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The ruling

The Fatwa.

A formal ruling on the Tawakkul REIT structure, issued by the Islamic Finance Advisory Board. Download it, read it, and take it to a scholar you already trust.

Download the Fatwa (PDF) Who issued it

No form, no email address, no gate. A ruling nobody is allowed to examine is not worth having.

The ruling, in full

Islamic Finance Advisory Board · 6 November 2025 · Fatwa — Legal Endorsement · Tawakkul Fund by AG Property Trust

On the name. The ruling was issued to AG Property Trust — the former name of what is now Tawakkul Real Estate Investment Trust. The Trust took the name of its own fund: Tawakkul was what people already knew it by, so the Trust stopped arguing with them. Same trust, same structure the Board reviewed, different name on the door. We point it out rather than leaving you to wonder why the document says something different from the rest of this site.

The Islamic Finance Advisory Board is an independent non-profit body, engaged in the promotion of Islamic Finance in Canada. We bring collective expertise of our scholars in providing Shariah compliant alternatives to conventional financial products.

The Board is pleased to oversee the AG Property Trust in developing financial products that allow the Canadian and North American Muslim community and other faith-based groups to make investments on Shariah compliant basis. Such products are developed after close scrutiny of the Shariah principles and the local Canadian laws making sure that the products comply with both standards. The Board has worked with AG Property Trust's management and has provided its expertise and opinion on interest-free investment options.

In principle the Board endorses Tawakkul Fund as being "Shariah Compliant" to the best of our knowledge as outlined in the Fund's latest Offering Memorandum. Tawakkul Fund clearly states that investments are to be made according to Islamic investment principles. Our review confirms that the structure of the Fund does not have any Qard (debt) or Riba (interest) component. Our certification of compliance offers Canadian and North American Muslims peace of mind and reassurance that they are following the teachings of their faith whenever they consider interest-free investment options.

In addition to product advisory, one of the main functions of the Board is to conduct regular audits to ensure that Tawakkul Fund continues to remain Shariah compliant.

Dr. Mohammad Iqbal AlNadvi Chairman and Shariah Scholar Dr. Hamid Slimi Shariah Scholar Sheikh Mohamed Nafis Bhayat Shariah Scholar

Transcribed from the signed original above. The PDF is the document of record.

What it covers

Within scope

  • Tawakkul Fund, as described in its Offering Memorandum — issued under the Trust’s former name, AG Property Trust
  • That the structure of the Fund carries no Qard and no Riba component
  • That investments are to be made according to Islamic investment principles
  • Ongoing audit — the Board reviews continued compliance rather than certifying once

Outside scope

  • Whether the investment will make money — no scholar rules on that
  • Whether it suits your circumstances — that is the dealer's determination
  • The Ethical Income Fund LP, which finances the larger community developments and carries its own ruling
  • Your own zakat position, which depends on your whole portfolio
More rulings are being sought. Canadian Muslims follow different schools and different scholars, and a ruling from someone a family already trusts carries weight that a ruling from a stranger does not. Each additional fatwa will be published here in full, with its scope and its date, and none will be summarised into a slogan.
Why does the Fatwa say AG Property Trust?
Because that was the Trust’s name when the ruling was written in November 2025. It was renamed afterwards, taking the name of the fund inside it — people had come to know the Tawakkul Fund by name, and it made little sense for the Trust to be called something else. Same trust, same structure the Board reviewed; only the name changed.
Can I take this to my own imam?
Please do. That is what the full text is published for. A ruling nobody is allowed to examine is not worth having.
Does the Ethical Income Fund share this Fatwa?
No. It will have its own, from the Canadian Council of Ahlus Sunnah wal Jamaah. The two funds are built to do different jobs — this one buys and builds with equity alone, while the Ethical Income Fund uses Shariah-compliant financing to reach the larger community developments — and one ruling could not honestly describe both.
What if I disagree with the ruling?
Then you should not invest. That is a complete and respectable answer, and nobody here will argue with it.

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