Halal Investment Products in Canada
While there are many opportunities for Muslims in the United States and Canada, finding the right halal investments means searching for those that are Sharia compliant. Governments and businesses in North America generally and Canada specifically are listening. They are taking steps to make sure practicing Muslims find investment opportunities that are free from riba.
One example was reported in Canada just recently. Mohammad Khalid is a devout Muslim living in that country who is building a portfolio for his retirement based on sharia compliant practices. He spoke to the media at the CBC recently and told them that many of Canada’s 1 million Muslims are looking to invest in ethical portfolios that are socially responsible at the same time.
Mining and Forestry
The same article goes on to report that there’s at least one company in Canada that sells halal investment opportunities exclusively. Rehan Huda, a director with Amana Canada Holdings, spoke about how the company is offering products focusing on mining and forestry. Of course they also talked about being very careful to stay away from any kind of funds where money is lent out and paid back with interest.
There are some other trends that are highlighting the interest in sharia compliant investments. For example, Standard & Poor’s introduced their Sharia stock index which was subsequently introduced in the Canadian market in 2009.
Online Based Advisory Company
It seems inevitable that as the Muslim population in Canada grows, so will the need for halal investment products. In some recent news, one online based advisory company has added sharia compliant investments to their portfolio.
Wealthsimple has agreed to make its Halal portfolio the same cost as the other ones it sells. If you’re interested in learning more about Halal investment products why not get in touch with us today?