Home | Contact us
Search Site:        Region Selection:
 
Shari'ah Compliance

Non-Permissible Income (NPI)

 

Please be aware that this is a Shari’ah Compliant product and that you the investor, client, member and/or policyholder (as applicable) understands that Non-Permissible Income (“NPI”) will not form part of the unit trust, pension fund organization, or linked policy (as applicable), nor will it form part of the value of the assets backing this unit trust, pension fund organization, or linked policy (as applicable). Any bank interest earned on a contribution amount shall be treated in accordance with the governing legislation and upon receipt of such interest shall be donated to a Charitable Trust in accordance with the mandate of the product and as defined in the Product description of the respective Terms and Conditions document. The Policyholder shall have no right to receive such proceeds as part of his investment portfolio and such interest shall not be a constituent part of the eligible assets of the product as defined in the governing legislation. Any NPI earned in the investment portfolio shall be donated to the Oasis Crescent Fund Trust, an entity defined in the applicable Terms and Conditions document. The client accepts that he/she shall have no right to receive such proceeds.

 

The investor, client, member and/or policyholder (as applicable) who is a signatory to the applicable Agreement with Oasis, agrees, by appending a signature to the relevant form, and clearly understands that the Non-Permissible Income shall be paid to the Oasis Crescent Fund Trust. NPI will be distributed, in terms of the Trust Deed of the Oasis Crescent Fund Trust, in the areas of Disaster Relief, Education, Sport, and Healthcare.

 

By investing in a Shari’ah Compliant Product within the Oasis Crescent range of products, The investor, client, member and/or policyholder (as applicable) agrees that such NPI does not belong to me the investor, client, member and/or policyholder (as applicable), such NPI has not accrued to the investor, client, member and/or policyholder (as applicable), such NPI shall not be received by the investor, client, member and/or policyholder (as applicable), and the investor, client, member and/or policyholder (as applicable) shall never have a future claim for this amount.

 

The Shari’ah compliant investment products that are offered by the Oasis Group are managed within the framework of Islamic investment that is derived from Shari’ah law. All of the Products in the Oasis Crescent Range have been structured in this ethical manner to ensure that full compliance is achieved.

 

The Oasis Crescent Range is managed in accordance to the investment guidelines that have been established by the leading Global Islamic Institutions. This stipulates the exclusion of securities whose primary business activities are non-permissible according to Shari’ah law from the investment portfolios of the Oasis Crescent Range of products.

 

Primary business activities that are not permitted by Shari’ah law include:

 

• Alcohol

• Products that contain Pork.

• Conventional Financial Services (banking, insurance, etc.)

• Entertainment (gambling and pornography related)

 

From the entire global universe of securities, companies that do not comply with Shari’ah law are removed as investment options, and the remaining stocks are evaluated according to several financial ratio filters. These ratios have been designed to filter out companies that hold unacceptable levels of debt or earn unacceptable levels of impure interest income.

 

Independent Shari’ah Advisory Board

 

An independent advisory board has been appointed to advise Oasis on Shari’ah investment and ethical issues. The Shari’ah advisory board consists of the world’s leading scholars in Islamic Contractual Jurisprudence (Fiqh-al-Mu’amalat). In addition, this board is responsible for conducting an independent analysis of the Oasis Crescent Range holdings and investment income to ensure that it is aligned with Shari’ah investment guidelines.

 

Islamic Institutional Membership

 

As a global leader in the supply of Shari’ah compliant investment products, the Oasis Group is a member of, and adheres to, the prescribed guidelines of the following reputable Islamic Institutions:

 

• Accounting and Auditing Organisation for Islamic Institutions (AAOIFI)

• International Association for Islamic Economics (IAIE)

• Islamic Financial Services Board (IFSB)

• General Council for Islamic Banks and Financial Institutions (GCIBFI)

Shari'ah Certificates

Click here to view

fund facts fund price annual reports forms apps Oasis Milestones legal