Kingdom Of Saudi Arabia King Abdulaziz University Faculty of Economics and Administration Executive MBA Al-Qassim

BUSE 608

Socially Responsible Mutual Funds and Islamic Funds

Supervised by Dr. Mohammad A. Ayadi

Prepared by Group B Abdulrahman A. Alzaydi Emad A. Alzamam Osamah A. Abuabah Ahmed M. Alhomadhi Barrak Y. ALothma 1100528 1100816 1100530 1100864 1100876

SRI and Islamic Mutual Funds

Table of Contents
Introduction ....................................................................................................................................................... 5 Definitions ......................................................................................................................................................... 5 Socially Responsible Investment (SRI) ........................................................................................................... 5 Islamic Mutual Fund ...................................................................................................................................... 6 Bit of history ...................................................................................................................................................... 6 The current Status ............................................................................................................................................. 7 Screening Mechanisms ...................................................................................................................................... 9 Screening Criteria .......................................................................................................................................... 9 SRI Screening ............................................................................................................................................... 11 Performance Measurement, Fees, and Benchmarks ...................................................................................... 11 Benchmarking .............................................................................................................................................. 13 The Fees ....................................................................................................................................................... 14 Comparison with Non-Ethical .......................................................................................................................... 15 Case of Islamic Funds:...................................................................................................................................... 15 Analyzing CIMB Islamic Equity Fund Performance ...................................................................................... 15 FUND PERFORMANCE in RM(Ringgit Malaysia): ..................................................................................... 16 Calendar Year Performance (%): ............................................................................................................. 16 Most Recent Fund Distributions: ............................................................................................................. 16 Asset Allocation: ...................................................................................................................................... 16 Sectors and countries breakdown: .......................................................................................................... 17 Risk statistics:........................................................................................................................................... 17 Conclusion ....................................................................................................................................................... 17 References ....................................................................................................................................................... 18

SRI and Islamic Mutual Funds

Introduction
Islamic Finance has been wrongly indicated as simply an interest free financial system, which is not entirely accurate as it is a faith based system that involves other important principles, which encourage entrepreneurship, risk-taking, transparency, preservation of property rights and ethical values such as justice, fair dealing and fair pricing, mutual cooperation and respect of the other contracting parties. The ethical credentials of Islamic Financial Institutions make them attractive to not only Muslims but to also a wide spectrum of ethically-conscious consumers who desire a socially responsible financial system. There are many people nationally and internationally today who wish to invest in a way that does not compromise their religious and belief and that makes the world a better place. This paper aims at providing a basic definition of Socially Responsible Investing and Islamic Mutual Funds with more focus on Islamic Funds. It gives a brief about the historical background of these types of investments. It relies on important statistics that show the size and the fast growth of such investments. This paper also will explore the screening mechanisms adopted to verify that the concerned fund is satisfying the preconditions and criteria set, to be considered as SRI or Islamic. Also, performance, fees, and benchmarks will be briefly discussed. Comparison between these types of investment and non-ethical funds will be introduced. We try to introduce examples whenever possible. Although this studys scope is a global scale, most of the examples are extracted from Saudi market as much as possible. The paper ends with a presentation of performance analysis of one important Islamic Fund. We selected CIMB Islamic Equity Fund because the available information.

Definitions
Socially Responsible Investment (SRI)
An investment that is considered socially responsible because of the nature of the business the company conducts. Common themes for socially responsible investments include avoiding investment in companies that produce or sell addictive substances (like alcohol, gambling and tobacco) and seeking out companies engaged in environmental sustainability and alternative energy/clean technology efforts. Socially responsible investments can be made in individual companies or through a socially conscious mutual fund or exchange-traded fund (ETF). From investor standpoint, SRI refers to the type of investment practice whereby investors attempt to align social and environmental concerns with their financial goals. Investors achieve these goals by utilizing three main investing strategies - namely through investment screening, community investment, and shareholder advocacy. The concept goes by names like sustainable investing, impact investing, and community investing, ethical investing, and socially-conscious investing. It is a non-financial gauge that is used when selecting various investment options that takes into account factors such as environmental, social, and ethical values. The specific practices investors try to avoid when selecting securities based on socially responsible principles includes, among others, the following: Companies that sell or promote addictive substances like tobacco, alcohol, or gambling. Organizations with a history of polluting the environment. Businesses that refuse to take humane labor practices seriously. Firms that trade in weapons or support international military action. Though some mutual funds claim to be socially responsible, it is generally recommended that social investors look for third-party verified SRI funds to ensure that the social claims are true and accurate. Lists like Social Funds, Global100, The FTSE4Good Index Series, and those maintained by the Social Investment Forum provide a start for socially responsible investors. SRI and Islamic Mutual Funds

Islamic Mutual Fund

The fact that Islamic laws prohibit paying and receiving interest doesn't mean that they frown on making money or encourage reverting to an all-cash or barter economy. At its core, Islamic finance is about linking the return to productivity and the quality of the project, thereby ensuring a more equitable distribution of wealth, based around a contract that manages risk. Islamic Mutual Fund is a unique form of SRI based on Shariah law. In addition to the keeping out of certain sectors, such funds do not deal any business or transactions involving interest either with or without risk, derivatives, selling short, music industry, cinema, any activity related to pork or any other activity that contradicts with Shariah. Islamic equity funds (IEFs) are similar to traditional equity funds in that investors pool their funds to invest in shares. However, the main difference between IEFs and standard equity funds is that investors in IEFs earn halal profits in strict conformity with the precepts of Islamic Shariah.

Bit of history
Although not formally given this name, Socially Responsible Investing has been around for some time. The history tells us that the Islamic, Christian, and Jewish religions have encouraged and embraced economic actions that coincided directly with their beliefs. In the 1500s, groups such as the Quakers in the US colonies engaged in an early form of social investing again, by using their core principles as a guide. Most people attribute the rise of todays SRI to the 1920s time period. During this decade, some churches encouraged individuals not to invest in companies that made money through gambling, tobacco, and alcohol. The year 1928 witnessed the first SRI, The Pioneer Fund. Fast forward a few decades to the 1960s, and it was the Vietnam War, the civil rights movement, and environmental issues that caused individuals to think about their investment practices in a thoughtful manner. However, one of the more popular success stories with respect to SRI in the last 20 years was the end of Apartheid in South Africa. This feat was brought about in large part because investors chose not to invest in South Africa under the current unacceptable social conditions. For many years, environmental issues have been a concern of investors as have other social issues such as tobacco, gambling, alcohol, labor rights, and human rights. The catastrophes at Chernobyl, Bhopal, and certainly the Exxon Valdez oil spill, made many investors to call on corporations to improve their environmental conduct. Socially Responsible Investing began as mainly a negative screening activity whereby investors would avoid companies that were actively involved with activities the investors considered to be undesirable. However, nowadays, there is more of a shift towards positive screening. Other changes in Socially Responsible Investing can be attributed to the general growth of the industry. For instance, there now are a variety of SRI investments that are being offered and the number of social and environmental issues that are being addressed have increased as well. Islamic finance is a relatively young but fast developing area of finance in recent times. Although the concept is as old as the religion itself, modern Shariah banking and investment industry really took off in the 1960s with the launch of the Social Bank in Egypt and started to grow exponentially in the 1970s and 1980s with the development of Islamic banks in GCC countries (e.g. the Islamic Development Bank and Dubai Islamic Bank). Islamic or Shariah compliant funds first appeared in the late 1960s in Malaysia and in the mid1970s in the Middle East region. Their creation was driven mainly by individuals, who were attracted by the idea of faith-based investments.

SRI and Islamic Mutual Funds

The current Status

In the last decade the SRI and Islamic Funds has increasingly gained importance. Although the political changes currently occurring in MENA (Arabic Spring), bear high risks in front of investment in general, we think it bears also great opportunities for SRI and Islamic Funds industry because Arabic societies, unlike before, will have major impacts on the national decisions. Shariah sensitive investors tend to park money with banks rather than investing in Islamic Funds which constitute only 5.6% of the US$1 trillion industry.

Estimated Islamic Finance Assets

Islamic Finance Assets Managed US$ 321 billion Islamic Funds The above chart shows: - There are big opportunities for Islamic Funds to grow. - Islamic Funds need to market themselves more - Many Muslims are not convinced to invest in Islamic Funds. A thorough study to analyze this big gap is crucial.

Near past, the global Islamic Fund management industry expanded by 7.6% in 2010, reaching US$58 billion in AuM; 13% higher than 2008.

SRI and Islamic Mutual Funds

Except the case of Malaysia, the over dependence on a few institutional investors is a key structural weakness in Islamic markets globally.

Equity dominates the overall AuM which remains concentrated in traditional asset classes.

SRI and Islamic Mutual Funds

Global commodity prices continued to rise in 2010 albeit at a slower pace than in 2009; the surge in gold and silver prices accounts for more than 80% of the Islamic Commodity Funds performance.

Screening Mechanisms
The vast majority of Shariah scholars are in agreement that investment in stocks are allowed, provided they meet certain criteria designed to minimize un-Islamic activities (since eliminating them would be impossible in most cases). These criteria were designed to help Muslims participate in the growth of equity markets while at the same time adhere to their religious beliefs. Shariah scholars continue to push for uniform rulings on investment guidelines and the need to develop equity markets in Muslim countries.

Screening Criteria
Shariah Compliant Screens: Shariah encourages the use of profit sharing and partnership schemes, and forbids riba (interest), maysir (gambling and pure games of chance), and gharar (selling something that is not owned or that cannot be described in accurate detail; i.e., in terms of type, size, and amount). For example: stocks whose core activities are or are related to the following are excluded: Banking, insurance or any other interest related activity. Alcohol, tobacco, gaming (gambling). Any activity related to pork. Activities deemed offensive to Islam. Sectors/companies significantly affected by the above based on a threshold of 5% of operating income (according to some scholars). Financial Screen:

Debt ratio:
If a companys Interest-Bearing Debt divided by Assets is equal to or greater than 33.33% it is excluded (<33.33% is acceptable).

SRI and Islamic Mutual Funds

 Dividend Cleansing:
"Tainted dividend" receipts relate to the portion, if any, of a dividend paid by a company that has been determined to be attributable to activities that are not in accordance with Islamic Shariah principles and therefore should be donated to a proper charity or charities. Reasons for the development of Islamic Indices: Fund managers needed to benchmark their performance against an Islamic peer. Created an opportunity to develop new Islamic products based off indices (i.e. index funds). Increased awareness and interest by both fund managers and investors. There are famous Islamic indices like, DJIM & FTSE Global Islamic Index: group of Shariah board & Quarterly review. In Saudi Arabia, most of the investors follow independent Fatwa from famous Shariah scholars, like: Dr. Abdulrahman Alatram. Dr. AbdulAziz Alfozan, http://main.islammessage.com/newspage.aspx?id=9663 Dr. Yosef AlShubaily, http://www.shubily.com/index.php?news=348 Dr. Mohammad AlOsaimi, http://www.halal2.com/main.asp?id=75 These scholars are widely accepted within Saudi Arabia and GCC. They study all the companies listed in the Saudi stocks markets and evaluate whether it is compliant with Shariah or not. The latter three issue lists and publish it in their websites. These lists show the following: Clean Islamic Stocks: these stocks are proven to be compliant with Shariah no need for any cleansing Tadheer. Mixed Islamic Stocks: in these stocks, 95% of its activities (or more) are Shariah compliant. In this case cleansing Tadheer is required. Cleansing ratio for Mixed stocks. The excluded stocks (which are not listed) are not compliant with Shariah. So they are prohibited. These lists are updated, at least, quarterly.

SRI and Islamic Mutual Funds

Many banks and financial institutions hire a Shariah/Islamic Advisor, to be responsible for: Establishing guidelines. Monitoring fund operations (usually done in quarterly reviews). Making updates to guidelines when and if needed. Setting proper accounting/dividend cleansing procedures. Offering investors peace of mind knowing that their investments are managed properly.

SRI Screening
SRI investors generally stayed clear of companies that made more than five percent of revenue from tobacco, alcohol, and nuclear or military weapons. The mainstream investment community is (now) examining the opportunities associated with sustainability promoting companies, technologies and investment funds. This ranges from clean-tech, to renewables and ecosystem services. The ERAFP SRI screening is based upon five principles: a. Human rights, including nondiscrimination, freedom of expression, the fight against corruption and money laundering. b. Social progress, including compliance with fundamental rules of labor law and contribution to professional development. c. Democratic labor environment, including the respect of employee rights and employee representatives. d. Environment, including activity environment impact and the existence of environmental risk management plans. e. Good governance and transparency, including the correct application of legal and fiscal rules, compliance with ethical rules and the transparency about operations and financial performance. Those criteria mostly serve in a best-inclass approach, by selecting assets that obtained the highest rating towards those criteria within an investment sector.

Performance Measurement, Fees, and Benchmarks

We strongly believe that evaluating the performance of SRI and Islamic Funds should address two aspects: 1. The extent to which the fund is Socially responsible. In case of Islamic Fund, the extent to which the fund is Islamic (Shariah compliant). In this aspect, people are differ in their degree of sensitivity to the finds that are not pure Islamic. So, there is a real weight of subjectivity here. Even Shariah Fatwa differ a lot in this regard. Some scholars allow up to (5%-15%) interest rate, with purification. Also, some Shariah scholars consider all the current models of insurance is not Islamic Haram. 2. Financial and economic analysis: in this dimension, there is no big difference with the non-ethical funds. Same methods can be applied. The only difference is that in the case of SRI, the financial value constitutes part of the overall fund evaluation. So, evaluating these types of fund should go through two consequence phases: o Phase 1, Measuring SRI-level or Shariah-Compliant: studying the fund from this standpoint, consulting specialist (including Shariah scholar) to reach to good estimation. Then based on that the investor set the threshold as per his believe. Based on that the investors set a value for each fund. We are presenting this value as per the following equation: The value= (*I) While : the sensitivity (%) of the investor to non-Islamic fund. I: the degree (%) to which the fund is adhering to Shariah, as per Shariah scholar or Fatwas, the investors considering them as the best Islamic opinion about the fund. (Up to our best knowledge, this is a new formula, which needs to be verified and tested) SRI and Islamic Mutual Funds

We believe that this type of valuation for this type of funds is very crucial as it measures one of the main objectives behind selecting these types of funds. o Phase 2, measuring the financial performance for those funds passed the first stage. By applying this method Muslim investors can evaluate the fund in an integrated manner that suits his believe. The same can be applied to SRI. There are some studies measuring the performance of Islamic Mutual Funds, however, they are still few comparing to the studies on the non-ethical ones. The following are some important studies that focus on measuring the performance Islamic Funds: Annuar, Shamsher and Ngu (1997), that assessed the performance of 31 Malaysian mutual funds for the period 1990-1995 by using the Treynor and Mazuy model (1966). They concluded from the study that there is evidence that the Malaysian funds used as objects of study did outperform their benchmark, but were poor at timing the market (the results are biased as the study includes some of the non-ethical funds). Elfakhani and Hassan (2005), examine the performance of Islamic Mutual Funds by using sample of 46 Islamic Mutual Funds which classified into eight sector-based categories based on their regional or sector investment exposure. Those categories are Global equity funds, American equity funds, European equity funds, Asian equity funds, Malaysian equity funds, Emerging markets equity funds, Emerging markets-South Africa and Small Cap/Technology funds. They compared the performance of those funds to two benchmarks which are Islamic index and the non-ethical ones. The results are somewhat consistent across the different measures and benchmarks. The Emerging markets funds category shows the best performance among all other samples over the whole study period, followed by the American and the Emerging markets-South Africa in the next position, while the worst performer on this study is Asian equity funds. Of the total samples, 29 funds are consistently over-performing the market; while 11 funds are overperform depending on the used performance measures and benchmark. Another finding on their study is that the performance of the Islamic Mutual Funds compared to both used benchmarks is better in the decline period compared to the booming one. This implies that the performance of the Islamic Mutual Funds is improving with the time. The study affirmed that the establishment of a credible equity benchmarks by Dow Jones Islamic Market Index (DJMI) and FTSE Islamic Index Series, followed by the Malaysian Kuala Lumpur Shariah Index, has been a turning point for the industry, giving both Islamic and Non-ethical investors a benchmark to use for comparison. The study concluded that: The emerging markets fund category shows the best performance among all sampled eight Islamic Mutual Funds categories. The Asian fund category shows the worst performance. The American and the emerging market-South Africa fund categories follow respectively the emerging markets category. Therefore, the main conclusion of this study was that the behavior of Islamic Mutual Funds did not differ from that of other non-ethical funds, with some Shariah compliant mutual funds over-performing their benchmarks and others under-performing them. Hayat (2006), on his study about the empirical assessment of Islamic Equity Fund Returns found that there is no significant difference when comparing the total returns of non-ethical and Islamic benchmarks. Furthermore he concluded that the Islamic Equity Funds have empirically outperformed their Islamic as well as non-ethical benchmarks during 2002. The main possible reason for this out performance mainly lies in the fact that the funds hold sizable amounts of cash and thus co vary little with the market, which also seems to hold in bear market conditions. Abdullah & et al (2007), found very interesting phenomena that needs more research to confirm it and if confirmed, analyzing the root causes behind such findings. The phenomena is that Islamic Funds performed better than the non-ethical funds during bearish economic trends while, non-ethical funds showed better performance than Islamic Funds during bulls conditions. SRI and Islamic Mutual Funds

Benchmarking
There are many indexes that are considered to be Shariah compliant around the globe. These indexes use as a benchmark for Islamic Funds. Some of indexes from different countries: Dow Jones Islamic Market Index, FTSE Islamic Market Index Series, Malaysian Kuala Lumpur Shariah Index, Jakarta Islamic Index, HK Islamic Index and KMI 30 Index.
In Saudi market, there are three indexes which are indicated as Shariah compliant:

1. Falcom, F30 Saudi Equity Index. 2. Falcom Petrochemical ETF. 3. HSBC Amanah Saudi 20 Equity Index. We will discuss Falcom, F30 in more detail in the following Section: The following criteria will be assessed on the quarterly maintenance: 1. Shariah compliant (screen 1) as per Falcoms Shariah screening. 2. For each stock to be eligible, non trading days in the Saudi Stock Exchange (Tadawul) must not exceed 7 trading days during the past quarter (screen 2). 3. Top 30 floating market capitalization stocks. The stocks should also be member of Tadawul public.
TADAWUL SYMBOL 1020 1120 1140 2350 2060 2250 2290 1211 2380 1150 2010 2020 2260 2310 2330 3020 3030 3040 3050 4190 5110 2050 2280 7010 7020 7030 4100 4250 4300 4030 COMPANY NAME Bank AlJazira Al Rajhi Bank BANK Albilad Saudi Kayan Petrochemical Company National Industrialization Co0 Saudi Industrial Investment Group Yanbu National Petrochemical Company Saudi Arabian Mining Company Rabigh Refining and Petrochemical Co Alinma Bank Saudi Basic Industries Corp Saudi Arabia Fertilizers Co Sahara Petrochemical Co Saudi International Petrochemical Co Advanced Polypropylene Company Yamamah Saudi Cement Co. Ltd Saudi Cement Company The Qassim Cement Co Southern Province Cement Co Jarir Marketing Co Saudi Electricity Company JSavola Group Almarai Company Saudi TeleCom Etihad Etisalat Co Mobile Telecommunications Company Saudi Arabia Makkah Construction & Development Co Jabal Omar Development Company Dar Alarkan Real Estate Development Company The National Shipping Co. of Saudi Arabia TRADING NAME BJAZ Al Rajhi AL Bilad Saudi Kayan Industrialization SIIG YANSAB MA'ADEN Petro Rabigh Alinma SABIC SAFCO Sahara Petrochemical Sipchem APPC Yamamah Cement Saudi Cement Qassim Cement Southern Cement Jarir Saudi Electricity SAVOLA Group Almarai STC Etihad Etisalat Zain KSA Makkah Jabal Omar Dar Al Arkan Shipping

SRI and Islamic Mutual Funds

The flowing snapshot is taken form falcomwatch.com, shows important information for the investors.

The Fees
The fee varies as per the type of the fund. For summary we will take one important Shariahcompliant fund. Al Rajhi GCC Shares Capital Protected Fund (90%) (Closed - End Fund) impose the following types of fees: Non-refundable fee at a maximum rate of 2% of the value of each subscription. Management expenses, including Board of Directors remuneration, audit fees, provided that such expenses shall not exceed a maximum of SAR 105,000 annually. (These expenses are calculated in advance at the commencement of the fund and set aside for annual expenses. Any unspent portion of the money will be returned to the fund at the maturity date).

SRI and Islamic Mutual Funds

Comparison with Non-Ethical

An Islamic Mutual Fund is similar to a non-ethical mutual fund in many ways; however, unlike its non-ethical counterpart, an Islamic Mutual Fund must conform to the Shariah investment precepts. The Shariah guidelines and principles govern several aspects of an Islamic Mutual Fund, including its asset allocation (portfolio screening), investment and trading practices and income distribution (purification). When selecting investments for their portfolio (asset allocation), non-ethical mutual funds can freely choose between debt-bearing investments and profit-bearing investments, and invest across all available industries. An Islamic Mutual Fund, however, must set up screens in order to select those companies that meet its qualitative and quantitative criteria set by Shariah guidelines as described earlier. Also, Islamic Mutual Funds cannot trade on margin; in other words, they cannot use interest-paying debt to finance their investments. It is also not permissible to engage in sale and repurchase agreements. Unlike non-ethical mutual fund managers, Islamic Fund Managers are not allowed to speculate. An Islamic economic unit is expected to assume risk after making a proper assessment of risk. Only in the absence of information or under conditions of uncertainty is speculation akin to a game of chance and is reprehensible.

Case of Islamic Funds:

Analyzing CIMB Islamic Equity Fund Performance
Location: Kuala Lumpur, Malaysia Domicile: Malaysia Fund Currency: Ringgit Malaysia Fund Size: RM55.87 million Fund Unit: 75.88 million units Fund Launch: 8 October 2004 Fund Inception: 8 October 2004 Benchmark: 50% FTSE Bursa Malaysia EMAS Shariah Index + 50% Dow Jones Islamic Asia Pacific ex Japan Dealing: Daily (as per Bursa Malaysia trading day) Application Fee: Up to 6.50% Management Fee: 1.50% p.a. Trustee Fee: 0.06% p.a. (min RM18,000 p.a.) Unit NAV: RM0.7362 The performance of this fund is very good. Always over the benchmark: 50% FTSE Bursa Malaysia EMAS Shariah Index + 50% Dow Jones Islamic Asia Pacific ex Japan. The following chart showing clearly that the positive gap between the benchmark and the fund performance chart is increasing over the time.

SRI and Islamic Mutual Funds

FUND PERFORMANCE in RM(Ringgit Malaysia):

YTD Fund -5.65 Benchmark -6.75

1 Month 6.80 8.17

3 Months -6.69 -6.54

6 Months -7.15 -8.10

1 Year -2.00 -3.47

3 Years 61.95 63.91

5 Years 63.76 37.84

Since Inception 88.84 48.60

Calendar Year Performance (%): 2010 Fund 10.30 Benchmark 12.25 Most Recent Fund Distributions:

2009 51.84 57.37

2008 -37.27 -47.06

2007 48.59 43.23

2006 24.15 23.79

2005 -2.26 -5.00

Gross (Sen/Unit)

2011 June 4.94

2009 Sep 4.00

2008 Oct 4.00

Also the chart shows that there was a drop in 2008 economic recession, however, the fund performance enhanced more than 60% from Nov. 2008 till Jan 2010. (the source of chart) http://www.cimb-principal.com/download/229201CIMB%20Islamic%20Equity%20Fund.pdf Asset Allocation: Shariah-compliant Equities (Local) Shariah-compliant Equities (Foreign) Cash 41.26% 42.00% 16.74%

The positive gap between the fund performance and the benchmark is increasing over the time.

SRI and Islamic Mutual Funds

Sectors and countries breakdown:

Risk statistics: beta 0.96 Standard Deviation 15.47 Information Ratio -0.13 Sharpe Ratio 0.88 3 years monthly data

Conclusion
Due to the difference in nature between SRI and non-ethical funds, performance measurement, fees, benchmarks and screening will differ. This paper is a try to introduce a definition for SRI and Islamic Funds and highlight the differences with more focus on Islamic Fund as a special form of SRI. In evaluating the performance of SRI or Islamic Funds, it is primitive to evaluate the extent to which the fund is SRI or Islamic. A 2-phase method for evaluating the performance of Islamic or SRI Fund has been introduced. According to many articles we come across, the performance of SRI or Islamic Funds does not show big difference than conventional funds. In 2008 recession period both types were affected badly. However it seems that Islamic Funds performed better than the non-ethical funds during bearish economic trends while, non-ethical funds showed better performance than Islamic Funds during bulls conditions.

SRI and Islamic Mutual Funds

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- http://www.imf.org/external/pubs/ft/survey/so/2010/res100410a.htm - http://www.bu.edu/law/central/jd/organizations/journals/banking/archives/documents/volume29 /KhanCrowne-Mohammed.pdf - http://www.aabri.com/manuscripts/09360.pdf - http://www.cemmap.ac.uk/forms/kuosmanen_paper.pdf

SRI and Islamic Mutual Funds