The first ever Shariah screening filter was developed in Malaysia by RHB. Since then there have been various methodologies developed by Shariah scholars to differentiate between investment in shares that are considered to be Shariah compliant and non-Shariah compliant.

1. Explain the quantitative filters that are applied by the Dow Jones Islamic Market Index and provide a detailed rationale of why each filter is included. (10 marks)
2. Analyze and explain the differences between the commonly used filters, like the one applied by Dow Jones, with the Shariah screening methodology applied by the SAC of Bursa Malaysia? (10 marks)
3. The Dow Jones Islamic Index use the 33% rule in their quantitative filters. Where did this rule originate from? Explain your answer. (5 marks)