G TH,I, MA,rH
Analrsts use diffe.rent types of r atlo s to me asure th e amount om' riba in an otherwise acceptable company and to evalua te w h 11!J,!I\h:t V r n nt invest m 'ent er a.JL '_:' :p ermissible. Com panle s who se exp-osure tv riba falls at or below the limlts are considered appropria tie for lndlvldual Muslim Investors or Islamic mu tual funds, Th'91l8 are three issues liquidity, interest income, and debt ratio. The Urnits, aren't precise, however and scholars mlay use differe nt formulas 'O:[ estab llsh different levels of' acceptability. li;'quicli'l'y' Is a measure of the percentage of a company's assets held in. cash,
't
IU _'
scholars pr·efer to be on. the safe side, It 'may be calculated using a varlliety o.f
ratios. ineluding
.a.'~~ ,,,-,
('II
,!U,.II:.-,
,'Lr
"
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~I'''J lI!£II'
• A'[O)unts re(jEi:iiVoble .;, rotl(ll'OS5e'~'s • Ai[)[1 U nts re~e;i~ab + (:ash : I iii ng II rt 12~mollil~'hmlllrke~copitlliimflilon
Ilnl'I8Ir.,slin c'a,m. is evaluate d. in two 'way8~In both eases, 5% is consld,ere d aceeptab le as, no e,o mpany has 0 % '" "h:r ~I +t~ impunty ana setnng a ,fU1U.1.ITIl b t spe Cl:ifi c ,~JJlI' . percentage is preferable to the ambiguity
of "a. little.
1'1
The first
total income derives from Interest; using this or an eq u lvalen t ratio:

• ~nte'res~ iilllJcQllne .:, 'Total rev,e:nue
ts 'Il,O'wmuch of 'the company's
cash equivalents, or accounts receivable. T,h'B ac eeptah le leve I is tY])ID,C aJ.ly set at 4:5%~ sinee if :i't';s more -t:hau.,,5,O% cash it call be trade d, 0l1'~Ya.t b o-o't val ue, and
n d In {'l;,·iO sl ders the p. ercentag 'e' ora company's total assets held in cash, 'cash equivale nts, and interest-p aying Investments. Among the ratios that can be use d i~l:
h T£II, IO~V' 'V' ~l:ii.n
'0"
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• CIDISh f 'I nt1erest,· & 81arlmlg
,S!,clluUies ,-:- 'In,UinI12"'mon~~1
market (opUmli~l1ltion
For example, a company that has interest Income of' $500,,000 and: total revenue of $~,5 millicn, receives [nst ,9~,.,33%of its income from Interest, making it an acceptable Investme n,t ($ 5 0 0 ,,000 7.~ $1· 0'0 O' ,VIJJ ~ lifii 3' 3' thJ9 ), r.J" J" '0.'.IfYllll ,.Ii}, , iI)
would work against the ge neral go 0 d. In
stocks in prin ciple are halal to 0 and, need not be forbidden to Muslim investors even if the, corporations 'tha,t issue them carry '~l~I · In dent ann 'p,ay or receive '. teres t'-;, Th,at doesn't me an Muslim investors are free to ~nvest ~n.di~c.rimina'tel-y. Th'ey'
this case ~since the sto ck market :is halal,
ll.. I D 8.'111 r\1ItiCa, measures I how m IHJit, Interest the co m,pa:n:y has paid on money it owes to le nders and other creditors, Generally speaking, fill:' It! s more than 335t{, 'the co mpany is conside red. an Inappropriate investmen t. 'I'his percentage 'is chosen by analogy to 'the hadl th ~n Bukhar! whe re 'the Prophet descrl be.Si one-third as "qul te enough." Two of the w,ays, olebt ratio ,may
be calculated are:
• I I deLif '7 Io ta II 13 ~e,b; £lt~ • lo'm:1 de~it:, IraiUmlg ~2..mlnth

mOlrket ,afpi~IlI~'z'[di~ n For €t.xam ple, a CO mpany with to tal debt of ,$,10millie n and a market
should make an effort &0 measure the en en t of a co mpany's use of rlba and avoid companies w hose involve men t exceeds certain thresho lds, In addi tic n, so me. Be holars ,say!, inve g,tCH;,Shou ld s exercise the lr rlgh ts as shareholders and registe r their oppo s'itio 11l to riba in writing, or a~ the company's annual meeting,
capltalisatlon of $,25 milllen 'would not be an ace eptab le investme n t sine e the debt to mar ket cap ratio is 40~
!~
{rib ~:,iIl
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You can ~.find,Ute numbers ,to compute ' th ese ratios in. the eomp any"s annual
fl' 'In"'" '1 d···· om' e·nt ,u.!l!a.. stat ,II!!,
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'n; f'!J:
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the rUiii.!e t'ln'''T1 ,'ILi! vd .o:1.-ul![

iiC.ii
provided by Investment research firms"

Copynghlcl
&J.~nal
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PURIIFICA'TIOIN
NEW AL'rERNIA'r.VIS 10 ',H.E
0,1
,Isla m ic f111i11lodll p rad u ds IJ n,d servi[ls fhat ovo idl riLl i111nits 'form,s ore :reIIDI~iVllI, new '~Oth e mo rketst Mp at iolilly' 'j n. Inan -Mu,lllm Jflolo,rity Eoun~rfe1s,. 1lI~~illrecemllly .. the lli10rml Ii..:-- IL,-:~.-- II 'IF~. c_, 0 If-a- - _---~!!!1· ~ gas mRO .Ih-~-, ~a·.-~k.:-~f: illg.lhlilitu 'Thus,. in-'~_V orde.r 10 85m billiish~~em'selves 0 nd, meilr _ jlnsti'~ufioIll18 on SOUlli1ldOD n dUllI 10 U Ii1ddi~iDns, n rnum,y MIIlI'slims, ha~el hid recoune, 'm thel pr'jndple of: I~,g:aln,BteSsUy.. _ _ lenown ed scho!lo rs 10lf IS~llmi~ hlW h~ve givlm fa'l-wa'l" 101 Dpimli~n!~ to '~he effe[t'thrd iOn the tI'~lse.n(,Bl Df vw hlle, Ishllmi[ ,ol.te:r.nat'ives, ,M.IlIS j illS miy' fesa rt, only _ 'to fh e exJenl nate'ssl r'Yt to 1[\(1'11 Vilml'ionlDJI fi n alli1~'iaI -plfodllJlds laiRd 'se:rv'k,e;s" illi1[Iud iillig Il.~ Ib-1-
LAW OF NIIECE:SS.ITY
vast m,aj.o:r:i c.'Ithese fu nds calculate the, ty

tainted income that makes up pari of the
,MIU1TU,AL, FUI:NID, G·AJIINIS One reason Islamic mutual funds appeal to MusHlm. investors isthat the
fund's income distri butio ns, :SoID.'e funds also calculate tainted to tal return figure 8, whwc·h.take into account :pur:iJi.lc~,tiomratios for both divide nds and capital gains, The fund. rep orts the se 'fi.gures. to their shareho Iders so that the investo rs
inco me to give 'to ehari ty,~In some eountnes, though no·t in t:he Un ited,
can c alan late 'Ul e amount of their fund
States the fund it-self:'handles the purl fie atio n and distributes only aeo epta ble
m
ceCIl
With ~hlgrowth of: the 1'~II'micftnlalllllCia~ ." s.:ec~hu~ lrere'lll t yaolus, hDlwe:verJ ..fl' .. 1"'li. L.. In II IS I KII,' th af' vinblle 0 Ifern atiiives 'f, on 01 't~ese prod Deb In d '51rvices, win beeo me available 'to Muslimls 'WID rldwlde~ 'IIhel MUi~li'ms do h ave these: ~IJ~0 I chOiCli heIDI~lv
opin io ns may shiff 'fo assert ~~latSlIM,li'n g
C,O:li1"ven
j~
Dod
ng' 0((01111 nts~ llIIom B! mo'rfrgale~, iinsulfo n[I·" --
'income to its, sharebelders. III eit:her ease, t his vastly sim pUfle s the c o m,IlI.(~xlty
of :purifying investment inca me for Individual investors, NIX,' STiEP Many Islamic se holars 'believe 'that puriflc atio n of unacceptable Inc ome
TArKl'INa
IlM
also requires M usllm stoc klto'ndl,e.r,B: and
tio nOli arnllngenlle",~
is hUlram.
the managers of Islamic mutualfunds to
express .p·ubUo disa:ppro'va.l of a corporation's decislon to earn. unacceptable

income. The corporation's annual
mee ting 'may be the idealli forum, but a letter to management will suffice, ·W.hileindlviduals may not make a stgnmc an t impre ssion unless tIley own
large blocks .of' shares, recent corporate h:istofY- has made .elear that instltutional lnvestors=-such as mutual funds=or organlzed gro ups of investors
who share a perspe etlve ofte'n (~,arry signlfleant 'weigh t..For '
example the re's general

j,
agree ment that several Inaja r CUf.P ora tio ns have

.":li~;-
pressure espe c iaUy pre ssure

jl
and 'wii'i;'i!!kp'n!....(i).o, pouc ..:(_ :<, V~;:~_JI!.aV~~ noli 111"''E!i,S .'~I'IiI, W.il~ ,respolll~ .to shareholder
revise d. the ir e nvlronmen tal
from mutual funds, ,As shareholders in d].viduals, and. institutio 111180 have the righ t to
submit shareholder resolutions

011
issues that concern them .. , They also have the right to vote
against c orp orate ae'qu[$,futions or 'mergers with companies whose core 'businesses are harem That action would .a:pp:~· ven if e the income from the proposed acquisition jjs small enough to enable the acq uiring com pany 'to' contlnue-te ,quamy as an acceptable Investme nt,
··ER· '·G··' P-··a~,:-w··· 0,=1' 'C~··O·:···M-·-[P··O:···-U-I[II-D··-IN-·· The reason you. don ~t UJl t to waltto W IHE
· I 1. ;-".... ~ ," ", ... ~ .... ',.'.: ',,',' I ..... "'_"'. "
start investing rus that time ~son.your side,

t
·1I)." I!li ;U,a,
ickl .' . qUIC, 1you.r mves t.men t.s can generatet earnings whio h YOll,can reinvest to increase the size of your Investment base
-' ". y"
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",'
to the PI'ii;w·,,?J;'IP 0":f compoundlng )..... IIl'l1llU.JI.1j[~, Thl9 sooner you invest" the 'more
'n'~I:JO:c I.!t\.o_
'II,) " 'L,!,iIl "
'VU
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ace 0'0 ll.'t 'would be wo rth $20,6,55, ,Mtet 20 ye.ars~assn ruing the same $1(]() a mon th inve stme nt, the same 10% average return,
After 10 years, your hyputhetic@l
and contlnuin g' reinvestm ent ~_ Y ~v

I _JI&I~I~
. -~ - ~.'i;i<=_ -
- ~~ -,
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account 'would 'be 'worth $7'6",5'70.
10%
FUND
FUND
'I'h at 'm,gl\t"ge~ r-- base -in tum - has the_ ootentia 1 _ J. ~~_ l!!~, _ ~.S~~1 ~__.n" U _JS _H ,1-'Chi~.U 'l~ Of course, investment retums aren't guaranteed, 80 YOrnI. can't be sure of to 'produce more earnings, w hich nan I '. .",. -'l' '. "1'-" '.'.," I " I' ~ again be reinvested. e,arn.ling 1a.''."a ye ar ~. n 'I.''ac 't l' In so m,e years,~ .' %' '. :i't 'may be substantially less" and in, others,
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For €';,xamp]ie, suppose:
• 'You invested just $lO 0 a month for 10 yea'f.S in an Islamic m utual 'fund • Th,le fund, gained value at an average rate of 10%: a yea!; • 'You re invested ,~H.'yuur earnings
in some y' ears .. 'D~11·;j!. flnancial advisers a.... '0 lIil'I!J.!l.! ,U :c;
,J,J,'l.!!', I ,!0~a" ,oCkJ!,l\ ..dLLb ", '''".II. ' ' ,.rjj'l'!\CI. -'Iu
more. ,And. 'YO ur flee 0 un t m,ay lose value
gener-ally eomfortab Ie u sing a flgure of 10% in estlmatlngcompoundtng, since the pretax return OIiL US stock investments has averaged 10..4 % annually sino e l:g26!,
IN'VESTOR PROF.LlE,S fact, there are almost as many approaches If' yo ur image of inve stm,rug: is a ro Ilert" -II d "0 mvesnag=-sometunes C,!} ec mvesst"lug coaster ride of big galns and equally big t '" t" t losses, ln. r,~ply.~ l.. 31'.... t oppmg sue c,eSSICUI." S.ty]. es, as th ere at e peop, '1 w ho i ne t-s t, e ,0 J.D.ves .' Canservaliv'. i,IillV,estor,s are you're m~8taking one tiny segment of the investing commu nl ty for .all Investo rs, In primarily concerned 'with safeguarding the asse ts th.eY' alre ad.y have. Wh~le the:y may choose some Investments theyexpect REALIZ11NG iCAJP'ITAl .AIIIIS t-o grow in value, they try to mlnimlze -h ill.. 11 ' "'1 th IIn'8S,1IfIIB~lllts Iln~: a~soklllllwn as ca pi la I t "e 'Oru:lan~e0 f: ~OSUljg ~ny pr1.ITh:clpa " or tne a 11,.1-1". Wheml yo ~rse~111 c{llpila~OS5e'~' for amonnt theyve alre ady' Invested. mOJe Ibul1ll yo 1111 o'Idifor i't~ r.allliz'. a p ,110 'Olle 'f'f ~ M- ...11 r'B'e I n'vi.sf1or.1 ;see.k gro wthc:apilalll 9 a icn ~ Ailild if you SBilll(lt (I lower from ,~su bst all tla] portio n of their pr'il-Ie ,th11111tnll paidl, 'VOIlll ,.aU'!',. a y portfolio while Investing the balance I'a ,'11alll h,.:I;. _ to prote ct ·their prlnclpal and, perhaps 'ID ((1,1cuIcate: iii i()OIPilfl.. goin I YOII subbtld p.rovide lneo m'e ~ A,lgllra,sslva inv.,I,lo,r's concentrate TIl :O,1 .'r'0~, .', -0 ,~~,lItl~JJi.l v 0'11, investme... nts lE"~n':i!ril\. the 'p oten tla,w, ,for
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- S,3,1,lio 'While YIO Dlwn ~he 1[]IS~;efs" they may

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$5,000
S 1,5,01
mlul', prldu(illl"gl ·'..!Ii '" unre. 112',.11gl_lns: IOlr ,I.'SS~:I. Th'~e nice , "th ing flb'out U IluealUzed go in 5, is tholt yl u r
T ::\es,t-- e'-II' __ CD·il'-nUe' -1·i(-·eIS:: _0 Inv m_lih cor-I ~_lhL_ __'to UiLL 8; .-. J
• . ~~ .. ~ II!
ilnc~elJse Dlr de,re:a'se in
All thre B s,tyle s are aeceptab ~,efrom . lC!lh" ,,' ''1. ., -', .a~, armallL persp,ec-,. ·tIve ~y',."-:'" ,.". ln dh i;ill, , l ,our ' IV1uUa.[, approae h. may be any 0 ne or a co mbi na','.-' t~ ."f th.'.' -.tare e s ...ies F""'" '_"-","",- .'pre ion 0., :' ese ' ,y .. Of exam .'-I'
o . '.'.'
· J] ,greal"e'~ TI"';F'or 1osmg some or a' 0\f'" rl~ thei IJfrUCllpacl.,'] ,elr , .'
.... 'O ....
signruficam,t growth although

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they run a
b,
'I
"- h:T1I,",
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might inve st some ,Of -your :p o:rtfo Iio

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Ii:-
'~I,tI'e:'~~ wh'ii(:hl (O~I~fI'h.olPpen DIDter 1'"~e DISSef liS so Idii~hedlDWDllde 1'5 'fhat IIlI nreollllle,dl
1''-'-'1
,gains, 00 In ,tu r'1il, into IlJ n rea limd 1(I's:ses-, wh'l, h bl(OmIB' all 'tiD n~lllo!s:SlsIf "0 Ill'Sll~
whle:11I the p ricl is d:olwn ~
'-I t~·,-" , "". ,an, ]~"'I n,v,@,s,Ue n,L pyraml.· ·'·d':, ='a, 'b" ,a;~e,fi'~-"",(;'s~e~; lO!JI j , ..... . . '. ,is; d a mJ~nIDl t,rue t u.re ~ o.f 'IDO'- e.r a t·· n, an, d" J.il 10
1",'-
eonservatlvely, most of It mode rat e-1y" and a s.m.. portio 111 ,aggre ssive:~Y'.Tha. t all b~'o~" I '-b'-'·d " com"lna ,t"', .--: IS,so,me -,&.co Ion "'.... '-" -,--', lm,es u:eSCfl. e as.,'
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DI','ER5,IF le,AlI0 N' R,E'DU'CES y'O. ,I, .'),151 O'VER, ,'II,M,E

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'SMALL, (10 MIPA NY' 5 TO(K5

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SlO(KS
STOCK' F'UNDS
e
INDEX S lOCK F'U,ND
IRE'AL
E'STA1E
"
'f
w? L
RIASONAJI:LE
performance can't ever ]prEfdic't future returns" either fer a single. inve stme nt UT u Cll'"I)V,\ti; a gro.. p f nvestme nts, ]'t nan ,t!i. _ yn,l'll .f,lIl·
," ....,..
to evalua te the potential return yon re ina'blv exnect fro' m differe n ·t . .UJl.~'. .l,J'" -. C categories of Inve stme nts, 'WhH,e past
"Ji'1'1l1 10Li· .l~.
"li"il:!~{"i; 'VI~V',~l", ~ :..
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j
EXPECIAIIION,S Part of making investmen t de cislo DS is

JL- _."
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how 'YO latlle certain lnvestmen ts can be, , smee IUiU e p OSSl!'b'iu !J!:J "011L . e que m or sudder ...'ll'''+",:r ffreos I"r ." ;' U,' en changes in value m,~Y' affect the cholces 'Youmake n'you!':re Investing to. meet spe,effie go a18" Sman"C,O m pa'llY stock prlees ~ fer example, 'may fluctuate dramatlcally even in a period 'when large-company
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S:imUar]y you should be aware o ill'

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sense of what's po ~s]b:ne. For example, large-company stocks based 'in 'the United ·States have provided ann UlaUZied, e turns averaglng 10.4,'% over r more than 75 year8~ 'WbH,eyou can't be sure the next tell, years wUl provide Ute
stocks hardly change at all,
same level ofreturn, you can bereasona b l:y su re the average \'VIO lit t hit :20% (lr
l
~ hll!1I ImB.fIB tho 010% of, yll~~ portfolio 'I n I 51 ngille' IliPI'B:S1rJii1lnf.. whll'u: It S III10t o I,wlo,s ~lm('H(D I, Oir eV1e'D po ssi ble,~
iY';s WI rf!h cons:ideriing,.
IDEAL NIUMBEU SomJB e:x;pel1s suggest' '~hDI ',00 try' D>IV:er
30'%" even if returns spike for one or two ye ars as they did In th €I 199Os,
Copyngh c.r7'menal
,StaCK.
a bI, ~I!1l be pr'edse 'th,cntglh [I sha re is, a UIiIIU o'f ownershipl In _I cor'po'rtll:ion,. w~lile$lloclk. iis on investme:lilt 'Ih lllf rep,~sellills ownelrship:f Qr'
l, i
~Q~:r,s,'o're u5ed~mlmr[bonl,ei:~ ~:~l:~=~rnbf::;'!~~ ~!~:e. s,,~€k

OIIl1I~
vs.
,5]H·, I:. ••
1[JllI
~'f1en_
:~::'!f :'::k~b=1:~:~~'~kt~:f
Is tripled, and the price is one- th Ird of its prevtous price,
vou'd own 200 shares priced at $ 50 after the spfi t. The total value of you:r, holding 'would still 'be $10~OOO;, ut, B if' t]U1S price o~'the stock
moved back 'up toward its
of' your investment would
presplit price "'the value
A.stock split do esn't lower the value of your investment If you owned ill. 00 shares of a stock pric ed at $100 a share b er-'ore a tw o~·or~~)l1.e lit ·__ rSPll,~
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Oorporatlons like to have 't:heir shares iQc.;if.-ni'li:;re'~f'y··tr0ld,18·d·- Butu when a, eomp_ 'Liv, ..
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sto ck seem s eJrp€rnsfuve in relation to tk ;, ~ ot'her stocks or t- o l;'t' S own pr €:V1.oUS pnee . .' ... .',. ,*' ',.,. -', may,'h" '~'iIf., . t···- to b ·s·-:· mvestors iesna e ,0 _,my.,.O - - t' "h II,e
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Inere ase since yo 1][ ~down ·tw~li.ce many shares. as A, r ,.V8;r,s. <51,11 iI: co mbines exlsting shares to ere ate fewer share 8 in. the market. Companies, may announce a reverse split tf' t hie it stock ]s too lowprj"eed UJu attract nsti tutl \i,u.f:1,j iuvestorsi-::!'l' -;n "" UJ u· ,m.· such pe e io jII"i fund e a mut 'J fu nds ,u. Th,ey :may also use a reverse sprulfL if the re's a risk the co mpany m,alYbe deliste d fro m,
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dropped below the required minimum .. Flnally, if a co m.pany wants to raise
ori h as pnoe .:
_._ - - -h-' · ••. • Whe"n a ,I reo ....

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e,.pen,s.ve •••
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oll:,.ri n:g. However, lncre aslng the number a.f S.itares iII ~I II!II.S!~0.1' .'owers, th,e va Iue 0:f "' ill eac h exist,~~nghare and 'the value of eurs vent shareholders' holdings 80.as part of' the offering" the C,O mpany may give its, C urre n t: stockholders the opportu nl ty to
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C:LAS,SE'S Oi' ,SIO-CK 'C·0' m.oani e s m'.I'-V also -I" d -1",f'l'f r 't -9V . Uv ' classes of stock, Identified as Class A.
. _'_' 'p\u ... .' I~~l ,~.
(;!1~,n,O '.-' ·~U,v a1 n11flj
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shares, Class B, shares, or some 0 ther
'voting 'rights or restrict the shareholder's

~I~~ examp le.In a two-tor-one spnt, e, m atwo-f the number of shares each investor owns
letter, Different.classes :ma~r arry different c
'For ,I::
right to sell the stock in. the 'open. market, and '~hey :may trade at dffere nt prices. In some eountrles=-but not in the United
of w b,8l't it was beto re ttl e spli t! In a, three-for-one split, the number of.'shares
is doubled andthe price of each. is half
may be limited to buying a class of shares

that's been createdjust for them
S'ta;te,s!~],n:viestors who are not cttisens
·TIO
Ano the r 'way .of finding eurre 11t sto elk info rmation ];S, to check financ ial we bsl tee and the webs-ite {)['the corporation that issues the stock, Just type the stock synibolo:r company name Into your. search engine 0:1" the market 'report se ctlo n of an online n ewspap er" In most' cases, 'the information, you're looking for will be featured on the corporatio n's 1M) me page, The prices listed under 5,2: 'we.' ',k rallll1918are 'the highest and lowest prices at whlch, the stock has 'traded during the past 1:2 months, You, 'measure a. stock's volatile a stock's price, the greater the potenti Cill lIl\.!!' a larse retu m. " U"!J.l,111! th ere for 0""' J u,!ii.. I~" . also a greater risk om slgnlficant and perhaps sudden loss of value,
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Div(id.,n,d I,; 'reported in do llars and
cents per share" estimate s the annua]

di.vid,'e:nd'PHI" share that the stock ',\ifill·pay.
For example, H'you own 100 share s of XYZ

t .' sss '" .-Jl11""d d you can expee t.0 reeewe ,~':~ HI u]V1 .•'en.'.s 'this 'Y~ar,pro'bably in qu..arter'ly payments ..f n, ' "", 8. ,ares you"'11own" the 0, '~:?O'· ,'7:'5' ·T·He more .·'h·· .,'"re ]. dl .. d i 'II b "alger your ..·lVld en,. umcome w],·,... e,
>.
stock. that's pa;yillng:a d~vid,end of 83 cents,
vo la.tiU~1'by th,€:peree ntage diliffErtenc e hetwee n the highe st. and, tlhe lowest prio es during 'chat' Period, The more
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is one ,;yay 'to compare the Income you receive from, your different dividendp',ayhlg stocks though a high ='-Y.~ie stock: is ldlng not nece ssarUy a h etter investment than a lowyiellidfn,g: one, Companies that don j't pay dlvtdends have DD perc e n t Yield,~In.
divide nd divided, 'by the c 10si,I1lg price Percent :rID,€;Idl

'0
'tl'.,ld Iii"' '.1::8II t reports - - - - -- •• - - - -- - r -I. -~ --dividends as a percentage of the current price, or the
Is wl thin the average range for US stocks,
In this example, XY2?s current yield. 'is 1.7%, which
no info rmetion is provided',
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,f:'i,j,1I""i.
ek
thatease "an e llipsis (. ~;,) appears in the spao e 'where yieilld. would be rep 0 rted or
raili. (P l E) shows the relatlo nship be tween a sto ek's eurren t price and the co mpaJ1:~ts earnings during the past 12 mon ths You can use ,a stoc k's 'PIE to help evaluate whether t~e S·· "~o.c.··· iS··-o. _rp i:r~ic.= d or ve ~_e . . underpriced, based on. the average PIE for stocks in. '111 e same sec tor or in the market as a. w hole, In this
. .:ILL _ . .. . .~I,. ,~.~.
=
Pri c.' le.lrlnblilis
tr ailing, average rut is, based on prices and earnings over the past 1. 2 mon ths, If i.t is a fo:nyard average, ,it's, 'based on, the past 'bvo ,quarters and, estimates for 1!J'u'Iu ne·.'~ :1l!"~U'. .
'f,,]Il..a ,Ail!J '~,ti
,amultiple of 100 shares, Volume indicates how actively traded a stock Is,
'V.,lume is reported as
.". '~,. 'l.. -r.. ,~l~ 'W',W:l]e''l\,. th Si~OC.J\<~;rad d ~l, :,u:B I" . .,e •.
An un~usuanyhigh volume tn a particular stock m~y indic ate that lnve sto rs are antleipatlng some :major news abo ut the C orporatio n 'in 'the near future. C 1.'1"0 is 'the fmal price
on the previous tradru,ll\g' day; expressed in dollars
and cents, m closed at $48.,68;; nearer 'the top than the bottom, of i'ts
52-week range ..
Copyngh
t:J <
renal
'YINGIME
IP,URIII 1,IR.INa,s
,MAR,Kllt' POLI'C;E
The, freolc:'h 'wQlm flD,r sro ck ;exch aRge, 10 ,Blurse' -1i'~eI'(lItYI~h~epllIlrse _, is 'fthB: ~ter~1 chDice in m,Qlsi Eumpeon Ind ,Middle: df East.vn 1[110ntriie;s IOIIti 'j n, yar~ousIIG r~B!1s !oro u nd f:hle wln"ld ~Th e nro Ile;rms., e,x,h~~fJe [lnd b~urmJ I1IIY be U~d:idInter( hIllngeo'b Iy~
and that all
countries and in 'many'emerging markets are C 0 nstan tly supervised to make su re that ~formatiol1, is,available and accurate,
Pinaneial "markets in
'lUO st
develaped
inve stors 'are treated. equitab ly., In.

the United
States, that's
the, Sec U'r~ties

and Exehange Gom missio n (SEC); 'Market regula tors also mo niter the markets for signs of fraud in securities transections, For examp le, t.'h,ey 'p 0 lice ,,,, -~-~.JI _ d· . '. " ~,n,~IU.r' Ila_llIlll.; which occurs when individ ~,als buy or se II Slto ek base C1l 't,jlps on Of: special knowledge of the company's, products, 'business deve lop me nts, or 'merge,r or acquisition plans, . I t Is :p.e;rfe'etl~i'le gal to r corporate o~ficers '~o'buy and se u thelr company's stock as lo rug:as th,9Y- 'fonow certain 'In las
and notifyregu.lato:rs" In fact, many news sources track: trading by key' emp loye es as
th e.Jo, 0,f lob
leNs; A GATEW-'Y 'Ta TMI FUTURE In. recent years,~a revolution in electro nlc trad ing has followed in the footsteps nf _..asdaq innova;tions~ One of'tfu.€'-bigge st change s has beenthe arrival of ,.rr8C Ilran'i I ,ID m m u ni ca Ii.n networks ( ,CNI,'. When an order is plane d thro U',g"h, n EC ", it'~sadde d a
j'
to an ele ctronie ree OTd '0f orders, II a ma~tbJhil1g Gorder- 'exi8ts~,the :ECN
In:volVln~gpecdaliS'ts 0 r marke t makers, s ECNrs have introduced seve-ral . " mnova t' ions. JElL: , by keeping activity JIl'lrst, Internal amo ng futsIJSen,! all ECN' ' .fD~rtion8 m']l~b.lme a stock exchange"
?xe'ou~s 'the deal au~o'maticany Wi,'UICHJ.t
.theY'know]. they're 'breaking the l~w, For example, ru.t~'Billegal for employees of a l~w'firm that works :fOT a corporation
tion attempt to profit 0 n 'the basis of what
a b ala meter of a company's prosp eets However, when corporate officers or' others with, access to nonpublio Informa-
use private infc..rmation to ro,ak e nerso '1 ,It.'''''''"'' Investment decisions or to advise other people to buy or sell,
_' ' " ,'". "',, .to!.I.
','c"
about to anaounce a major change to
in' i';]j 'lJIlI;:j'lU,g.·
dqlng aw,ay 'wl th the notion th,at an exehange must 'be a physlctd, place, In. fact, a-number Qfthe origlnal BeN's, have been acquired bymaj:o,r RX)cl1a;nSes.Eor ex~mplel'electronic trading at the N¥S E is handled thro IIgh tts Area divisioD fotme'rry the ECN' Arebipelag'O; BY'making all of the 0 rders 0 n thew !JyStem-s vlsib I.e" EC ""S provide inve $', e F8 I a better sense .of' a stock's .. urrent e market value, And, 'their computerand network -base d sy~temspeTmit a~'•• ,r.'h,. ur.s 'ra ding, whio h is trading after 'the regula.. markets are close d, r Dne po te n tlal ~ preble m of multiple, competing ECN's, 'is that each, of them indtwdlnaUy tends to, have lowettr.(lding volumes than the [~rg:er markets, ,As, a result, 'bn! and sell orders an ECNs mIgh:t 'be settled at higher prices than trading: in those same stceks on larger m,~lt~et8,~ where trading is mere active..
j,
.
,
'DVE,R,~"HE,RCOUN"I;., MAIRKI,TS Both ~]e,?tronlc ,~nld, traditlo nal exc hange s have listing requne ments, which means
t?at co~po:rat:i,on.s have
srze and other criteria to be traded 'there.
ttl 'meet
specifto
means over the 'belep ho ne .0 r compute r,;
Smaller companies and many newer ~ firms that d.onl,t make the cut are traded ,ov.'r Ilh., I,Guinl.,r' (0'"1(,), \tV'hi(~h,actually
,Tradi.ng in OT~' stocks may be thinner) or ,1e~s freque nt, than in listed sto eks, and t here is, '~,ic aI~l Jess. informatio n about these sto eks available fun,the
financial press,
OTC' price bnorma,tionl, and 'the
:R3'mes .of' dealers m,a~d.ng a market in
each sto ck, are available on the Pink Sheets we bslte at 'VfW"'W',; Iilnkshee ts .{~O m
or at vrww,o,tcbb,c,om, 'the website of the FINRA 01)0 Bulletin '8oard,
Copyngh
c3.a~nal
would buy stock in some cyclic,al and some -t '1"1 . .. COURI-ercyC.Ic,a eomparues, In some I arge companies and in so me small ones, in so me .~' ., l new UltiJUs·trm.es rIl'd m so me 0 ld more ~ ner, ,-,~, l~-h d nes, b eSIl,,3~,is J3·. 9 .- ,'VI 1" th a mversr "fi'.e"._, ;jl.f,0 I" your lliUV1BS'...lI" d port 10~ invest '1,1: '. me nts are cushioned when the .market hits bumpy times That's because when you. , " "' I. ,,;, several diff 6 ro wt-·,' !l.;;.~llid bU. ries -'D'h ~ k6c O'wn. 61~'~!I:1 'I"n' ri:J 'Id v' of C 0 mpanie s-s-and as your portio Iio grows" in a nu mb er of' d,tffer,e nt companies wt th in
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'YDUR. POIR".GLIIIO·
A iPorllo,na, is ~ [o~ledio n cd ilnvMt,~ mle,mfs~ JUIU r IPO rtfoUo may Imdude sta cks iOr_m uluql f'1lI10ds, 'or ex~ mplle, or I CDllb inal~il n o:f sto[ks 101 d ~IJIds., n
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each catezorv=-the chances are that . when J' ,. ~ .~. a ~~'~ l~~u. ~ y, .W.l some stocks lose value, others 'win gain.
lit)
.l~,
PORJ'O,LIO
Potenti.1
return
Sm(.k .A plri('ed at $20 (I sha Ire, a mid '1010 sh ares If S,tlQ~k B II': IfIlri(,ed fit L $5 0 a :~m Yo UIr po rfl.liO hlas 01 Qre~ Vtlhlle of...:.$11'-000 1[1$,2_0DO (100 J{ $20" -.~... .f S5000 (,100 ,x S50·) = S.7,000,)~ _ . lif SitD(.k A, d ro'prS b, S\5". tOI S 15, (1n d· S~[k B stoY'51he SfI~el YOllrp~riolill
<1 1
!~::t~,~n: ~h:!5~f r~:'l ~~

1,_
cd 'VIlli!r portfolio by mlu hi pl~~.in,Qllhe' ilium ber ·' ~"f'shlarls o.f 100fh 0 ylQIIlJIJhOlldin:Qls by
Yo u
'~hl 'Yloiliu e
'0mplUle
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Risks,
Many' pay re_g11!Jnr I dividen ds, wh'i'ch m.oy in(rease if profits in(rlllSe Sfo~kpri[e may.ID(rellSe over ~ long term May pay di'Vlilends Stock p ri~es may in(reose.. so meti mas sub'~nnr'ia Uy Morle, management
Ralie:~' ply
High er ,rit'es, 0 nd sometimes limited 9 rlwrh Iporenliol MIn agamenf and market risk Limited risk of (Ol1pany f-a Ilu f'e
Some ris k o·f (ompl1ny fd'i'lu,re
Mon ~Clgem~nfJ' and
5500 ('$5: x '100) ~ SI6,~~OO:JI~ owevle:r,~ H eholn,ges iio ;s'm[ k Ipif'i(es (0 n SI mei~i es m off's~i o'm:eJtUiNllthe r [I~ds!o h;illli~e y~lur_ pDlrtfo_lil~ For e:XI m p liB:, if $,t,( k 91 h~d ri:5Ie,D $5 to S,5:5,~yOlur IPO rtfo lie 'vlollu e 'NOIIllfd a[~llJo:n" stay at S7t OWIQ.. Amid If 'Starck. 10 inc:reased even m~ne, 'saY: to 560 I r S71Da 's~larel yo U If' po ,-Jio liD WOIIllI:d 0[100 lJy' incirease _ 'value· iio desp!Ue t~ledlrop In Sto ck A's, p r'j(l..
vt1llwle
'~iDIUlddloo p
1D ,SI6 50 U (S 1i 010 0 I"
mluket risk
:Big com panies are generally of sayj.n.g:less, vo latile=-than small com panies, They have. established track reeo rds, greater financial reserves, and experiene ed manage ment, However, tha,t doesn It mean t'h,ey' can't lose value or. underperform in 'S'O"WI "e'm" kets .
.111.[,-'
more prloe-stable-c-anotaer
wa~r
flexlbihty
djviden ds
I
Hig h er risk fro m

(OlfnJpany'
Siork prices llIaV iin(flDSe 10 bs·m.nt1 []llly'
pOI r
mm n agemelm't
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SIZE ,MA,,'ER,S One Important w,ay to diversify
·VIOLA,I.LIIY
Ano the r w~y to di¥er.slfy yo ur- Islamic portto llo .llis by b alan c ins 'v,alallilli"Y and ,5'1'. bii li'ly,,Volatile s toeks-« -snefi as, smallcompany and new,=compa,ny steeks-« sometimes climb steeply, but :may also lose value quiekly. A portfolio made up primarily of small-cap stocks 'will tend to be volatile even if the, companies ax-a in 'very' dHfeT~:rtt indus tries,
across sm.all, mid-sized, and. large eompanles, ,A, company's size is,determined by its market caIIP,ilali'zati'on, ~rlh~,cb.is computed by muJ.ti.plYirug the number of existing shares rby the current price per share. Fot example, a company with ill 0.0million outstanding or floating shares worth $25 a share would. have a market cap
'valued .at more than $ 5 bIllion, mid-caps
is bv snreadln ~ vour investmen ts ~ or j.1 t"
of $2.J5 b illion, Large-cap comp anies axle those
,are valued between ,$~:2. ' billion and 5 $5 billlon, and small-caps. are valued at less than $2",5billion, though some sources use lower numbers,
'~
A 'IUND BY' ANly' GTHIER .lAM,E
often k1lilown os on trllllsts.. B:u t 1he two OIPluat:e in e,:)[oul, the 'sa me WQiY ~
1111
o ~~s,ide If '~he US, ope n~endl mu ~oolFunds
"
(1
re
CLOSED·END PASS lYE MANliER

For example l' the manager of .a fund that invests in the stocks of large, well .. nown k
DS
on a stock market, Th,€!fund takes hi. no additional m.oney>a8 the shares are
compaaies wants, a return that's

higher t]UJH1. the average re turn of aU Jiu.,ge,'we ll-known stocks n n the market 'where he or she buys. in, the United
investors want
traded, no:r does it buy b~ck shares

'~O sell,
States, that retum :is usually measured against the 8'ta.ndard '& Poor's 500 index
(S&F 500).,
~I
Funds, may be at~r'aett,e~,l1lv,e,s·tments for several reasons jthough therels [10

guarantee you'll 'make :mOlley~' • Once youve selected a pa.rticul'8:f fund" you aren't re sponslble for Making: buY' and sen declsj,OD!S" Th~'t~s'the j{ib of
the fund manager,
F1UND ,APPEAi
] ndex, 'tl1itn\!Jto pro once the same re turn as the index, A true index fund buys and, tracks drops '0 rue security and adds another ~The fund makes the same 0 hange.
,_.
1 the se eunties tracked 'by' a partie ular n Index, such as the Do\JV'Jones Islamic
In contrast a p a s,sliv1el" ,ilia nage d, fund l" such as an ind,.x, fu n'd, invests
sells investments onb~w'h"~)n, index it 'the
.'II 'b are'.' Wliuumg t'I.OUY" an,d re d. .... ·eem those shares 'when the investors "rant to sell" are known as, op,en,!!Ie,n,d ifu n cis:, Most ,fu nds, w he ther ae t]v!e'ly 9r p'.assive:]y m (!ill?l,iI"lilijj'.o.dl fa ,]1'1into th i~, cat e ~;'U,iIi;.'" , Another gro up of funds, known as cllo,I.;d:~.nd funcl,s~ are managed invest" " . ". invest ors l.DV€S. ',.' .",
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Yo u can, find a mu tual fund 's curre nt prk~e.-;aJl.do:ften much more information about the fnnd-« in a newspaper or other fina O.u:.l'l.i Q,W,~I'uu . ,ci.\I~,v,.~ 'u n '"fie n,11:}e ~ ,', .... ,.,..",~ oi po ubli C A'R " n news a,,JJJ,l'.II;a.l websltes, or on an investment com pany's website. Unlike a stock or- a, closed-end mutual fund, 'whose price changes constantly throughout the day as Investors buy and sen shares, a mutual fund's n,al G:lsel valll:ue (~NAV)is,fixed at the end of each tr.ttding day., Tfhat pr:~ce remains iN, effe ct un tl] the close Off trading on the next day, :In the United .states, that's 4 P,M. Eastern
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strategy and the types of' investme nts
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Llpp er and Morn ingstar " Inc ~ These companies ealeulata each fund's performance based, on the most recent data, Some
of them evaluate the funds using
many ,dtiiferent~.crll'teri!a,such as
returns over spec ifi:c time periods, funds with the same objec.tive·~and the
sultabillty of funds for specific investor
perto rmanee C ompared to 0 ther
Iii s k5 that the fund pose s to hi vestors' a ssets ...' are sn mm ari 117€,d in t he fact €!h ee"", "Il.!' 1 .lLl. . ~"". ,.Jl!i... .,. ' ·:·~I"I' .:' nom th"e,.,"..',' '. etives-OllL .. v:Ij,,'~,l ove.raJli ,ma.r= " ,pefspec ,L'BS 4f'bii"'li'i-l. ke t rlsks and risks, that are partlculer b)
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temational securities intro duces currenev ....

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Mutual fund. com panles re gular Iy p ub llsh updated fact sheets fhdt'~'v,n"~ll view I oJ online or download, :br~P:DFI format from their websltes, The sheets describe the fund's o'bjective-suclt as long-term
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International Funds
\\lhUe all stock: mutual funds are dlverslfled to so me ~:.x,tent~ttH~lYt-yp],c,aUy buY' dO.I.,llie s,ten ks; whle h are issued by eompanles doing business 'in the (HJU'l1ttry 'where 'Ute fund, cperates, Most US,-b~sed funds, for example, buy stock in US companies, One 'way to dfuvers.fufyyour investment 'portfolio more broadly Is to 'buy shares in a mutual fund that invests In overseas
*" i" " JIlrom.
By buying shares of certain mutual funds, you can invest in, markets around the: world,
By lnvesting In more 'than. one market, YOU',re more Uk~ly to. 'be able 'to. benefit
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~oun'try' with G, 'relqlliVe~,
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companies or in muUhl,a'tion.al companiee tha t do busine ss wo rldwlde, '\Vlrile stock markets around the world, '~I". are mereasmg y" nnsecd e Iectromea '11 y,; 'the performance of an indi\idu,a.l market ls still determined primarily by 'the economic or polliltical situation at home. So while some lliocal markets may be rising 0 r falU ng wJ~h general global tre nds, most arelike Iy to reflec t local ccnditicns.
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worlel fundi, invest in stocks headquartered in. any co u ntry" inc 1u ding the Unite d :State s, In fact, some global. funds based in, the states, tnv'~tstup to 75% of their assets in. US companies. A glo bal fu nd man ager, like an international fund manager, can move assets to those wnrtd markets tbat SB'6m, po.ised to grow. However, if YQu.l.r~ looking for a fund. Investme n't that win ,IJEovide' ,S0me diVersifieR tio n to a port'foUo conee n.trat@d in US compaui~s, a world fund :m:aybe too heavily' invested In US stocks to do 'Ul~ [ob,
Global funds, also Galled
International Funds
in US stocks, inter,national lunels are one way to diverSify. These, funds, alsb
known as over/s.as
If your fun a portfo Ilo is concentrated
M:any inte rnational fun as invest wide ly, b lIying stocks in both mature markets and faster growing em,Errging
markets 'BlN"'IoQ'd' based ~1Jlr.:. .. -UDAl-' .. Iu nds. -,. '
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in enmpanies headquartered outside of the United States,
'1Iunllls" 'ljuy stiJcks
bot h large- .l1I.'H'''..::JI mid-oao com panies lin u~y. their :11 ertfolles to seek a eo mbm at]lb.n. C)'f' ,s,tatl ili'ty' and. g-flowth., Or,! if you prefer, you may .dec ide to .inve st in in. tern~l'tfuonal funds tJu~tfoe l1S,
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IIN'VI:STMIN'T I NCDM'EI ·Wh.e investors p urchase bo nds, they anIII Ucilp,a,te having a soure .. of regular lnoo me e as well as Ule return. of thelr principal. This is, espee ially true of older investors who want "to supple ment the retirement ineo me 'th.ey receive fro m pe nsions and I) ther sources. But bonds also appeal to conservatlve lnve sto rs, re gardless of age, and to all investo IS who seek to diversify their portfolios bY'balancing 'h'igIH:~risk: ..r equity fnvestme nts against relatirvely lowrisk investme itts 'that offer fixed income. Bukuk, like traditional bonds, can play an ],mportan,t role in a well-allocated th * .. "'ik port~f r W" ", e ressne taons on.rma, OdO,'_]IIl;.w.l Muslim Investors have tf,~dil'~iol1laU~f had
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levels of risk, The advent of sukuk has.
inco me 0 n which 'they.c 85l11l re !y.,
TheSPV prDllli.eS~I. pay

I,ukluk malurles,.
However ~the way that sukuk p erform and how th.ey axle valued 'm~yalso vary '\¥i.th Huctuatlons in 'intere st rates. ill! 'interest rate s fall existing sukuk ~ha:t are paying a higher rate [~f turn. are re Ilk yo " · ld , ike 'I t increase m va Iue, T·1!.. '1)IP 'side , ,,]18 is also tru e: If' interest rates rise, the market val ue of -0 utstandi ng sukuk m£~)y ' .' ff mgner t drop as new issues 0'." 'Err bl h rates 0'.f .re t-'I "-I am_'" are more'.. appea .~'. . t 0 mvesurn ... d . _.,. , .. ' -, mg ' torsi seeking the highe,g't possible return on, their investment prinelpal.
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'ECO'.DIAR,Y' MARKEIS
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A Muslim's Guide To Investing & Personal Financing

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A Muslim's Guide To Investing & Personal Financing

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H_._ L 'I G······--.: T.

U' .'. 'L

E,.'. S···.'S,"'.'.® .. .·• "

· Dwerst "fy;'" .''.>'tn,g ~.,.: p -~ l~ : '- our rortt 0" to

• Islamic Equity Mutual Funds

• Zakah and Hajj

• Halal and Haram

'. Mtlrk.et Cycles

co LilABO IRAT'I 0 III ·W. I'M A' '.. S·AIIA·."· . ,: •'ONEM

[LI[.[liliBUL., [PRES,S [Plr.i ec't 1:.,.In

[Plro. u c'lion a ncl II [I U II ra'iion :SPECIAL, T1HlA~N[KS

J'[e&~ca'Gwo'mccbini~~ w]iya KarlTh~'ewj' Thomas, F. Tr~jan Y

' '.••u.~,,',3/u,e::r" A-bd' '~lk;]i -T'h.omas

BY I.IGHil'BUi!B IPD'SS,I!' IINC~ All R.IIGHI,5 IRI!lSI:R,Vi!D~

.8, IsEamic Contrae¢s, I 0 1·s.E3I'W·ic lnve-sting 12; HaIa] vs Har81m

52 'Ge~ttingFU.n.d Iniol'matioD .54 EvaluatingFunds. 56· Fund Expensee

60 Introducing ·El'TFs. 62; nveatlngln E'TFs 6,4 Suk uk

721 Understanding 'Personal

Finance 7'41 Islamic Savin.gs Accounts '76 Takaful 78 Ilome Finance

.An ..······tllca....·".• SIS a E' hi '}B' •· •

bodv oflaws devoted to business and,

and e Udc,al prmnci:ple s to ensure tha t all

CO'N'RAC' .AII.le,s, Although ~hey were 'C0 neelved in, ancient

strueture s ·and combining eontrao t ~ es,

By adapting Islamic eontractual

sold a_,t a profi t. No unilateral adj ustments

of the Prophet Muhammad, peace

be: uPOll him, the se

fo r:ms h ~enreve [uStrikiu\g,ly mal_

r\e'\~.d.ttento comply "fit'll the colonizing o0 untrp's laws,

era " laws were.,

can lead to unpre dictable or unantic

Islamtc law also ,s'tip ulates 'tha'&

meet the followin,g requtremente

parties to an arrange me nt, • The product must be real and must

em plho'sis, en m~kiimlg blllJlsiness ~glreemle:nt5

This IpaS$O',Qle demll:l'lilrStrtl,tGs.lslla'm 's

l'or~oIIDlndJPlro. ,vidingp~te(.i~n 10 a~l.

(,lOin ftlJ 1111

• ITh,~price must be agreed on mutually, wlth no :p,~ty subject to duress,

• ITher-emust be no undue burden on one pfn~ty ~o the advantage of another.

'. The. subject of the

change hands upon completion

Islamic ' ontracts

Time-honored agreements provide the Ioundation Ior modern business arrangements,

ra b aha' rea'ol r estate contract, the flnaneier :may use ·the

mortgages to determine the ]lrofit The

curve nt rate of earnings, on conventional

the bel\8'fi'ts, th,at derive from that use-to.

a lessee in exc hange fa r cash payme IIts

profit is, compensation, In, a related contract structure called,

,iila rlll w'. Ii'ql,i na, 'Ute lease

'f.Ii If'i; f.Ii Foi ~, '.. . .'-.IV· .l~.'!iJ. a~ +,,,,,, Q

lI.clini,ng b'all'a:n,cI ,mu,llIlalralka, in

M,ul,harak,a (Sfllar.d' eq uily pa'rln.rl1,hl'p)

T~fJ6f: mt},re p,lllne.r5 supply

ilva1~illll . g RIBal eSo~Dte'n'n flUf inl

BIEllsis flDlr eqlllliity'

ilmv'o v'iilllQ mG na~glem ent fees • 5,mlkulk

1,10 1j,'LIA ,Ci;

;n;~ ·,lIUil~· JU,'V-,JJ.~

... .'1' loll

eli,~ '.1' iIfli ,U

,til a n. ~'Q !L. . ~ _ Vi '_1 ~~