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Shariah certification

The Fatwa, and exactly what it covers.

The strongest thing we can tell you about this structure is what an independent board of scholars concluded about it — and precisely what they examined.

Fatwa — Legal EndorsementIslamic Finance Advisory Board · 6 November 2025

"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 and other financial and legal information provided to us by the management."

"Our review confirms that the structure of the Fund does not have any Qard (debt) or Riba (interest) component."

Dr Mohammad Iqbal AlNadviChairman, Shariah ScholarDr Hamid SlimiShariah ScholarSheikh Mohamed Nafis BhayatShariah Scholar

Scope

This certification covers the Tawakkul Fund — the fund that uses no debt anywhere in its structure. Capital invested in it is not commingled with the Ethical Income Fund, which finances the larger community developments and is being certified separately by the Canadian Council of Ahlus Sunnah wal Jammah. Two structures, two rulings. We will not describe a fund as certified until its own certification exists and is disclosed in the Offering Memorandum.

Ongoing review

The Shariah Advisory Board conducts an audit of the Trust's operations no less than annually and issues a written certificate of compliance, made available to unitholders. The Trust also provides an annual net asset value breakdown sufficient to permit zakat calculation.

Questions about the certification

What does a Fatwa actually certify?
That a named board reviewed a defined structure at a point in time and reached a conclusion about it. It is not a guarantee of financial performance, and it does not extend to entities the board did not examine.
Who are the scholars?
Dr Mohammad Iqbal AlNadvi, Dr Hamid Slimi and Sheikh Mohamed Nafis Bhayat, of the Islamic Finance Advisory Board — an independent non-profit body promoting Islamic finance in Canada.
Does certification mean the investment cannot lose money?
No. Shariah compliance and financial risk are entirely separate questions. You could lose your entire investment in a fully certified structure.
How do I verify it is current?
The Board issues a written certificate of compliance at least annually and it is made available to unitholders. Ask for the most recent one — and note its date.

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