Investment funds
Shariah governance and advisory across the investment-fund lifecycle
IHKAM supports fund sponsors, managers and service providers with structuring, documentation, screening, certification and continuing Shariah oversight.
Our approach
One framework across launch and operation
A Shariah-aligned fund must connect its investment mandate, legal form, offering terms, screening method, transaction controls, income treatment and governance. We help establish these links before launch and maintain a clear review process as holdings and circumstances change.
Scope of support
Fund lifecycle support
The mandate can cover a new fund, a conversion or an existing portfolio.
Formation and structure
Review the investment strategy, parties, fees, cash flows and governing arrangements from a Shariah perspective.
Offering and legal documents
Provide Shariah comments on the prospectus, constitutive documents, material agreements and investor disclosures.
Investment screening
Define and apply business-activity and financial-ratio criteria with documented data and exception rules.
Ongoing governance
Establish approval, review, reporting, purification and non-compliance procedures appropriate to the fund.
Deliverables
Typical support
- Fund structure and document review
- Shariah investment and screening policy
- Certification pathway and formal output where appropriate
- Ongoing review and reporting plan
- Breach, purification and remediation procedures
Working method
Fund advisory pathway
1. Mandate
Confirm the fund strategy, legal and regulatory context, service providers and required Shariah output.
2. Design
Align the structure, documents, eligibility criteria and governance responsibilities.
3. Approve
Resolve findings and complete the agreed review or certification requirements.
4. Oversee
Monitor holdings, changes, reports and exceptions through the agreed governance cycle.
Frequently asked
Investment-fund questions
Can IHKAM support both a new and an existing fund?
Yes. The work can support initial formation, conversion, a targeted review or continuing Shariah governance, subject to a clearly agreed scope.
What does ongoing Shariah oversight involve?
It may include holding reviews, transaction sampling, document and strategy changes, reporting, findings, purification considerations and escalation of material matters.
Who remains responsible for operating the fund?
The fund's governing body, manager and relevant service providers retain their legal, regulatory and operational responsibilities. Shariah advice supports those responsibilities within the agreed mandate.
IHKAM Advisors
Discuss an investment-fund mandate
Tell us whether the fund is at concept, documentation, launch or operating stage so we can define the appropriate Shariah scope.