Page 30 - ECF_Thrive_Summer2025_flipbook

Generosity
Education
ECF: How is the Shariah portfolio
different from other ECF
endowments?
CQ: The only difference is in how
the funds are invested. The granting
process and long-term goals of
supporting communities are exactly
the same.
ECF: What makes an investment
Shariah compliant?
RA: Shariah investing follows two
main types of screenings. The first is
sector-based screens. These exclude
investments in industries such as
alcohol, tobacco, pork, conventional
banking, weapons, gambling and
certain forms of entertainment.
Companies earning more than 5
per cent of their income from these
sectors are excluded.
CQ: The second is accounting-
based screens. These limit
investments in companies with
high levels of debt or interest
income. Specifically, a company
must meet strict financial ratio
requirements, with thresholds no
higher than 33 per cent in three
key areas: total debt to market
capitalization, cash and interest-
bearing securities to market
capitalization, and accounts
receivables to market capitalization.
ECF: How does ECF ensure its
Shariah Investment Portfolio meets
these criteria?
RA: ECF has created a separate
investment policy for Shariah
compliance and follows standards
used by globally recognized
index providers. This ensures the
investments meet both sector and
financial screening guidelines.
Chris Quinn and Riad Assaf were recognized by the Al Rashid Education
Foundation for their work creating Canada’s first Shariah Compliant
Investment Portfolio at the Edmonton Community Foundation.
ECF: Why did ECF create this option?
CQ: As part of our commitment to
diversity, equity, and inclusion, ECF
introduced the Shariah Endowment
Fund to provide more inclusive
giving opportunities. This allows
Muslim donors to participate in
endowment giving in a way that
aligns with their beliefs, helping
build stronger and more inclusive
communities.
30 Together we thrive
30 Together we thrive