Updated: 03 February 2026

Shariah Pronouncement (“FATWA”) With Respect To NoorVest Investment Platform

NoorVest Shari’ah Compliance with AAOIFI Standards

AAOIFI stands for the Accounting and Auditing Organization for Islamic Financial Institutions. It is a non-profit organization that was established in 1991 to develop accounting, auditing, governance, ethics, and Shari’ah standards for Islamic financial institutions. AAOIFI aims to enhance the transparency, efficiency, and stability of the Islamic finance industry by providing standardized guidelines and frameworks.
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Investments must comply with AAOIFI standards.
> Prohibited activities include conventional banking, insurance, gambling, alcohol, pork products, and other non-Shari’ah compliant activities.
> Financial ratios for compliance include: Interest-based debt/market capitalization < 30%Interest-earning deposits or securities/market capitalization < 30%Income from prohibited activities/total income < 5%
> Screening for halal compliance is conducted quarterly via MuslimXchange and further assessed by Amanie International, Noorvest's Shariah Advisor.

Overview of the Platform:

The Platform is a US-based financial technology (FinTech) investment platform that provides Shariahcompliant wealth management and financial planning solutions. The Platform facilitates halal investing through customised, values-based investment portfolios that exclude interest-based instruments and Shariah-non-compliant sectors, applying Shariah screening in line with AAOIFI methodology.

The Platform offers advisory and investment-related services, including portfolio construction andmanagement support, retirement and tax planning, estate and legacy planning.

From a Shariah perspective, the relationship between the Platform and its users is structured on the basis of Ijarah al-Khadamat (fee-based services), whereby the Platform acts as a service provider and receives a pre-disclosed service fee in consideration for the services rendered. The Platform does not guarantee investment returns, and all investment risks remain with the users.

The Platform relies on MuslimXchange (“MX”), which conducts Shariah screening of listed securities.MX updates the Shariah compliance status of securities on a quarterly basis, aligned with the releaseof issuers’ financial statements and in accordance with standard Shariah screening practice. Anychanges in compliance status are reflected following the scheduled review cycle, and users are notifiedaccordingly.

Shariah oversight of MX is provided by an AAOIFI-Certified Shariah Advisor and Auditor (CSAA), whooversees the development, implementation, and ongoing review of the screening methodology and thepreparation of related Shariah reports.

The Platform incorporates specific operational controls to ensure Shariah compliance, including the disabling of margin trading, short selling, and securities lending. As a result, all trades executed through

the Platform are conducted on a cash-only basis, consistent with Islamic brokerage principles and Shariah requirements.

Other Ethical Considerations

Clients may impose restrictions to ensure investments align with their ethical values.Examples include excluding investments in certain industries or focusing on environmentally sustainable companies.

Purification

Purification refers to the process of cleansing or purging any income that are derived from non-compliant sources. This is done to ensure that the financial activities and earnings remain in accordance with Shari’ah principles. NoorVest calculates the portion of income that is non-compliant and shares it with the client on an annual basis.

Review of Accounts:

Periodic Review

Investment Portfolios are reviewed quarterly by the Chief Compliance Officer, Tarif Homsi.
Reviews focus on risk tolerance, account objectives, investment time horizon, suitability, asset allocation, rebalancing opportunities, and tax loss harvesting.
Financial plans are updated at least annually or as requested by the client.

For more information on AAOIFI standards, the detailed list can be accessed through the AAOIFI website through: https://aaoifi.com/shariah-standards-access-form/?lang=en