Shariah screening
Holdings are screened against the fund's approved methodology, with results and dates recorded.
Markets
Islamic funds and asset management
Screening, purification and distributions have to be provable to investors and boards.
Islamic funds screen investments against Shariah criteria, purify income from non-compliant sources and distribute returns under their mandate. Each step needs a record that the fund's Shariah adviser and investors can check. IslamicOpenFinance™ keeps the screening results, purification amounts and distributions with their evidence.
Financial products
What you build on IslamicOpenFinance™
Purification of income
Income identified as non-compliant is calculated and transferred to charity, with the transfer evidenced.
Subscriptions and redemptions
Investor orders are processed on dealing days with the fund's calendar.
Distributions
Distributions are calculated and paid to unitholders, with statements generated.
Evidence pack
Screening, purification and distributions are exported for the Shariah adviser and auditors.
Value chain
The actors in this chain
IslamicOpenFinance™ connects them with one contract model, one policy and one evidence trail.
Fund managerShariah adviserTrustee or custodianInvestorsDistributorsAuditor
Typical flow
A typical flow, step by step
- Mandate
- Screening
- Investment
- Valuation
- Purification
- Distribution
- Reporting
Live demo
See it in the terminal
An evidence pack for a fund period (demo): screening results, purification transfer and distribution, exported as JSON. Demo data
DemoAll institutions, people, amounts and events are fictional demonstration data. Nothing here is a Shariah ruling, an offer or advice; approving a product is for each institution's own Shariah board and regulator.
Glossary