Pioneering India Focused
Pioneering India
Focused
Shari'a Compliant & Ethical Investing
Shari'a Compliant &
Ethical Investing
About
Zamzam Capital is a Shari’a-compliant investment research and advisory firm, which advocates a sound and ethical approach to wealth management and investment strategies in accordance with Islamic principles. We prioritize investments in businesses that comply with Islamic ethics, such as those involved in Halal industries, while adhering to principles of risk-sharing and asset-backed financing. By striking a balance between financial goals and ethical principles, Zamzam Capital offers a unique avenue for responsible and sustainable wealth growth for those seeking to invest within the framework of the Shari’a.
Grounded in the tenets of Shari’a law, we guide individuals and institutions to make the right investment decisions in India that align with Islamic values, ensuring that investments are ethically sourced and structured to avoid prohibited elements such as interest (riba), excessive uncertainty (gharar) and gambling (maysir)
Vision
Indian Muslims are known to be among the most financially backward and excluded groups in the country and by virtue of being the largest minority community, the economic development of the Indian Muslim community is a key driver to aid India’s overall economic development and in meeting the target of a $10 trillion economy by 2030.
In this regard, Indian Muslims are even more under-represented in the financial markets, which given that India is now the 5th largest stock market and one that is among the most favored Emerging Markets by global investors is a huge opportunity for the community to squander. This is because most Indian Muslims still do not have access to both accurate Islamic financial education, including knowledge of the key tenets of Halal investments and even a basic understanding of the capital markets.
Moreover, observant Muslims tend to shy away from the financial markets because they do not want to invest in forbidden (haram) assets unintentionally, which is very true if even one of the key principles of halal investments are violated. As a result, most Muslims are not enjoying the same financial rewards that non-Muslims are reaping by participating in the financial markets.
To address this problem, Zamzam Capital is proud to remove a key bottleneck that many investors in the community face by providing an authentic and certified updated Halal List of stocks for the Indian market on a completely free basis for the benefit of the community. We hope this initiative will go a long way to improve the overall participation of the community in the Indian capital markets and drive their financial inclusion as they are able to invest in larger numbers as per the dictates of their faith.
Team
Saif Ahmed, Managing Partner
Saif is a prominent Islamic Finance & Investments practitioner who specializes in developing Shari’a compliant savings, credit and investment products for the Indian market. He is the Managing Partner at Zamzam Capital, a Shari’a compliant investment research & advisory firm focused on the Indian financial markets. He had earlier managed Zayd Chit Funds Pvt. Ltd., which was India’s first Shari‘a compliant licensed chit fund company. Saif began his career as an investment banker working for Merrill Lynch and J.P. Morgan in New York and London. He later worked in senior roles as an Islamic Banker in Kuwait with the investment subsidiaries of Kuwait Finance House, the 2nd largest Islamic Bank in the world and has also served as the Head of Risk Management at Rehbar Financial Consultants in Bangalore. Saif graduated from Bates College, USA with a double major in Economics and Mathematics and is also a graduate of the London School of Economics (LSE). He has passed the Series 7 and 63 securities exams conducted by the Financial Industry Regulatory Authority (FINRA), USA and the Series-VI and XV (Research Analyst) exams conducted by the National Institute of Securities Markets (NISM).
Saif Ahmed, Managing Partner
Saif is a prominent Islamic Finance & Investments practitioner who specializes in developing Shari’a compliant savings, credit and investment products for the Indian market. He is the Managing Partner at Zamzam Capital, a Shari’a compliant investment research & advisory firm focused on the Indian financial markets. He had earlier managed Zayd Chit Funds Pvt. Ltd., which was India’s first Shari‘a compliant licensed chit fund company. Saif began his career as an investment banker working for Merrill Lynch and J.P. Morgan in New York and London. He later worked in senior roles as an Islamic Banker in Kuwait with the investment subsidiaries of Kuwait Finance House, the 2nd largest Islamic Bank in the world and has also served as the Head of Risk Management at Rehbar Financial Consultants in Bangalore. Saif graduated from Bates College, USA with a double major in Economics and Mathematics and is also a graduate of the London School of Economics (LSE). He has passed the Series 7 and 63 securities exams conducted by the Financial Industry Regulatory Authority (FINRA), USA and the Series-VI and XV (Research Analyst) exams conducted by the National Institute of Securities Markets (NISM).
Managing Partner
Shafik Ahmed, Partner
Shafik has over 40 years experience in management, business development, investments and marketing spread across various businesses and companies in India, Nigeria and Azerbaijan. He is the Partner at Zamzam Capital LLP, a Shari’a compliant wealth management and research firm focused on the Indian stock market. A Mechanical Engineer, by qualification from BMS College of Engineering, Shafik began his career with Bharat Fritz Werner in Bangalore. He has been involved with the Indian stock market since the mid-1980s, which has given him exposure to various market cycles of boom and bust during this time and thus he brings a tremendous wealth of experience in the capital markets. Shafik is also a co-founder of Infinity Consultants, an Islamic Finance focused advisory and training firm and also served as a Director of Zayd Chit Funds Pvt. Ltd., India’s first Shari’a compliant licensed chit fund company based in Bangalore. He is a trustee with Zayd Foundation and is an avid golfer in his free time.
Shafik Ahmed, Partner
Shafik has over 40 years experience in management, business development, investments and marketing spread across various businesses and companies in India, Nigeria and Azerbaijan. He is the Partner at Zamzam Capital LLP, a Shari’a compliant wealth management and research firm focused on the Indian stock market. A Mechanical Engineer, by qualification from BMS College of Engineering, Shafik began his career with Bharat Fritz Werner in Bangalore. He has been involved with the Indian stock market since the mid-1980s, which has given him exposure to various market cycles of boom and bust during this time and thus he brings a tremendous wealth of experience in the capital markets. Shafik is also a co-founder of Infinity Consultants, an Islamic Finance focused advisory and training firm and also served as a Director of Zayd Chit Funds Pvt. Ltd., India’s first Shari’a compliant licensed chit fund company based in Bangalore. He is a trustee with Zayd Foundation and is an avid golfer in his free time.
Partner
Mujahid Ahmed, Investment Advisor
Mujahid is a seasoned investor and advisor in the Indian stock market since 2004, and has since been advising many clients on various financial products available in the market. He began his career with Indiabulls Securities and later worked at IIFL Securities for 17 years where he held the title of Associate Vice President. Mujahid specializes in macroeconomic analysis of all key factors affecting the Indian markets and is an expert in both technical and fundamental analysis. He is a Computer Engineer by qualification and has passed the Series V and VIII exams conducted by the National Institute of Securities Markets (NISM).
Mujahid Ahmed, Investment Advisor
Mujahid is a seasoned investor and advisor in the Indian stock market since 2004, and has since been advising many clients on various financial products available in the market. He began his career with Indiabulls Securities and later worked at IIFL Securities for 17 years where he held the title of Associate Vice President. Mujahid specializes in macroeconomic analysis of all key factors affecting the Indian markets and is an expert in both technical and fundamental analysis. He is a Computer Engineer by qualification and has passed the Series V and VIII exams conducted by the National Institute of Securities Markets (NISM).
Senior Advisor
Shari'a Board
Mufti Asadullah Qasmi, Shari’a Board Member
Mufti Asadullah is a trained and highly qualified Islamic jurist and one of the few religious scholars in India who have researched and worked in the field of Islamic finance. He wrote almost 1,000 fatawa (religious rulings) as an assistant to the Head of the Darul Ifta (Islamic Jurisdiction) department in India’s premier Islamic seminary Darul Uloom Deoband from 2004 to 2006, through which he gained practical insights in applying his specialized training in Islamic jurisprudence, following which he worked as a Shari’a Advisor with both Parsoli Corporation and Pragmatic Wealth Management Pvt. Ltd. (Islami Tijara) in Mumbai from 2009 to 2011, advising on various Shari’a compliance issues related to Islamic banking and capital markets. Mufti Asadullah is also the coordinator for the online fatwa service for Markazul Ma’arif Education & Research Centre (MMERC) in Mumbai. He has qualifications in Fazilat (M.A.), Arabic Adab, Takhassus fil Ifta and Tadreeb-e-Ifta from Darul Uloom Deoband, India. In addition, he has diplomas in English language and literature and is a B.Com graduate from the Maulana Azad National Urdu University.
Mufti Asadullah Qasmi, Shari’a Board Member
Mufti Asadullah is a trained and highly qualified Islamic jurist and one of the few religious scholars in India who have researched and worked in the field of Islamic finance. He wrote almost 1,000 fatawa (religious rulings) as an assistant to the Head of the Darul Ifta (Islamic Jurisdiction) department in India’s premier Islamic seminary Darul Uloom Deoband from 2004 to 2006, through which he gained practical insights in applying his specialized training in Islamic jurisprudence, following which he worked as a Shari’a Advisor with both Parsoli Corporation and Pragmatic Wealth Management Pvt. Ltd. (Islami Tijara) in Mumbai from 2009 to 2011, advising on various Shari’a compliance issues related to Islamic banking and capital markets. Mufti Asadullah is also the coordinator for the online fatwa service for Markazul Ma’arif Education & Research Centre (MMERC) in Mumbai. He has qualifications in Fazilat (M.A.), Arabic Adab, Takhassus fil Ifta and Tadreeb-e-Ifta from Darul Uloom Deoband, India. In addition, he has diplomas in English language and literature and is a B.Com graduate from the Maulana Azad National Urdu University.
Shari’a Board Member
Mufti Ibrahim Essa, Shari’a Board Member
Mufti Ibrahim is one of leading global Shari’a scholars in the field of Islamic banking & finance and a direct student of Mufti Taqi Usmani in Pakistan. He is the CEO of Alhamd Sharia Advisory Services Pvt. Ltd. and is also a Shari’a Advisor to Shariyah Review Bureau, Bahrain, one of the world’s most prominent Shari’a advisory firms. Mufti Ibrahim serves on the Shari’a Board of several Islamic financial institutions across the world, such as Algbra (United Kingdom), Kompanion-Investment (Kyrgyzstan), Craft 3 Investment (USA), EFU Takaful (Pakistan) and Atrium Underwriting Syndicate-Lloyd’s of London (United Kingdom). He has also written more than four thousand Fatawas on different topics and has completed his Darse Nizami (Masters in Quran and Sunnah) and Takhassus fil Ifta (Specialization in Islamic Jurisprudence) from Jamiah Darul Uloom Karachi, where he also serves as a Member of its Darul Ifta Department.
Mufti Ibrahim Essa, Shari’a Board Member
Mufti Ibrahim is one of leading global Shari’a scholars in the field of Islamic banking & finance and a direct student of Mufti Taqi Usmani in Pakistan. He is the CEO of Alhamd Sharia Advisory Services Pvt. Ltd. and is also a Shari’a Advisor to Shariyah Review Bureau, Bahrain, one of the world’s most prominent Shari’a advisory firms. Mufti Ibrahim serves on the Shari’a Board of several Islamic financial institutions across the world, such as Algbra (United Kingdom), Kompanion-Investment (Kyrgyzstan), Craft 3 Investment (USA), EFU Takaful (Pakistan) and Atrium Underwriting Syndicate-Lloyd’s of London (United Kingdom). He has also written more than four thousand Fatawas on different topics and has completed his Darse Nizami (Masters in Quran and Sunnah) and Takhassus fil Ifta (Specialization in Islamic Jurisprudence) from Jamiah Darul Uloom Karachi, where he also serves as a Member of its Darul Ifta Department.
Shari’a Board Member
Mufti Mohammad Yahya Qasmi, Shari’a Board Member
Mufti Mohammad is one of the few religious scholars in India who have researched and worked in both the fields of Islamic Banking & Finance and Halal Certification. He presently serves as the Shariah Auditor and Halal Coordinator at the Jamiat Ulama Halal Foundation (JUHF) Certification Pvt. Ltd., from 2012 onwards, which is India’s premier independent Halal Certification body. Mufti Mohammad began his career working as a Shari’a Advisor and Financial Analyst with Pragmatic Wealth Management Pvt. Ltd. in Mumbai where he worked on the research, audit and monitoring of Shari’a Compliant investment products related to the capital markets and also served as the Sub-Editor for the Islami Tijara magazine. He has also served as a former member of the Islamic Investment & Finance Board in India and has published various articles in Urdu & English on Islamic Economics and Finance in national newspapers and magazines. Mufti Mohammad has completed both his Fazilat & Takmil-e- Ifta (Specialization in Islamic Jurisprudence) from the prestigious Darul Uloom Deoband and has done his B. A., M.A. & M.Phil Arabic (Hons) from Jamia Millia Islamia, Delhi.
Mufti Mohammad Yahya Qasmi, Shari’a Board Member
Mufti Mohammad is one of the few religious scholars in India who have researched and worked in both the fields of Islamic Banking & Finance and Halal Certification. He presently serves as the Shariah Auditor and Halal Coordinator at the Jamiat Ulama Halal Foundation (JUHF) Certification Pvt. Ltd., from 2012 onwards, which is India’s premier independent Halal Certification body. Mufti Mohammad began his career working as a Shari’a Advisor and Financial Analyst with Pragmatic Wealth Management Pvt. Ltd. in Mumbai where he worked on the research, audit and monitoring of Shari’a Compliant investment products related to the capital markets and also served as the Sub-Editor for the Islami Tijara magazine. He has also served as a former member of the Islamic Investment & Finance Board in India and has published various articles in Urdu & English on Islamic Economics and Finance in national newspapers and magazines. Mufti Mohammad has completed both his Fazilat & Takmil-e- Ifta (Specialization in Islamic Jurisprudence) from the prestigious Darul Uloom Deoband and has done his B. A., M.A. & M.Phil Arabic (Hons) from Jamia Millia Islamia, Delhi.
Shari’a Board Member
All our activities are certified as Sharia compliant on an ongoing basis by the Sharia Board of Infinity Consultants
Products
We presently offer two products: ZC-Momentum & ZC-Positional on a quarterly or annual subscription model.
Product details are as follows:
- Targeted at investors seeking to exploit short to medium-term momentum in equities by capturing price swings using favourable risk/ reward metrics with a focus on small & mid-cap stocks having a market cap exceeding INR 500 Cr
- Research methodology based upon technical and fundamental analysis
- Recommendations for both entry and exit with ranges and stop loss in Equity Cash segment (including newly listed IPOs) are provided with an expected frequency of 5 to 10 recommendations every month (except in periods of market weakness where the focus will be on cash preservation) with an expected holding period ranging between 2 to 10 weeks
- Shari’a compliant
- Advisable Minimum Capital: INR 3,00,000
- Targeted at investors seeking to capture medium to long-term sectoral rotation trends in the market rather than focusing on short-term price fluctuations with a focus on small & mid-cap stocks having a market cap exceeding INR 1000 Cr
- Research methodology based upon industry cycles, competitor analysis, SWOT analysis, technical and fundamental analysis
- Recommendations for both entry and exit with ranges and stop loss in Equity Cash segment (including newly listed IPOs) are provided with an expected frequency of 4 to 6 recommendations every month (except in periods of market weakness where the focus will be on cash preservation) with an expected holding period ranging between 12 to 30 weeks
- Shari’a compliant and operated as a JV with Saukar.in
- Advisable Minimum Capital: INR 3,00,000
For payment and subscription details, please get in touch with us at subscriptions@zamzam-capital.com
Halal Investing
Historically, the focus of Halal and Haram has been most prominent when it comes to food, but the concept of Halal and Haram must also be applied to all things beyond food including lifestyle, finances, investments, and business. As the Muslim population globally continues to grow, so too does the appetite for investing as per Shari’a norms or Halal investing. The Shari’a offers a wholesome investing module that looks at investments through multiple lenses and has parallels with many other investment strategies such as ESG, impact investing, socially responsible investing and ethical investing.
Halal is a word in Shari’a which means lawful and permissible. Halal investing is simply investing according to the guidance found in Islam. This guidance is derived from the primary sources of Islam, the revealed word of Allah, the Qur’an, and the teachings and guidance from the final Prophet, Prophet Muhammad ﷺ. (pbuh)
Halal investing requires the investor to know all about investment products and understand how they work and only then would it be possible to assess if the investment is in line with Islamic finance principles. For Muslims, one of the most critical aspects of Shari’a law is ensuring that all income sources are Halal. Islamic finance places huge importance on ensuring that income is Halal (legitimate) and this is enshrined in the Holy Quran. It would not be inaccurate or exaggerating if it was said that Halal investing incorporates all of these factors. Ibn Taymiyyah (d. 728AH/1328CE) states:
“Shari’a was revealed to establish and perfect that which is beneficial and to prevent and eliminate that which is harmful.” [Fatawa ibn Taymiyyah]
Shari’a law lays down principles and regulations Muslim investors must comply with if they want to invest in halal products. According to Shari’a rules, compliance with Islamic finance principles leads to a more ethical and just society. This goes against the western notion that making money is the ultimate aim for investors where one party benefits at the expense of others due to the key evils undermining conventional banking & finance, namely interest, excessive uncertainty and gambling. Whilst Islamic finance does not prohibit making money, it does place emphasis on ethics, justice and mutual benefit, so that a balance is achieved between religion, family, life, intellect, and property. Thus, Halal investments encourage Muslims to invest responsibly and always ethically. It is still very possible to make money ethically with the right investments.
7 Key Principles
Halal investing has 7 key principles with very clear indicators and signs, which can be summarized as follows:
Halal investments must avoid earning or paying interest, as it is considered usurious and exploitative under Shari’a.
Halal investments focus on companies and sectors that are deemed ethical and socially responsible. They avoid investing in companies involved in harmful activities, such as gambling, alcohol, tobacco, pornography, or weapons manufacturing.
Halal investments should not involve excessive uncertainty or risk, speculation, or deceit. Investing in any short-selling or uncertain contracts are forbidden in accordance with Islamic finance principles. Transactions should be transparent, and all parties must have a clear understanding of the terms and conditions of the investment.
Shari’a law prohibits speculation or gambling. So, if any form of investing includes contracts where the ownership is dependent on events in the future that are uncertain, this is deemed to be precarious. Thus investments in swaps, futures, derivatives or options, CDOs, CFDs, etc. are not permissible.
Halal investments can never have their principal amount invested guaranteed under any circumstances (no capital protection).
Halal investments need to result in full ownership and constructive possession to the investor for their returns to be permissible. Thus short selling and intraday trading are not permissible.
Returns from Halal investments can only be forecasted as expected returns and can never be fixed as there will always be an element of risk that can lead to a loss or lower than forecasted returns.
Conclusion
In the final analysis, Halal investing emerges not just as a religious obligation for Muslims, but a comprehensive, ethical investment framework that brings together financial performance and societal benefits. Its alignment with sustainable and responsible investing, its focus on real economic sectors, and its emphasis on financial justice make it a compelling investment strategy for anyone seeking to combine financial returns with ethical considerations. Whether you are a Muslim aiming to align your investments with your faith, or a non-Muslim investor seeking a moral compass for your financial choices, Halal investing provides a robust, ethical path to wealth creation. As we navigate the complex world of investing, let’s remember that making money and making a positive difference are not mutually exclusive – and Halal investing is a testament to that belief.
Services
Halal is a word in Shari’a which means lawful and permissible. Halal investing is simply investing according to the guidance found in Islam. This guidance is derived from the primary sources of Islam, the revealed word of Allah, the Qur’an, and the teachings and guidance from the final Prophet, Prophet Muhammad ﷺ. (pbuh)
Historically, the focus of halal and haram has been most prominent when it comes to food, but the concept of halal and haram must also be applied to all things beyond food including lifestyle, finances, investments, and business. As the Muslim population globally continues to grow, so too does the appetite for investing as per Shari’a norms or halal investing. Halal investing is driven by the Shari’a guidance. Shari’a is a wholesome investing module that looks at investments through multiple lenses and has parallels with many investment strategies such as ESG, impact investing, socially responsible investing and ethical investing.
Advisory
Advisory services involve providing financial advice and recommendations to clients. Financial advisors assess a client’s financial situation, goals, risk tolerance, and investment preferences to offer guidance on investment decisions.
Training
Training services in the financial context refer to educational programs, courses, or workshops designed to enhance an individual’s or a group’s knowledge and skills in managing finances and investments.
Portfolio Management
Portfolio management involves the active management of an investment portfolio on behalf of an individual or institutional client. Portfolio managers make investment decisions, including asset allocation, security selection, and risk management.
Screening Criteria
Given the variance in Shari’a screening criteria for identifying permissible shares to invest in, the Shari’a Board of Zamzam Capital decided to determine our Halal List of shares for the Indian stock market as per the Shari’a screening criteria as prescribed by Mufti Muhammad Taqi Usmani (DB), who is considered to be the key global authority in Islamic Banking & Finance and one of the foremost Islamic scholars in the present age.
Additionally, our Shari’a screening criteria has been certified as being permissible by prominent Islamic seminaries within the country in the form of solicited legal opinions (fatawa), which include:
- Darul Uloom Deoband, Deoband, India
- Mazahir Uloom, Sahranpur, India
- Darul Uloom Nadwatul Ulema, Lucknow, India
- Imarat Sharia, Patna, India
We thus use the following six screening criteria for determining our Halal List of permissible shares:
Core business of the company being invested in must be Halal and in line with the dictates of Shari’a. Hence, investment in securities of any company dealing in conventional banking & finance, conventional insurance, alcoholic drinks, tobacco, pork and other non-halal food products, gambling/gaming, music, movie production, selling of gold & silver jewelry on deferred basis, advertising, arms manufacturing, cloning and pornography or related activities is not permissible.
Note: In cases where the above the non-permissible business activities or sectors constitute less than 5% of total revenue of a company (this is known as the 5% rule) then such companies shall not be excluded from the Halal List.
Core business of the company being invested in must be Halal and in line with the dictates of Shari’a. Hence, investment in securities of any company dealing in conventional banking & finance, conventional insurance, alcoholic drinks, tobacco, pork and other non-halal food products, gambling/gaming, music, movie production, selling of gold & silver jewelry on deferred basis, advertising, arms manufacturing, cloning and pornography or related activities is not permissible.
Note: In cases where the above the non-permissible business activities or sectors constitute less than 5% of total revenue of a company (this is known as the 5% rule) then such companies shall not be excluded from the Halal List.
Debt to Total Assets ratio should be less than 33%. Debt, in this case, is classified as any interest bearing debts including conventional lease liabilities. Zero coupon bonds and preference shares are, both, by definition, part of debt.
Note: We use an even lower threshold of 33% Debt vs. 37% Debt used in the referenced Screening Criteria in the above ratio as per the guidelines of our Shari’a Board given that the Indian market just considering the NSE gives a large number of Shari’a compliant shares and thus a lower threshold of 33% is the correct ratio to be used for the Indian market.
The ratio of Non-compliant Investments to Total Assets should be less than 33%. Investment in any Non-compliant security shall be included for the calculation of this ratio.
The ratio of Non-compliant Income to Total Revenue should be less than 5%. Total Revenue includes Gross Revenue plus any other Income earned by the company.
Note: Non-compliant Income below the above threshold should be purified by removing the relevant proportion from received dividends and donating the same to charity.
The ratio of Non-Liquid Assets to Total Assets should be at least 20%. Non-Liquid Assets, here are defined as any asset that Shari’a permits to be traded at a value other than its par value.
The Market Capitalization should be greater than the Net Liquid Assets calculated as: (Total Assets – Non Liquid Assets – Current Liabilities) divided by the total number of shares outstanding.
Halal List
Our Shari’a screening is conducted on a quarterly basis after the market closes on the last trading day of each quarter and the resulting updated Halal List shall be published below. We only screen shares of those companies that are listed on the National Stock Exchange (NSE) and whose Market Capitalization is greater than or equal to INR 500 Crores on the screening date.
TO BE UPDATED
Knowledge
Mufti Taqi Usmani, An Introduction to Islamic Finance
Mufti Taqi Usmani, Full Text of the Historical Judgment on Interest (2000)
Islamic Microfinance Report (Source: Allen & Overy)
Worldwide List of Islamic Financial Institutions (Source: Islamicfinance.de)
Mufti Taqi Usmani, Principles of Shari’ah Governing Islamic Investment Funds
Mufti Taqi Usmani, Sukuk and their Contemporary Applications
Mufti Taqi Usmani, Post-Crisis Reforms: Some Points to Ponder
A Primer on Islamic Finance (Source: CFA Institute)
Guide to Islamic Banking (Source: Meezan Bank)
The Future of Islamic Banking (Source: AT Kearney)
Guide to Zakat (Source: Meezan Bank)
Islamic Inheritance Calculator
Dubai International Finance Centre (DIFC) Guide to Islamic Finance
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)
Note: Zamzam Capital does not endorse content from the links provided, which are referenced for information purposes only.
Newsletter
ZamZam Capital provides a weekly newsletter to highlight our unique perspectives on the Indian stock market with our twin focus on growth oriented and Sharia compliance.
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