Sharīah investment screening criteria: A critical review

The primary objective of the study is to provide a comprehensive description of the contemporary shari ah investment screening process and its implication on the practices of managing mutual funds. this will be done by critically reviewing the application of such screening criteria,from both shari ah and practical perspectives,and providing some suggestions for improvement. in practice there appears to be inconsistencies in the shari ah investment screening criteria among islamic investment institutions,as well as the changing of the shari'ah rules over time. that shakes confidence in the application of shari'ah screening criteria,which might adversely affect the islamic mutual funds industry. the paper,therefore,attempts to identify such inconsistencies and proposes some practical solutions which may restore confidence in the investment screening process.