Public Asia Ittikal Fund not Syariah Compliant?

I’ve been meaning to blog about this topic for quite sometime now.

While I was in Malaysia, I received Public Asia Ittikal Fund’s (PAIF) annual report for the financial period from 2nd of August 2006 to 31st October 2007.

In the “notes to financial statements” section, they listed out pretty much all of the companies that they are holding in their portfolio.

One company caught my attention. ABC Learning Centre, an Australian company.

According to ABC Learning Centre’s financials, I noticed that their total debt divided by market capitalisation is somewhat in the vicinity of more than 50%.

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