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There is so much barakah in finding a halal / shariah compliant instrument and investing in it. It makes you choose wisely. Alhamdullilah my portfolio is up by over 50%.
When there are apps that tell us whether something is shariah compliant or not it hardly takes any effort. When were trying to refrain from so much haram, why indulge in it for a few extra $. Sorry for sounding preachy no offense
Thank for the reminder. You don’t sound preachy. I think it has to do with not understanding why or what is “haram” in investing. And second, it’s not just a few $$ technically. It does make a difference. There’s also the convenience. Halal funds usually require a good amount of research and not as widely offered.
Some of you guys are taking this whole interpretation a bit far
I think intent and knowing what’s in your heart means a lot more in Allah’s eyes than debating the minutiae of the religion.
I’m not discounting people asking these questions, but these always struck me as a little trivial. The other day there was a question about someone not investing in their 401k because they felt it was haram.. I mean really?
There’s just bigger things in our religion to focus on, which obv carry much more weight
Why does it seem that they are not Halal?
Mutual funds are usually not halal because the basket (portfolio) is made of
1. stocks where either the company provides products/services that are not halal (e.g. zynga or most banking stocks)
2. Fixed income instruments (bonds). Bonds are debt instruments which means the yield you get from a bond is nothing but interest earned for lending money to a business.
Yes they're not halal.
Some halal index funds are HLAL and SPUS.
I also use Zoya to screen Shariah compliance (use charles schwab for trading). I went through a bunch of apps for checking shariah compliance and decided on Zoya because it is a member of AAOIFI (accounting and auditing organization for islamic financial institutions)