The Shariah Advisory Committee behind the CAL Islamic Money Market Fund
Fully Shariah-compliant. Every rupee is invested under approved Shariah principles — screened, structured and supervised by an independent panel of accredited scholars.
The CAL Islamic Money Market Fund is built for investors seeking a low-risk, ethical and faith-based way to put their money to work — investing in instruments such as Mudharaba deposits, Wakala term deposits and short-term Sukuk.
What makes the fund genuinely Shariah-compliant is not a label — it is the ongoing oversight of an independent Shariah Advisory Committee. Before any instrument enters the fund, it is screened and approved against Shariah principles. The scholars review fund structures, approve the underlying contracts, guide product development, and conduct periodic Shariah audits to confirm the fund continues to operate exactly as designed.
What the Committee does
- Screens every instrument the fund invests in — Sukuk, commercial papers and structured deposits — against Shariah rules.
- Approves fund structures and contracts so returns are generated ethically and without interest (riba).
- Supervises on an ongoing basis, providing continuous Shariah governance over how the fund is run.
- Conducts periodic Shariah audits to verify compliance and address any matters that arise.
- Guides product development and issues rulings aligned with contemporary Islamic commercial jurisprudence.
Meet the Scholars
The fund is overseen by two of Sri Lanka's most respected Islamic finance scholars — both Certified Shariah Advisors and Auditors (CSAA) accredited by AAOIFI (Bahrain), the global standard-setting body for Islamic financial institutions.
Sheikh Muhammad Murshid is one of the accredited Shariah Scholars appointed by the Securities and Exchange Commission of Sri Lanka (SEC) and a consultant specialising in Islamic Banking, Finance and Capital Markets with over two decades of experience. He has played a pivotal role in establishing and supervising several Islamic finance units across Sri Lanka's banking and Takaful sectors.
He helped implement Sri Lanka's first Islamic Money Market and Capital Market Funds, as well as the country's first Sukuk transaction, and has collaborated with KPMG Maldives on Shariah audits.
Amana Takaful PLC, Amana Takaful Life PLC, Bank of Ceylon PLC, Seylan Bank PLC, Commercial Bank PLC, MCB Bank, LB Finance PLC, LOLC, HNB Assurance PLC, People's Insurance PLC and AIA Insurance — as Chairman or Member.
A sought-after lecturer, he has developed Shariah manuals, training materials and operational frameworks for Islamic financial institutions. He also serves as an Executive Committee Member of the All Ceylon Jamiyyathul Ulama (ACJU), a Board Member of the All Ceylon Hai'athul Qur'aanil Kareem (ACHK), and Founder Director of the Mahmoud Institute for Skill Development and Islamic Careline Counseling.
Sheikh Muhammed Hudaifah, B.A. (Hons), CSAA, is a distinguished Sri Lankan scholar and practitioner specialising in Islamic Banking, Finance, Takaful and Capital Markets, with over 15 years of industry experience. He has played a pioneering role in establishing and advising Islamic banking and finance operations across Sri Lanka and the Maldives.
His expertise spans Shariah governance, Islamic financial structuring, Takaful operations, Shariah audits, product development and Islamic Capital Market solutions. Among his notable achievements are contributing to the structuring of Sri Lanka's first Islamic REIT, establishing Islamic banking and Takaful units in several institutions, and developing Shariah governance manuals and SOPs.
Amana Takaful PLC, Seylan Bank PLC, Commercial Bank of Ceylon PLC, LB Finance PLC, People's Leasing & Finance PLC and AIA Insurance Lanka PLC. He also serves as a Shariah Audit Consultant for KPMG.
He is an active member of the Fatwa Committee of the All Ceylon Jamiyyathul Ulama — the apex body of Islamic scholars in Sri Lanka — and is deeply involved in Islamic leadership and education through training programs, seminars and lectures in Sri Lanka and the Maldives.
Why this matters for your investment
Shariah compliance is not a one-time approval — it is continuous, independent oversight. With scholars of this calibre supervising the fund, investors can be confident the CAL Islamic Money Market Fund remains genuinely faith-based and ethically managed at every stage.
The Shariah Advisory Committee behind the CAL Islamic Money Market Fund
Fully Shariah-compliant. Every rupee is invested under approved Shariah principles — screened, structured and supervised by an independent panel of accredited scholars.
The CAL Islamic Money Market Fund is built for investors seeking a low-risk, ethical and faith-based way to put their money to work — investing in instruments such as Mudharaba deposits, Wakala term deposits and short-term Sukuk.
What makes the fund genuinely Shariah-compliant is not a label — it is the ongoing oversight of an independent Shariah Advisory Committee. Before any instrument enters the fund, it is screened and approved against Shariah principles. The scholars review fund structures, approve the underlying contracts, guide product development, and conduct periodic Shariah audits to confirm the fund continues to operate exactly as designed.
What the Committee does
- Screens every instrument the fund invests in — Sukuk, commercial papers and structured deposits — against Shariah rules.
- Approves fund structures and contracts so returns are generated ethically and without interest (riba).
- Supervises on an ongoing basis, providing continuous Shariah governance over how the fund is run.
- Conducts periodic Shariah audits to verify compliance and address any matters that arise.
- Guides product development and issues rulings aligned with contemporary Islamic commercial jurisprudence.
Meet the Scholars
The fund is overseen by two of Sri Lanka's most respected Islamic finance scholars — both Certified Shariah Advisors and Auditors (CSAA) accredited by AAOIFI (Bahrain), the global standard-setting body for Islamic financial institutions.
Sheikh Muhammad Murshid is one of the accredited Shariah Scholars appointed by the Securities and Exchange Commission of Sri Lanka (SEC) and a consultant specialising in Islamic Banking, Finance and Capital Markets with over two decades of experience. He has played a pivotal role in establishing and supervising several Islamic finance units across Sri Lanka's banking and Takaful sectors.
He helped implement Sri Lanka's first Islamic Money Market and Capital Market Funds, as well as the country's first Sukuk transaction, and has collaborated with KPMG Maldives on Shariah audits.
Amana Takaful PLC, Amana Takaful Life PLC, Bank of Ceylon PLC, Seylan Bank PLC, Commercial Bank PLC, MCB Bank, LB Finance PLC, LOLC, HNB Assurance PLC, People's Insurance PLC and AIA Insurance — as Chairman or Member.
A sought-after lecturer, he has developed Shariah manuals, training materials and operational frameworks for Islamic financial institutions. He also serves as an Executive Committee Member of the All Ceylon Jamiyyathul Ulama (ACJU), a Board Member of the All Ceylon Hai'athul Qur'aanil Kareem (ACHK), and Founder Director of the Mahmoud Institute for Skill Development and Islamic Careline Counseling.
Sheikh Muhammed Hudaifah, B.A. (Hons), CSAA, is a distinguished Sri Lankan scholar and practitioner specialising in Islamic Banking, Finance, Takaful and Capital Markets, with over 15 years of industry experience. He has played a pioneering role in establishing and advising Islamic banking and finance operations across Sri Lanka and the Maldives.
His expertise spans Shariah governance, Islamic financial structuring, Takaful operations, Shariah audits, product development and Islamic Capital Market solutions. Among his notable achievements are contributing to the structuring of Sri Lanka's first Islamic REIT, establishing Islamic banking and Takaful units in several institutions, and developing Shariah governance manuals and SOPs.
Amana Takaful PLC, Seylan Bank PLC, Commercial Bank of Ceylon PLC, LB Finance PLC, People's Leasing & Finance PLC and AIA Insurance Lanka PLC. He also serves as a Shariah Audit Consultant for KPMG.
He is an active member of the Fatwa Committee of the All Ceylon Jamiyyathul Ulama — the apex body of Islamic scholars in Sri Lanka — and is deeply involved in Islamic leadership and education through training programs, seminars and lectures in Sri Lanka and the Maldives.
Why this matters for your investment
Shariah compliance is not a one-time approval — it is continuous, independent oversight. With scholars of this calibre supervising the fund, investors can be confident the CAL Islamic Money Market Fund remains genuinely faith-based and ethically managed at every stage.
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