Ghalib Salam brings more than 27 years of experience in business development to his new role as Vice President at Global Growth Assets Inc., where he oversees the Global Iman Fund, a Sharia-compliant and ethically focused mutual fund recognized multiple times with the FundGrade A+ Award. The fund invests primarily in technology, healthcare, and consumer sectors, guided by the rigorous screening standards of the Dow Jones Islamic Market Titans 100 Index. Prior to this role, Salam served as Director at the Royal Bank of Canada in Toronto, building a track record of leadership across Canada’s financial sector.

Scott Douglas Jacobsen: The Global Iman Fund has received the FundGrade A+ Award multiple times. Could you explain what sets the fund apart and what this recognition represents?

Ghalib Salam: Sure. The Global Iman Fund is part of Global Growth Assets Inc., an investment fund with over $850 million in assets under management (AUM) and in operation since February 1998.

Global Growth Assets Inc. is part of the Global Family of Companies, a multifaceted financial organization founded in 1998, with over $3.6 billion in assets under management and administration.

The Global Iman Fund is a mutual fund that adheres to Sharia-compliant investment principles and offers socially responsible investment opportunities. It provides investors with long-term growth through a diversified global investment portfolio that meets ethical and faith-based investing standards.

The Global Iman Fund is available through various distribution channels, including financial advisors, banks, and online platforms.

Jacobsen: The Global Iman Fund has received the FundGrade A+ Award for several consecutive years. Could you elaborate on the significance of this recognition and what it reflects about the fund’s long-term performance and positioning?

Salam: The award recognizes high-performing investment funds based on risk-adjusted returns, consistency, and overall portfolio strength. The ranking methodology evaluates funds against industry benchmarks across multiple tolerance levels.

Funds that receive this distinction are recognized as high-grade, actively traded funds well-received by dealers, financial advisors, and investors.

Jacobsen: What does the investment portfolio of the Global Iman Fund focus on? You alluded to shared principles. How do those principles feed into the portfolio itself?

Salam: Let me share the mechanics of how we select the portfolio. We are the fund manager, and we also have a portfolio manager—UBS is our portfolio manager. There is a Sharia Council that devises a portfolio as part of the Dow Jones Islamic Market Titans Index, selecting 100 publicly tradable companies that comply with Shariah investment principles. UBS then selects specific entities from that portfolio. The composition of investments varies over time, but the approach remains long-term, focusing on sustainable growth.

The portfolio is diversified across different industry sectors. Approximately 37% of the fund is technology-centric, around 14-15% is in service and communications, and close to 13% is allocated to consumer services, with another 13% spread across other industries. These are the high-level concentrations in terms of sector segmentation.

Jacobsen: If you were to break down the size of each of those 100 companies, would you deal with a top-heavy structure where a few large companies dominate, or would the investments be more evenly distributed?

Salam: Yes, indeed. In the case of the Global Iman Fund, these are global companies. More than 80% of our portfolio is U.S.-based, with the remainder comprising approximately 15% European companies and around 5% Asia-centric investments. The fund is entirely U.S. dollar-denominated, providing investors with stability and liquidity.

So, talking about specific names, much of this is publicly available information, but for the benefit of this interview, I’ll highlight some key holdings. Our portfolio combines technology, consumer services, and healthcare-focused investments. We hold shares in Amazon, Apple, Nvidia, Google, Alibaba, and Eli Lilly. As you can see, we focus strongly on technology and consumer-driven industries.

Before diving into specific companies, it’s essential to understand why the Sharia Advisory Board selects these 100 entities. A key principle is that income from non-compliant (or “impure”) sources must not exceed 5% of total revenue. Impure sources mean revenue must not be derived from industries such as alcohol, tobacco, pork and pork-related products, banking, insurance, conventional financial services, weapons, defense, entertainment, gambling, adult content, and casinos.

The portfolio is carefully structured to align with Sharia-compliant ethical investment guidelines.

Jacobsen: Could you elaborate specifically on the technology sector? Companies like Microsoft, AMD, Google, and Nvidia are heavily involved in semiconductors, AI, and cloud computing—volatile but high-growth industries. Do you expect this to be the most profitable sector of your portfolio over the next five years?

Salam: As an investment fund manager, it’s difficult for me to make specific forward-looking statements on expected profitability, as our portfolio managers at UBS are the key decision-makers regarding equities selection and holding periods. However, I can say that these companies are positioned at the forefront of technological advancements, especially in areas like AI, data processing, and semiconductor manufacturing.

The long-term outlook for these sectors remains strong, but their volatility requires strategic portfolio balancing. Our portfolio managers assess market conditions and sector performance to ensure that our investments align with our long-term growth objectives while remaining within the risk parameters defined by the fund’s mandate.

However, I can give you the due diligence rationale behind selecting any asset in the portfolio. One of the key questions might be—why is 38-39% of the fund tech-centric? The reason is simple: that is where the market shift is happening. This transition is accurate, and technology continues to dominate growth sectors globally.

The due diligence process carried out by our portfolio manager involves multiple steps. First, they analyze public disclosure documents, interview management teams, and investor relations representatives, and compare peer group performance metrics. After completing these assessments, they engineer the portfolio, ensuring all investment criteria are met. Once selected, each asset is subject to an ongoing risk management framework designed to mitigate exposure and maintain portfolio balance.

Regarding market volatility, we recognize that no investor operates in isolation—we are part of a broader investment community. We embrace market shifts as they happen, ensuring the portfolio remains structured yet flexible enough to withstand fluctuations while avoiding extreme risk concentration. The goal is to preserve stability while still responsibly leveraging high-growth opportunities.

Jacobsen: Regarding mutual funds like the Global Iman Fund, what should investors understand about the risks and disclaimers involved? And conversely, what are some potential advantages such investments can offer?

Salam: Regarding risk, all investments—including mutual funds—involve the possibility of losing money or failing to generate expected returns. The degree of risk varies from fund to fund, but investments with higher potential returns generally carry higher risks. Investors must carefully assess their risk tolerance before making investment decisions.

Investing in mutual funds like the Global Iman Fund involves a range of considerations. One major factor is concentration risk—when a portfolio leans heavily into specific sectors or a limited group of companies, it can become especially vulnerable to downturns in those areas. Likewise, exposure to emerging markets introduces political, regulatory, and economic uncertainties that can heighten volatility. Market fluctuations are inevitable; while the fund is structured to weather short-term shifts, investors should be prepared for periods of instability.

Additional risks include liquidity challenges, where exiting an investment quickly may not always be feasible, and regulatory shifts, which can reshape compliance obligations as financial laws evolve. For international investors, currency risk is also a factor—the fund is primarily denominated in U.S. dollars, so shifts in exchange rates can affect returns for those operating in other currencies. These factors underscore the importance of a well-informed, diversified investment approach.

There are many other potential risks, but these are some of the most significant factors I want to highlight here.

Jacobsen: What about the potential benefits of investing in this type of fund?

Salam: Our fund’s disclaimer and investment information are publicly available through our website, where we provide an official prospectus. This document is purely for informational purposes, outlining the terms, conditions, and potential risks of investing in the Global Iman Fund. Investors are always encouraged to review the prospectus carefully and consult financial advisors before making decisions.

Again, as a mutual fund administrator, we cannot guarantee that all the information is always complete or current due to the nature of the investment risks we discussed earlier. Market conditions and regulations are subject to change without notice. Mutual funds are not guaranteed investments—their value fluctuates frequently, and past performance may not necessarily be repeated. For this reason, we strongly recommend that potential investors read the prospectus carefully before investing.

Additionally, all documents, whether portfolio manager-driven or included in the prospectus, typically contain forward-looking statements. These statements are predictive and rely on future events and conditions over which we have no control. Investors need to understand that forward-looking statements are made with due caution. However, investment decisions should not be solely based on these statements, as market conditions and external factors can impact outcomes.

When you asked about possibilities and benefits, the number one benefit I can highlight is that Sharia-compliant investing is highly attractive for investors who prioritize ethical and socially responsible investment strategies. While Sharia compliance is an Islamic qualification for investing, we also have a significant number of non-Muslim investors who seek funds that align with their ethical and social values. Many investors are drawn to Sharia-compliant funds because they offer a clear conscience. They know that investments are made under strict ethical guidelines that exclude industries like alcohol, tobacco, gambling, and conventional financial services.

Another benefit is that our fund has consistently delivered strong yields. While I won’t quote specific numbers here, its performance has been at par or above par compared to other mutual funds in the marketplace. Furthermore, our risk management strategies ensure that performance remains stable while maintaining a high-quality portfolio that offers substantial long-term value for investors.

Today, we hold two key distinctions. We are the oldest Sharia-compliant mutual fund in the market and, as of today, the largest.

As awareness of Sharia-compliant investing grows, we benefit from a first-mover advantage. While we do not actively influence investment decisions, we are in a strong position to attract investors looking for a proven and ethical financial product—one that is not necessarily Muslim-centric but instead appealing to all individuals who prioritize ethical responsible investing.

Jacobsen: Great. Thank you for your time today—I appreciate it.

The views expressed by Global Growth Assets Inc. and its partners reflect market conditions at the time of publication and are subject to change. These opinions may differ from those of other associates or affiliates and do not constitute investment advice. Mutual fund investments may be subject to commissions, trailing commissions, management fees, and expenses.