Question 3 avoid plagiarism The first ever Shari'ah screening filter was developed in Malaysia by RHB. Since then there have been various methodologies developed by Shari'ah scholars to differentiate between investment in shares that are considered to be Shari'ah compliant and non- Shari'ah compliant. a. Explain the quantitative filters that are applied by the Dow Jones Islamic Market Index and provide a detailed original rationale of why each filter was established. (10 marks) b. The Dow Jones Islamic Index use the 33% rule in their quantitative filters. Where did this rule originate from? Is it important to have a Shari'ah legal foundation for all percentages used? (5 marks) C. Imagine yourself as a Shari'ah scholar and the mutual fund manager approaches you with the following issue. It turns out that one of the publicly listed companies that the mutual had invested for the past 3 years failed one of the quantitative filter tests. What advice and wise words would you give to the mutual fund manager. Give at least 4. (10 marks)