The Sharia Advisory Board has completed its review of all holdings for the first quarter of 2026. All positions in SPUS and SPTE have been reviewed and remain compliant under AAOIFI standards. The purification ratio for the quarter has been calculated at 0.33 percent of dividend income.

Scope of the review

Every holding was tested against the full AAOIFI screen: the nature of the underlying business activity, the ratio of interest bearing debt to market capitalisation, the ratio of interest bearing and non-compliant income to total revenue, and the proportion of assets held in cash and receivables.

Screening outcomes

No holding breached the business activity screen during the quarter. Financial ratio screens are the ones that move, because they depend on market capitalisation as well as company reporting. A position can drift toward a threshold on a share price decline alone, without any change in the underlying business. Positions approaching a limit are placed under monitoring and reviewed again at the next quarter end rather than sold reactively.

Purification

Purification is the calculated share of dividend income attributable to non-compliant activity, which is donated rather than retained. At 0.33 percent of dividend income for the quarter, the figure sits in the range we would expect from a screened portfolio where non-compliant revenue is residual rather than material.

Your individual figure is reported in the portal and depends on the dividends actually received in your account over the period. It is not a fee and it is not deducted by Compassionate Capital.

Questions on this review

Clients who want the detail behind a specific holding, or the methodology behind the purification calculation, can request it through their advisor. The board publishes this review every quarter.