UMMA

UMMA, though actively managed, seeks to achieve similar returns as the Dow Jones Islamic Market International Titans 100 Index. In doing so, the fund invests in a portfolio that generally replicates the index's holdings, which comprises 100 of the largest Shariah-compliant companies outside the US. This includes firms from developed, emerging, and frontier markets. The selection process starts by removing companies that derive more than 5% of their revenue from Shariah-prohibited activities such as: non-Islamic finance, alcohol, tobacco, weapon, pork-related products, and certain forms of entertainment. Remaining firms are then filtered using accounting-based screens that focus on certain financial ratios. In addition, companies are further screened to assess ESG risks relating to issues, such as illegal commercial practices, human rights, labor disputes, and workplace safety. UMMA's international exposure complements HLAL, its sibling fund that holds Shariah-compliant US securities.