• IFR 6.6 IFR 6.6 Investments in other Funds

    • IFR 6.6.1

      (a) An Islamic Fund which is a Public Fund may invest in Units of another Fund, except where otherwise provided in the Fund Rules, only where the Fund Manager has taken reasonable care to determine, before investing in that other Fund, it:
      (i) is the subject of an independent annual audit conducted in accordance with IFRS or US GAAP;
      (ii) has mechanisms in place to enable Unitholders to redeem their Units within a reasonable time if it is an open-ended Fund;
      (iii) is prohibited from having more than 20% of its gross asset value in the Units of other Funds; and
      (iv) has a proper and disclosed basis for asset valuation and the pricing of Units in that Fund.