The document summarizes the views of several members of the Shariah Advisory Council of the Securities Commission of Malaysia on the country's Shariah screening methodology. It finds that while the members agree on basing the methodology on Islamic principles from the Quran and Hadith, there are some differences of opinion. Specifically, some members believe the methodology should prioritize socioeconomic factors over strict religious interpretation, pointing to the multi-religious society and need for some flexibility, like allowing up to 5% involvement in normally prohibited industries. Others argue the methodology should stay focused on strict religious guidelines from the Quran and Hadith.

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REVIEW AND ANALYSIS OF THE CURRENT SHARIAH SCREENING
METHODOLOGY IN THE SECURITIES COMMISSION OF MALAYSIA
Taha Mohd Omar
Centre for Islamic Development Management Studies (ISDEV)
11800 Minden
Universiti Sains Malaysia
April 2016

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1. INTRODUCTION AND OVERVIEW OF SHARIAH COMPLIANT
INVESTMENTS UNDER THE SHARIAH SCREENING METHODOLOGY
In the Islamic financial world, personal and corporate investments are managed by
professional investment bodies such as the Securities Commission of Malaysia
which invest capital by following the requirements of their clients as well as the
Shariah guidelines (Saad Al-Harran, 2008). Among the requirements that an
investment body has to consider is the exclusion requirement. The investment body
will have to build a parameter to exclude assets that do not fulfill specific criteria
such as the Shariah-compliant requirements (Yahia Abdul Rahman, 2014). Applying
such parameters to the entire capital market is a first step in investment optimization
and results in a small scale of profit and return. However, Shariah-compliant
requirements may either exclude investments in specific asset classes, limit
investments to specific countries, or may exclude single assets of companies
belonging to specific sectors or industries (Kettell, 2010).
One type of investor which is globally present and currently increasing in number in
Malaysia is the Shariah-compliant investor. In addition to usual investment
requirements and practices, Shariah-compliant investors are only willing to invest
their capital if the investment does not conflict with their religious beliefs (Lewis,
Mohamed Ariff, & Shamsher Mohamad, 2014). This kind of investment falls into the
category of ethically responsible funds. In which investments are restricted to
companies which are not involved in, for instance, the liquor or gambling industry.
For a Shariah-compliant investor, a number of Islamic rules and laws need to be
adhered to. These rules and laws are extracted from four main sources, the holy
Quran, Hadith, ijma’ (the agreement of legal opinion of Muslim scholars), and qiyas
(analogy). The existence of these sources simplifies the decision on the Shariah-
compliance of a financial product (Shakeel Ahamad & Pradhan, 2012). In addition,
different Shariah sources are needed to specify a set of checkable Shariah
parameters, or screening methodologies, to be used to distinguish between the set
of halal (permissible) assets and haram (forbidden) assets.
This paper will review and analyze the explanation on the current Shariah screening
methodology shared by the members of the Shariah Advisory Council from the
Securities Commission of Malaysia. The analysis will be based on the four main
sources of the Shariah. The analysis will reveal that different opinion exist among
the members of the Shariah Advisory Council which is in particular attributable to
the complexity of transforming the historical and verbal Shariah sources into
quantifiable and formal guidelines to be used within a modern guideline and system.
The findings from the analysis are based on a comparative analysis performed on a
common set of questions, so that similarities and discrepancies among the
members of the Shariah Advisory Council can be identified and interpreted.
2. SHARIAH SCREENING METHODOLOGY ACCORDING TO THE
MEMBERS OF THE SECURITIES COMMISSION OF MALAYSIA
The Shariah screening methodology is based on the principles of the Islamic law.
The Islamic law or Shariah is ultimately based on the Quran and Hadith. However in
matters that are not clearly stated by the Quran and Hadith, Shariah experts refer to
additional Shariah primary sources such as ijma and qiyas. The Shariah prescribes
Muslim actions in every aspect of life including investments and trading. Therefore,
using the principles of the Shariah as a mean to implement Islamic guidelines in the
Shariah screening methodology will guide Islamic investors in the capital market to

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the right path. This situation can be referred to the Hadith in the book of At-Tirmidhi
reported by Imran ibn Husain r.anhu:
“The Prophet pbuh taught my father two statements to recite in his du’a. They are:
“O Allah! Inspire in me guidance (straight path) and deliver me from the evils within
myself. (Hadith No: 1297)”
In the development of the Shariah screening methodology, Shariah experts such as
the members of the Shariah Advisory Council have studied and wrote about the
Islamic capital market, market instruments, and Shariah screening methods that
have relations with Quranic and socioeconomic aspects. However, before the
Shariah screening methodology was implemented, these experts assured that the
methodology is designed based on the guidelines written by the Shariah.
Among the Shariah Advisory Council members for the Securities Commission of
Malaysia that were involved for this paper are, Shamsiah Mohamad, Engku Rabiah
Adawiah and Ashraf Md Hashim. Among the first point that they agreed upon is that
Shariah guidelines are vital in order to build a screening methodology that impacts
the inner intentions of Islamic investors in attaining profit in life and reward in the
hereafter. This paper quotes the words of a member of the Shariah Advisory
Council, Azman Md Noor (2014) regarding the importance of the Shariah guidelines
in the development of the Shariah screening methodology:
“All types of Shariah screening methodologies and indexes including the Securities
Commission’s Shariah screening methodology have to follow the principles of the
Shariah, if not there would be no point.”
The principles of the Shariah that are implanted in the Shariah screening
methodology focuses on all aspects of halal trading, practically and theoretically.
The principles are the combination of Islamic values and trading activities.
According to Ashraf Md Hashim, inner intentions of Islamic investors such as
sincerity in accumulating profit through halal trading needs to be a requirement. In
Islam, accumulating profit from halal trading activities is practiced by all traders,
high, middle-class, and small. Similar to Ashraf Md Hashim’s comment, Shamsiah
Mohamad and Engku Rabiah Adawiah said that, accumulating halal profit is the
most important part in trading and it should be given the same level of focus as the
socioeconomic aspect. However, the design of the Shariah screening methodology
needs to be a combination between the Quranic aspect and the socioeconomic
aspect. Aznan Hasan (2011) agrees that the Shariah screening methodology needs
to be designed with guidelines that support Quranic aspects.
The verses from the holy Quran that contain rules for halal and haram trading
should be used as guidelines for the Shariah screening methodology. All in all,
these verses will be the Quranic aspect that reflects the uniqueness of Islam in the
Shariah screening methodology.
Ashraf Md Hashim mentioned that the Shariah screening methodology for the
capital market must be designed based on guidelines derived from the Quranic
aspect and also the socioeconomic aspect. Initially, the Shariah screening
methodology can be designed based on the Quranic aspect by putting verses from
the holy Quran into the guidelines. Additionally, the Shariah screening methodology
can be designed based on the socioeconomic aspect by placing investment
attractions into the guidelines. The Quranic aspect in the Shariah screening
methodology encourages Islamic investors to invest in Shariah compliant shares on
the capital market. As a result, the Islamic financial asset will grow bigger and

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faster. On the other hand, the socioeconomic aspect is added into the Shariah
screening methodology’s guidelines to help promote Islamic finance at the global
level. The existence of an attractive and competitive Islamic capital market will allow
non-Muslim investors to invest in ethical business activities and eventually
weakening the investments in haram business activities.
Furthermore according to Shamsiah Mohamad, the Shariah inquires that all
business activities carried out by Muslims to be within the laws of Allah swt.
Promoting halal business activities and preventing the spread of haram business
activities is considered a fulfillment of the Quranic values in Islam. She then stated
that the Shariah screening methodology should be designed based on the Quranic
aspect and socioeconomic aspect. This is to ensure that the business activities
carried out in the Islamic capital market are in accordance to the Shariah.
Furthermore, Engku Rabiah Adawiah said, it is well known that the Shariah gives
focus on both aspects the Quranic and the socioeconomic aspect. However, the
Quranic aspect is always prioritized over the socioeconomic aspect. The verses of
the holy Quran or also known as the Quranic aspect should be held strong and
practiced in our daily activities. This is supported by the Hadith reported by Imam
Malik r.a, the Prophet pbuh said:
“I have left behind two things and you will never go astray as long as you hold fast
onto them. They are the holy Quran and Sunnah. (Muwatta, Hadith No: 1601)”
Another Hadith that has the similar implication and supports the above statement is
reported by Imam Muslim, the Prophet pbuh said:
“I am leaving behind two heavy things the first is the holy Quran, in it is guidance
and light, so hold firmly onto the Quran, then the Prophet pbuh encouraged and
motivated (towards reciting and taking care of the holy Quran), and the second thing
is my ahlul-bait (blood relatives), I am reminding you about the ahlul-bayt, the
Prophet pbuh repeated this thrice. (Sahih Muslim, Hadith No: 2408)”
The two above Hadith supports the importance of the Quranic aspect which is the
major principle of the Shariah screening methodology. Additionally, socioeconomic
aspect is also given attention. Ashraf Md Hashim stated that the socioeconomic
aspect in the Shariah screening methodology is the leniency and tolerance of
Shariah non-compliant business activities. As stated earlier, the Shariah screening
methodology’s principles is portrayed in such a way that it prohibits all Shariah non-
compliant business activities that is forbidden by the holy Quran. However, if a
company is unintentionally participating in Shariah non-compliant business activities
as low as 5% from the total business activities, the Shariah screening methodology
still considers the company as Shariah compliant.
Riba, gambling, liquor manufacturing, pork hawking, and tobacco making are all
activities prohibited by the verses from the holy Quran. Therefore, by announcing
these business activities as Shariah non-compliant, the Shariah screening
methodology has given priority to the Quranic aspect in their principles. On the other
hand, the principles give a 5% leniency to the above business activities because of
certain unavoidable reasons. These reasons are characterized as the
socioeconomic aspect of the principle in the Shariah screening methodology.
Ashraf Md Hashim continues by stating that it is the responsibility of the Securities
Commission of Malaysia as the market regulator to give leniency towards
socioeconomic aspects in the principles of the Shariah screening methodology.
Aznan Hasan (2011) has the same view of the 5% leniency benchmark for Shariah

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non-compliant business activities in the Shariah screening methodology. Among the
reasons that the 5% leniency benchmark should be implemented in the Shariah
screening methodology is explained in the following passages.
Firstly it is the current situation of the capital market itself. According to Engku
Rabiah Adawiah and Shamsiah Mohamad, the current situation of the capital
market now is that there are approximately 900 listed companies in it. Most of the
companies are owned by non-Muslims or in other words the companies’ shares are
owned by a majority of non-Muslim investors.
This means that the majority of listed companies in Malaysia are owned by people
who do not care at all about the principles of the Shariah or anything Islamic. Ashraf
Md Hashim agrees with Engku Rabiah Adawiah and Shamsiah Mohamad’s point
and added that the owners of these listed companies also have never demanded
the Securities Commission of Malaysia to carry out a Shariah screening onto their
companies. Therefore, in reality the Shariah screening methodology is mostly giving
service to companies owned by non-Muslims. Having that mentioned, Ahsraf Md
Hashim and Shamsiah Mohamad believes it is very relevant for the Shariah
screening methodology to have a 5% leniency benchmark in the Shariah screening
in respect to non-Muslim investors and their Shariah non-compliant business
activities.
The second reason is that in Malaysia we are living in a multi-racial society with a
multi-religious demographic. Ashraf Md Hashim commented, in Islamic teachings,
Muslims should respect other religions, as mentioned in the holy Quran in surah Al-
Kafirun:
“Nor I will be a worshipper (ever in the future) of what you worship. Nor will you be a
worshipper (ever in the future) of what I worship (because Allah swt has sealed their
fate). For you is your religion (polytheism) and for me is my religion (Islam). (109: 4-
6)”
The above written verses mean that as Muslims, we respect other beliefs as well.
Islam as the official religion of Malaysia cannot force the non-Muslims of this country
to follow what is obligated onto the Muslims. Therefore, the Securities Commission
of Malaysia as the market regulator is not recommended to impose on non-Muslim
investors the ban of gambling, liquor manufacturing, pork hawking, and tobacco just
because it is prohibited by the Shariah on the Muslims. As a result, to harmonize the
above issue, the Securities Commission of Malaysia placed the 5% leniency
benchmark in the Shariah screening methodology.
Additionally, to support the above reason (the second reason), Ashraf Md Hashim
continued with the narration of Umar ibn Al-Khattab r.anhu who during his time as
the Caliph allowed the trading of liquor in the Muslim Empire. He also regulated a
special tax unto non-Muslim traders that sold liquor. However, liquor was never sold
to Muslims because the traders were not allowed to do so. In fact, they were only
sold to non-Muslim consumers (Mohammed Yamin, 2009). From here, it can be
seen that Muslims are recommended to be lenient towards the non-Muslims who
are living among them. Among the reasons behind Umar ibn Al-Khattab’s decision
to not impose the prohibition of liquor trading onto non-Muslim traders was because
liquor manufacturing and consumption did not have a ‘significant negative impact’
onto the Muslim society at large (Zareena Grewal, 2014).
Thirdly, the leniency given for Shariah non-compliant business activities by the
Securities Commission of Malaysia is very small (only 5%). Some might complaint

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and protest, why did the Securities Commission of Malaysia placed the leniency
benchmark at 5% and why not placed it at 1% or 2% (smaller)? The answer is, if the
Securities Commission of Malaysia decides to change the 5% leniency benchmark
and decrease it to 1%or 2%, it would be nearly impossible for Islamic investors to
search for a listed company to invest in on the capital market with that small
percentage of Shariah non-compliant business activity.
There are not more than 10 listed companies available1
on Malaysia’s capital
market that has a record of 0% Shariah non-compliant business activity (Securities
Commission of Malaysia, 2014). The bear minimum is, these listed companies are
involved with savings accounts and loans from Shariah non-compliant banks. So it
is quite impossible for an Islamic investor to find a listed company not involved at all
with Shariah non-compliant business activities.
Therefore practically it is very difficult for the Securities Commission of Malaysia to
place the leniency benchmark at 0%. If the Securities Commission of Malaysia
decides to develop the Shariah screening methodology in such a way, no listed
company will be eligible to be in the Shariah compliant companies’ list, thus
crippling the chance of attracting Islamic investors and ethical investors to the
capital market and consequently weakening the Islamic economy.
This is what the Mufti of the Federal Territories commented Zulkifli Mohamad Al-
Bakri (2014) while quoting one of the famous Islamic legal maxim:
“Ma la yudraku kullu La yutraku julluhu”
(What cannot be completely attained should not be completely left)
If a 100% riba-free, gambling-free, liquor manufacturing-free, pork-free, and
tobacco-free Islamic capital market cannot be attained now, this does not mean that
Muslims should not even try to develop a haram-free Islamic capital market. At
least, Shariah experts are putting their full effort towards the development of a
haram-free Islamic capital market. However, under the current circumstances, to
establish a 100% Shariah compliant Islamic capital market is impossible (Kabir
Hassan, 2011).
Shamsiah Mohamad added, the reason why the leniency benchmark is placed at
5% is because the Securities Commission of Malaysia wanted to portray to all
investors that the principles of the Shariah screening methodology does not support
Shariah non-compliant business activities. Had the principles of the Shariah
screening methodology supported Shariah non-compliant business activities, the
Securities Commission would have placed the benchmark to a percentage higher
than 5%. Engku Rabiah Adawiah agrees with Shamsiah Mohamad’s statement and
said, even according to ‘corporate law’ if an investor has 5% or less share in a
company, he or she is considered a minority and does not have any authority in the
company’s decision making, similar to the 5% benchmark.
The point is according to Ashraf Md Hashim, 5% is a tiny amount and this shows
that the Securities Commission of Malaysia is not actually helping or promoting
Shariah non-compliant business activities. As the holy Quran mentioned in surah Al-
Maidah:
1
There are about 900 companies listed on Bursa Malaysia, so 10 companies are about 1% of the total
amount.

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“And cooperate in righteousness and piety, but do not cooperate in sin and
aggression, and fear Allah swt, indeed Allah swt is severe in penalty. (5: 2).”
Just as the verse recommended, The Securities Commission of Malaysia is in
reality helping and cooperating with Islamic investors towards righteousness
(Jalaluddin Sayuti, 2008), towards the development of a pure and haram-free
Islamic capital market. Subsequently, the Securities Commission is also expanding
the Muslim economy in Malaysia. Not to forget that they are also promoting Islamic
financial institutions to listed companies on the Islamic capital market through the
financial ratio benchmark. By having such a dynamic action from the Securities
Commission of Malaysia, the establishment of an independent Islamic capital
market in Malaysia might be possible in the near future.
The fourth reason why the 5% leniency benchmark is needed in the Shariah
screening methodology is because “logically” the Securities Commission of
Malaysia cannot remove it. The only logical way for the Securities Commission to be
able to remove the 5% leniency benchmark from the Shariah screening
methodology is if there were no non-Muslims at all participating in Malaysia’s capital
market. However, this can only be possible if Malaysia’s population is 100% Muslim.
Not just normal Muslims but ethical and Shariah conscious Muslims.
As a result, the main contribution of the Shariah screening methodology is to “guide”
Islamic investors to the Shariah compliant companies’ list. Ashraf Md Hashim stated
that the Securities Commission of Malaysia will show Islamic investors a list that is
filled with the name of listed companies that are Shariah compliant according to the
principles of the Shariah screening methodology developed by them.
As for listed companies that are not categorized under the Shariah compliant
companies’ list, the Securities Commission of Malaysia does not declare them as
Shariah non-compliant. Instead the Securities Commission of Malaysia is “silent” in
relation to their status. The reason is because those listed companies that are not
categorized under the Shariah compliant companies’ list might be Shariah compliant
according to other Shariah screening indexes such as the DJIM and FTSE (Daud
Vicary Abdullah, 2010). Otherwise it will be as if the Shariah screening methodology
by the Securities Commission of Malaysia is superior to other existing Shariah
screening methodologies and indexes around the globe. This means, only investors
in Malaysia and individuals regulated under the Securities Commission are bound to
follow the Securities Commission’s Shariah screening guidelines (Securities
Commission of Malaysia, 2014).
3. THE GOAL OF THE SHARIAH SCREENING METHODOLOGY
The ultimate goal or ultimate aim of the Shariah screening methodology by the
Securities Commission of Malaysia is more than the development and perfection of
the tangible things. Clearly, the ultimate goal of the Shariah screening methodology
is not to make Islamic investors richer. As a matter of fact according to Shamsiah
Mohamad and this is supported by Muhamad Akram Laldin (2006), the ultimate goal
of the Shariah screening methodology is to follow the teachings of the holy Quran
and the way of Prophet Muhammad pbuh.
That is why when Shariah experts discussed about the goals of the Shariah
screening methodology, they mentioned about the attainment of halal profits. In
order to attain halal profits through investments in listed companies, Shariah experts
proposed a method identified as the “cleansing process” (Kabir Hassan, 2007).

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Ultimately all Islamic investors expect to attain profit that comes from halal
channels. According to Shamsiah Mohamad and Azman Md Noor, this is why listed
companies with Shariah non-compliant business activities (side-activities) are given
the room to cleanse out haram profits from the company’s total income. The
cleansing process is not strictly enforced or regulated instead it is just an
encouragement by the Securities Commission of Malaysia onto Islamic share-
holders (Aznan Hasan, 2011). Therefore, it is the responsibility of the share-holders
to choose whether to cleanse their income from haram profits or not.
Auditors are usually the people who are in charge in the calculation of a company’s
total income (Knapp, 2014). Therefore, once the auditors have calculated the
percentage of haram profits in a company’s total income (it has to be less than 5%),
the calculated amount will be donated to charity programs. Hence this is the method
proposed by Shariah experts to assure that the income of listed companies on the
Islamic capital market is 100% halal and pure. The importance of the ‘cleansing
process’ is shared by the Securities Commission of Malaysia to all market-related
individuals, such as investors, shareholders, and fund managers (Aznan Hasan,
2011). Ashraf Md Hashim added that, the implication of the “cleansing process” and
its Shariah effects are explained comprehensively through training courses
sponsored by the Securities Commission of Malaysia for the above mentioned
individuals.
Engku Rabiah Adawiah believes that the ultimate goal of the Shariah screening
methodology is not necessarily driven by the spirit of following the teachings of the
holy Quran. Unlike Shamsiah Mohamad, Aznan Hasan (2011) and Muhamad Akram
Laldin (2006), she believes that the ultimate goal of the Shariah screening
methodology is “the expansion of Islamic finance”. Engku Rabiah Adawiah’s view is
supported by Azman Md Noor where he stated, among the reasons why the
Securities Commission of Malaysia developed the Shariah screening methodology
was to display to anti-government and opposition parties that Malaysia under the
administration of the current political party prioritizes Shariah compliance in every
sector of the country’s economy.
However, it is important to highlight that the Securities Commission of Malaysia
developed the Shariah screening methodology based on the guidance and ideas
given by a combined group. The group is a combination between market players
and Muslim scholars. As Muslim scholars their goals and intentions for the
instruments in the Islamic capital market are expected to be spiritually driven
(Obiyathulla Ismath Bacha, 2013). Hence, the ultimate goal of the Shariah
screening methodology could have been motivated by the spirit of attaining the
blessings of Allah swt (mardhatillah) in this life and the hereafter.
Shamsiah Mohamad clearly stated that the ultimate goal of the Shariah screening
methodology is about attaining the blessings of Allah swt. Zulkifli Mohamad Al-Bakri
(2014) also has the similar view. Zulkifli Mohamad Al-Bakri (2014) explained that the
Shariah screening methodology as a market instrument has its own goals or
ultimate goal. Looking from the perspective of Islamic legal maxim he mentioned:
“Al-umooru bi maqosidiha”
(Everything is valued based on intention and objective)

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This means that everything has a goal, even things like Shariah screening
methodology. The goals of the Shariah screening methodology are set even before
it is applied on the market. However, goals and intention are not known clearly
mentioned on paper (Powers, 2006). Therefore, it cannot be clearly known, whether
the Securities Commission developed the Shariah screening methodology based on
the intention of worldly profit or mardhatillah. However, according to Zulkifli
Mohamad Al-Bakri (2014), the ultimate goal of the Shariah screening methodology
might be mardhatillah, because the Securities Commission of Malaysia are willing to
transform gradually from a financial system that is totally conventional to a system
that is incline towards the Shariah.
Islamic investors focus on both part of their lives, the world and the hereafter
because as Muslims, trading and investing is considered as an act of worship to
Allah swt. While non-Muslims’ view towards life is as far as death only. In addition,
every act of a Muslim should have a goal and purpose. Generally the goal needs to
have something to do with pleasing Allah swt, especially an act such as trading. As
stated by the holy Quran in surah as-Saff:
“O you who believe, shall I guide you to a trade (commerce) that will save you from
a painful punishment. Believe in Allah swt and His messenger, and that you strive
hard and fight in the cause of Allah swt with your wealth and your lives, that will be
better for you if you know. (61: 10-11)”
The above verse clearly states that a Muslim should strive with his wealth and lives
to attain the blessings of Allah swt and avoid his severe punishment. The goal of the
Shariah screening methodology also helps Islamic investors to attain the blessings
of Allah swt by investing in halal channels. As a result from the analysis in this
section, it is without doubt that the Securities Commission of Malaysia developed
the Shariah screening methodology with “the intention” to guide Muslim investors
and also non-Muslim investors that are in search for Shariah compliant companies
and companies with ethical businesses. Muslims should always search for Shariah
compliant companies to invest in, because Muslims can only eat halal profit
(Muhammad Taqi Usmani, 2004). Whereas, non-Muslims also prefer investing in
Shariah compliant companies, because to some of them Shariah compliant
companies are ethical companies.
4. CONCLUSION
As a result, based on the review and analysis done above on the Shariah screening
methodology, it can be concluded that the principles are divided into two aspects.
The first aspect of the Shariah screening methodology is designed in accordance to
the verses from the holy Quran, while the second aspect is designed based on the
socioeconomic situation of Malaysia. Therefore, the Securities Commission as the
market regulator in Malaysia is responsible to prioritize the Quranic aspect in the
principles of the Shariah screening methodology. This not only helps in improving
Shariah compliant investments but also encourages the investors to fulfill the
commandments of Allah swt in their trading and investments. Today’s investors and
traders should be an example of the traders in the time of the Prophet pbuh. Who
would always prioritize halal profit over haram benefits and ultimately fulfilling the
commandments of Allah swt. As the verse from the holy Quran in surah An-Nur and
in surah Al-Baqarah:
“Men whom neither commerce nor sale distracts them from the remembrance of
Allah swt, and performance of prayer and almsgiving. (24: 37)”

10. 10
“O you who believed, eat from the good things (halal) which we have provided for
you and be grateful to Allah swt if it is (indeed) Him that you worship. (2: 172)”
In conclusion, there are many non-Muslims out there that share the same values as
Muslims. Many among them dislike gambling, liquor, and tobacco businesses as
well. Consequently Shariah compliant companies will attract these investors too.
Therefore, the ultimate goal of the Shariah screening methodology is to “guide”
everybody either from among the Islamic investors and also the ethical investors
who are not Muslims to invest for mardhatillah. It guides them to things that contain
the blessings of Allah swt.
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