To account for this, purification totals are calculated on a fund basis by each fund manager in accordance with the guidelines set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Although our portfolio manager OneVest follows strict Shariah-based AAOIFI guidelines when investing, shareholders are still advised to cleanse any impermissible income earned by companies by donating it to charity and should not benefit directly or indirectly from these donations. Manzil provides only purification calculation figures, which are conservative estimates and may not reflect the exact amount of income earned from non-permissible activities.
Manzil Invest clients are responsible for disbursing the amount of purification to their preferred charities or recipients. It may be paid in kind from any money they have in their checking and/or savings accounts. Clients bear all liability for any taxes and/or penalties that may be incurred when money is withdrawn from an account. Manzil is not responsible for any inaccuracies in the purification calculation figures or for the payment of purification from a specific account.
Manzil Mortgage Services Inc. holds the following licenses: Ontario # 13411, British Colombia # MB601417
Saskatchewan # 512027, Nova Scotia # 2022-3000552, and Alberta.
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