Wahed Invest launches digital Halal investment platform in UK
Wahed Invest has launched a Halal (permissible) online investment platform in the UK offering savers the option to invest in a portfolio of “ethically responsible stocks”, Islamic bonds and gold.The platform, which is already available in the US across all 50 states, allows users to open an account with a minimum investment of £100.
Mohammed Ibrahim Morshed, head of UK at Wahed Invest, says: “For too long, the needs of the community have been overlooked, with many Muslims finding it impossible to build nest eggs that are in line with their faith.
“By providing access to a low-cost, accessible investment platform that is advised by our full-time Ethical Review Board, Muslim and non-Muslim investors alike can now be completely confident that they are creating portfolios that are ethically sound.”
The firm says there is no lock-in period, and users can place deposit or withdrawal requests at any time.
Wahed charges a single annual fee, inclusive of all management fees, custodian fees, and transaction fees.
To ensure all returns are Halal and in accordance with Islamic principles, Wahed states that it has a full-time Ethical Review Board.
All securities undergo a screening process in which Wahed’s investment management partners and ethical scholars work together to tailor portfolios to provide investment returns.
This means the following are screened: excess debt, tobacco, alcohol, firearms, gambling, adult entertainment, impure foodstock and usurious institutions.
The Ethical Board is chaired by Sheikh Taha Abdul Basser alongside Sheikh Humza Maqbool Chaudhry and Sheikh Musa Furber. Wahed is authorised by the UK’s Financial Conduct Authority (FCA).
As you may know, tomorrow (21 August) will be the first day of Eid.
According to the Encylopaedia Britannica, Eid al-Fitr (Festival of Breaking Fast) is the first of two canonical festivals of Islam. Eid al-Fitr marks the end of Ramadan, the Muslim holy month of fasting, and is celebrated during the first three days of Shawwal, the tenth month of the Islamic calendar (though the Muslim use of a lunar calendar means that it may fall in any season of the year).