Structure
Mutual fund holding stocks within the Dow Jones Islamic Market Developed Markets Index; Shariah board of Ratings Intelligence Partners
Full wordingRegulated as
A Canadian mutual fund managed by Mackenzie Investments; the fund facts and simplified prospectus were not read for this entry. The brochure's own disclaimer: 'Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus'.
Full wordingShariah oversight
'The Shariah Supervisory Board of Ratings Intelligence Partners is comprised of globally' recognised scholars (brochure); Ratings Intelligence 'issues a judgement ("fatwa") on the shariah compliance of each company that is included in the index' and conducts 'a semi-annual shariah audit'. Individual scholars are not named in the brochure.
Full wordingEstablished
Managed by Mackenzie Investments. Launch date and distribution partner are reported in secondary sources (July 2023, with Primerica) but were not read on a Mackenzie page we could open, so they are not asserted here.
Full wordingStructureFrom the investor brochure: the fund 'only selects stocks that are within the shariah-compliant Dow Jones Islamic Market Developed Markets Index'; 'Sector-based screens remove companies with over 5% revenue generated from alcohol' and other excluded activities; 'Dividend purification is the process of purging any income a company makes from' impermissible activities, and 'On an annual basis, Mackenzie Investments will publish the purification ratio information'.
A Canadian mutual fund whose brochure says it 'only selects stocks that are within the shariah-compliant Dow Jones Islamic Market Developed Markets Index', with a named Shariah board (Ratings Intelligence Partners) that conducts 'semi-annual audits on the transactions of the portfolio' and issues a judgement on each company. An equity fund, so it clears the structural lens; green with medium confidence because the brochure was read directly but the fund facts, fees and how it is sold (reported elsewhere as through Primerica) were not.
Provider’s website ↗Provider white papers, FAQs or fatāwā were read, but the executed contract itself is not public. This rates our certainty, not the provider’s compliance.
Established & regulatory standing
The verifiable facts
Established
Managed by Mackenzie Investments. Launch date and distribution partner are reported in secondary sources (July 2023, with Primerica) but were not read on a Mackenzie page we could open, so they are not asserted here.
Regulatory standing
A Canadian mutual fund managed by Mackenzie Investments; the fund facts and simplified prospectus were not read for this entry. The brochure's own disclaimer: 'Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus'.
Shariah board
Who certifies it
'The Shariah Supervisory Board of Ratings Intelligence Partners is comprised of globally' recognised scholars (brochure); Ratings Intelligence 'issues a judgement ("fatwa") on the shariah compliance of each company that is included in the index' and conducts 'a semi-annual shariah audit'. Individual scholars are not named in the brochure.
A named, credentialled board is a real signal — but a provider’s own board certifying its own product is not the same as arm’s-length review. Weigh it alongside the independent commentary below.
Independent scholarly review
What independent scholars have said
No ruling by a body outside the fund's own Shariah board was located.
Independent commentary is weighed, not treated as a final personal ruling. A body that rules one way is one respected voice, not a universal consensus — and rulings can lag changes to a live contract.
How the structure works
The mechanics, in principle
From the investor brochure: the fund 'only selects stocks that are within the shariah-compliant Dow Jones Islamic Market Developed Markets Index'; 'Sector-based screens remove companies with over 5% revenue generated from alcohol' and other excluded activities; 'Dividend purification is the process of purging any income a company makes from' impermissible activities, and 'On an annual basis, Mackenzie Investments will publish the purification ratio information'.
This describes the structure in principle — it is not a verdict on the executed contract. Canada’s halal-finance market is young, so confirm each provider’s current executed terms before committing; the checklist below is what tests the fiqh.
From the public documents
How the contract actually works
Read from Mackenzie FuturePath Shariah Global Equity Fund’s own public materials — white papers, product pages, FAQs and fatāwā — not its executed contract, which is generally not published. Where a point is undisclosed, it is said plainly rather than guessed. Sources are listed below.
An index-constrained equity fund with a named Shariah board, a stated 5% screen, semi-annual audits and a published purification ratio: the elements a screened fund should show are all stated by the manager. Not verified: the fund facts (fees, series), how it is sold, and the audit reports themselves. Honest limit: only the investor brochure PDF was read.
The Six-Pillar test
The questions that decide it
This is the universal lens this site applies to every home-finance contract, anywhere. Read each pillar as a question to put to Mackenzie FuturePath Shariah Global Equity Fund’s executed contract — not its brochure.
- 1
Real ownership
Does the financier genuinely take ownership of the asset — even briefly — and bear a real owner's risk, rather than only ever holding a debt secured against it?
- 2
Risk-sharing
If the asset is destroyed or its value collapses, does the financier share that loss in proportion to its stake, or is the customer left bearing it alone?
- 3
Rent vs interest
In a lease/co-ownership, is the rent benchmarked to a genuine market rent for the property — or is it calibrated to an interest rate (a base-rate + margin) in disguise?
- 4
Default mechanism
On default, does the contract behave like the end of a real lease/partnership — or does it accelerate like a loan, demanding the full outstanding 'principal' plus charges?
- 5
No guaranteed pre-fixed return
Is the financier's return tied to real ownership and risk, or is it a pre-fixed, guaranteed sum that arrives regardless of what happens to the asset?
- 6
Substance over form
Strip away the Arabic labels: does the cashflow, risk, and outcome differ from a conventional loan — or is it the same economics wearing a compliant name (ḥiyal)?
Before you sign
What to ask Mackenzie FuturePath Shariah Global Equity Fund, in writing
Put these to the provider in writing and keep the answers. The reply — not the marketing — is what tells you whether the structure holds.
What are the fund's management fee and MER for the series I can buy?
Where is the latest Shariah audit or certificate from Ratings Intelligence?
What was last year's purification ratio, and how do I act on it?
The honest gap
What we have not verified
- Fees and distribution (reported as Primerica-only in secondary sources).
- The named members of the Ratings Intelligence board.
The reasoning
Why this verdict, and not another
A verdict is only as honest as the reasoning behind it. Here is why Mackenzie FuturePath Shariah Global Equity Fund sits where it does — what keeps it off a clean pass, and what keeps it off an outright avoid.
Not a clean pass because
Fees, fund facts and audit reports were not read, so the confidence is medium rather than high.
Not an outright avoid because
An index-constrained screened equity fund with a named board, a stated screen and a published purification ratio.
Sources
What this read is built on
The verifiable references behind this page — provider documents and independent scholarly resolutions. Read them yourself; do not take our summary on trust.