College Savings Consulting Services

College Savings Consulting Services shall:
• Evaluate GET’s legal structure, governance, contractual relationship with program participants, and, if applicable, investment characteristics in the context of established principles of Islamic finance. A comprehensive review of the underlying investments in the GET trust fund would only be necessary to the extent that the consultant determines it is relevant to the analysis of Shariah-compliance from the end saver’s perspective.
• Identify any features of the program that may present concerns under commonly recognized Shariah standards.
• Assess whether GET could reasonably be considered a Shariah-compliant education savings option under the recognized standards and methodologies applied in the review.
• Identify any plan features that may present ambiguities or variations in interpretations among recognized Islamic scholars or Shariah standards that may affect the analysis.
• Identify any program participant-driven features, transactions, or refund provisions that could affect Shariah-compliance, if activated or otherwise initiated by the program participant.
• Recommend any further analysis, scholarly review, and/or certification procedures that may be available and advisable. Consultant should specifically state if it is feasible to seek formal certification from a recognized Shariah compliance governing or standards body and, if so, provide specific guidance on seeking such a certification.
• Recommend potential modifications, disclosures, or operational changes, if any, that could affect the program's compatibility with Islamic finance principles.