Sharia products fail to get due diligence
An expert in Islamic financing has warned that some Sharia-compliant products in Europe do not actually comply with the strict teachings.
Shebab Marzban, product development officer for Egypt-based Ideal Ratings, said that many western fund managers fail to carry out correct due diligence on Islamic finance products.
Many holdings for Sharia funds do not adhere to strict rules of not investing in firms that make a profit from using interest or selling pork or alcohol-related products.
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