Sat. Feb 24th, 2024

Halal investment funds ;» to attract Muslim investors

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According to Hash Assad, a financial advisor, many Muslims do not know this that they can make on the stock market.

Radio-Canada

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Sharia-compliant investment funds are emerging in the country with “halal” portfolios that target the country's Muslim clients.

This market share could include up to 1.8 million people, as almost 5% of the country's population says they are Muslim, according to Statistics Canada.

The precepts of Islam do not prohibit Muslims from investing their money. However, many practicing Muslims refuse to pay or receive interest or invest in companies that manufacture or sell products prohibited by the Quran.

Hash Assad, a financial advisor at IG Wealth Management in Calgary, which specializes in halal portfolios, says many financial products are incompatible with the Muslim religion's prohibitions on interest.

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ELSE ON INFO: Intensive negotiation between the government and the FAE

[The principles of Islam] make most, if not all, conventional investments prohibited for Muslims. Things as simple as a savings account are not allowed. A guaranteed investment certificate? Not allowed!

A quote from Author Hash Assad, IG Gestion de Patrimoine

This prevented potential investors like Ammar Maqsud, a client of Hash Assad, from putting their money to work. Bank employees had no halal options. I kept everything in my checking account. I was losing money [to] inflation, because I didn't invest it for years, says Ammar Maqsud, a Calgary engineer who works in the energy sector.

< p class="StyledBodyHtmlParagraph-sc-48221190-4 hnvfyV">To better guide its clients, Hash Assad separates stocks and investments from sectors of activity prohibited by religion: Sectors in which it is prohibited to invest include advertising, media, [products] financial institutions, including insurance companies, gambling, alcohol, pornography, weapons of mass destruction.

He asserts, however, that many Canadian companies in the mining and energy sector are halal.

Several stocks on the stock market are also considered to be halal and are indexed by the S&P agency which includes a list of Canadian stocks called S7P TSX 60 Shariah Index. Muslim investors can thus buy their shares themselves.

Walid Hejazi, professor of economic analysis and policy at the Rotman School of Management at the University of Toronto, says that the Creating easily accessible financial vehicles for Muslims helps better integrate diverse groups of people who come to live in Canada.

This provides opportunities [financial] very important to newcomers, [because they are] gateways to Canadian society as a whole, he declares.

According to information from Anis Heydari

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