Top 10 Split Trust

TXT_u.CA

Not Compliant
Exchange
Sector
Headquarters
Group
Toronto Stock Exchange
Financials
Canada
Micro cap

Top 10 Split Trust is not Shariah Compliant because of its involvement in Closed End Funds and related activities.

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Impure Income*

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Purification*

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Zakat*

Financials

Market cap Group
Analysts' Rating
Price Target (Mean)
Price Target (Low)
Price Target (High)
Total Analysts
Micro cap
$0
$0
$0
0
Revenue Growth
Operating Margin
Net Profit Margin
Quick Ratio
Current Ratio
EPS Growth
0%
0%
0%
0
0
0%

Shariah Compliance

  • Updated on September 12, 2024
Debt
Non-Compliant Assets
Impure Income

AAOIFI Rulebook:

  • Non-compliant Liabilities (like Interest-based Debt) < 30% of Market cap
  • Non-compliant Assets (like Interest-based Investments) < 30% of Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: AAOIFI SS21

Debt
Impure Income

S&P Sharia Rulebook:

  • Interest-based Debt < 33% of 36-mo avg. Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: S&P Shariah Methodology

Debt
Impure Income

Dow Jones Islamic Market (DJIM) Rulebook:

  • Interest-based Debt < 33% of 24-mo avg. Market cap
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: DJIM Methodology

Debt
Cash
Cash & AR
Impure Income

FTSE Shariah Rulebook:

  • Interest-based Debt < 33.33% of Total Assets
  • Cash and interest-bearing items < 33.33% of Total Assets
  • Accounts receivable and cash < 50% of Total Assets
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: FTSE RUSSELL

Debt
Cash
Cash & AR
Impure Income

MSCI Islamic Rulebook:

  • Interest-based Debt < 33.33% of Total Assets
  • Cash and interest-bearing items < 33.33% of Total Assets
  • Accounts receivable and cash < 33.33% of Total Assets
  • Impure Revenues (incl. Interest Income) < 5% of Total Revenues

Source: MSCI Islamic Indexes

Impure Income Breakdown

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Interest Income
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Note on Purification and Zakat:

  • Purification and Zakat (for long-term investing) calculations are in USD per share and based on AAOIFI methodology. AAOIFI requires purification every financial period (e.g. quarterly). 
  • If you follow S&P Shariah’s Dividend-only purification, then remove the impure income % from the dividends you receive. No purification required for non-dividend paying stocks, according to S&P Shariah.
  • For Zakat, if you did not invest in a company from a long term perspective, then consider the shares as trading goods and give 2.5% of the total value if a year has passed on them. 

Company Profile

Top 10 Split Trust (the Fund) is a split share investment trust designed to provide unitholders with exposure to the Canadian banks and Canadian life insurance companies. The Fund’s investment objective is to provide holders of Capital Units, upon redemption, with the benefit of any capital appreciation in the market price of the securities in the Fund’s portfolio, and to pay quarterly distributions to holders of Capital Units in an amount targeted to be 7.5% per annum of the NAV per Capital Unit. The Fund’s investment objectives for Preferred Securities to pay holders of Preferred Securities fixed quarterly cash interest payments equal to 6.25% per annum on the principal amount of a Preferred Security, and to repay the principal amount of Preferred Security on the maturity date. The Funds investment portfolio includes financials, cash and exchange-traded funds. Mulvihill Capital Management Inc. (Mulvihill) is the investment manager of the Fund.

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