Assalaamu alaykum all,
Anyone dig deeper into the frequency of purifying stocks using AAOIFI’s method? I see Zoya’s purification guide mentions AAOIFI’s method should be done annually. However AAOIFI’s standard 21, page 564, item 3/4/6/1 says in reference to purifying haram earnings,
“at the end of the financial period, even if the payment is due at the time of issuance of the final financial statements whether quarterly, annual or for other period.”
Since most companies publish 10-Q financial statements quarterly, would the purification not be required quarterly?
Links below:
https://aaoifi.com/ss-21-financial-paper-shares-and-bonds/?lang=en