Halal Investing for Muslims Professionals (Doctors, Lawyers, Engineers, Business Owners)
Minimum account size: $500k.
- Exceptions can be made for households that are minimum $300k with a regular/ongoing monthly investment plan in order to get to $500k within a few years.
- A household can be comprised of husband, wife, kids, parents, and other immediate family members (some restrictions apply).
- One single account has to have at least $300k.
- The mandate of each and every individual account must be for a long term objective (i.e. at least 5-10 years+). Ideally for retirement planning purposes. Accounts are not opened if the goal of the funds are to make a quick return in order to use the funds to buy a house, business, etc. That would be short term speculation and that in itself is not halal.
- Ideally, the typical client will already own a home and they now have funds to invest for retirement purposes. Unless they have substantial cash flow to implement multiple strategies at once: Invest for Retirement, Save to Buy a home, Buy a Business, etc.
For more information, see website: advisors.td.com/riad.assaf