In the quiz for the lesson called What is Islamic Investment I have answered question number 8 as T
  • "Yes, from a Shari`ah point of view, if Islamic mutual funds do not report the criteria they use for selecting investments, they are wrong. This does not necessarily mean that it is unlawful to invest in such funds, but it would be a mistake to do so because you can not be sure that their holdings (investments in stocks) are halal. Generally speaking, if a mutual fund has a Shari`ah Supervisory Board, then the investor may rest assured that the fund’s management is committed to ensuring Shari`ah compliance. Even so, it will be best if the Islamic mutual fund publishes its criteria. Even better is if the fund also regularly publishes the reports of its Shari`ah Supervisory Board. With the facilities available through the internet, Islamic funds have the capability of providing their investors with immediate access to their accounts, and to every pertinent piece of information about the fund, its goals, its objectives, its management, its policies, its Shari`ah guidelines, and so on. Funds that provide such services to their investors will definitely hold a competitive edge over funds that do not. In the near future I expect that several Islamic funds will be providing these services to their investors.
    The answer has been taken from various sources of scholars, academics and muslim inspire research team – and we do not verify its accuracy And Allah knows best."