Investment grade shari'ah (Islamic) compliant financial product

The method of creating a financial instrument comprising:

• depositing funds for the acquisition of the financial instrument from that subscriber into a non-interest bearing, depository account designated for subscription proceeds;
• following receipt of sufficient proposed subscription proceeds, depositing funds for the acquisition of the financial instrument into a non-interest bearing, depository reserve account or Shari'ah compliant investment account designated for the reservation and holding of funds;
• issuing temporary certificates in favor of the subscribers which secure and represent subscription proceeds prior to the issuance of the financial instruments;
• issuing a guarantee for the benefit of the subscribers payable in the event of default;
• upon receipt of the guarantee, substituting investment units for the temporary certificates then held by the Subscribers/Investors.

The method of creating a financial instrument comprising:

• creating or nominating an entity which issues financial instruments;
• securing a rating of the financial instruments by a credit rating agency;
• issuing a guarantee for the benefit of subscribers payable in the event of default;
• monitoring as to Shari'ah (Islamic) investment compliance;
• causing the sale, liquidation, refinance and/or other like action concerning investments in order to cover costs, payments and expenses associated with the repurchase of the financial instruments from the subscribers;
• and
• in the event that proceeds collected from the Investments are insufficient to cover the full cost of repurchase, calling for payment under the guarantee.

A financial instrument comprising:

• an investment vehicle which complies with Shari'ah investment guidelines;
• the investment vehicle effectuating a passive or semi-passive investment by an individual or institution which observes Islamic law in the establishment of its investment criteria and the implementation of its investment practices;
• and
• the investment vehicle qualifying as investment-grade, ratable securities within a capital markets environment.