Islamic Fund which is a Public Fund may invest in Units of another Fund only where the Fund Manager has taken reasonable care to determine that:
(a) the other
Fund is the subject of an independent annual audit conducted in accordance with relevant IFRS or other standards as applicable;
(b) the other
Fund has mechanisms in place to enable Unitholders to redeem their Units within a reasonable time; and
(c) the other
Fund is prohibited from having more than 20% of its value in the Units of Funds.
Fund Manager must also have ascertained that there is a proper and disclosed basis for asset valuation and the pricing before investing in Units in the other Fund.