Halal finance options have expanded in recent years, but demand outstrips supply bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Winnipeg-based Islamic investment firm prioritizes ethics over economics
Canadian Islamic Wealth, a Winnipeg-based company, is touting itself as the country s first firm focused solely on halal investing a form of investing that aligns with values from Islamic law.
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Canadian Islamic Wealth is devoted to halal investing, which keeps Sharia law beliefs in mind while spending
CBC News ·
Posted: Mar 04, 2021 9:10 PM CT | Last Updated: March 5
Jesse Reitberger came up with the business idea while working for a national bank. He had converted to Islam in 2014 and was trying to help members of the Muslim community finance their futures.(Tyson Koschik/CBC)
Najar says the main driver for his investment decisions is religious. I cannot do the other way, it s just impossible. Even if there is money to be made I cannot make it that way, he said from Vancouver.
The money he invests must do no harm and be beneficial for society. Usaries are forbidden because the Qur an says Muslims aren t allowed to profit from lending money, so earning interest from an individual or bank is prohibited.
Socially responsible investing, including those based on religious beliefs, is a growing trend in Canada with assets under management surging to $3.2 trillion last year, up from $2.1 trillion in 2017, according to the Canadian Responsible Investment Trends Report.
Ross MarowitsCanadian PressIE Staff
Ahmed Najar only started investing two years ago after discovering a way to do so that aligns with his Muslim values.
The 36-year-old lab researcher turned to Halal investing that screens out forbidden investments such as pork, alcohol, tobacco, weapons, adult entertainment and the biggest no-no of all: debt, bonds or interest.
Najar says the main driver for his investment decisions is religious.
“I cannot do the other way, it’s just impossible. Even if there is money to be made I cannot make it that way,” he said from Vancouver.
The money he invests must do no harm and be beneficial for society. Usaries are forbidden because the Qur’an says Muslims aren’t allowed to profit from lending money, so earning interest from an individual or bank is prohibited.