Whether or not you invest in a Registered Retirement Savings Plan (RRSP), with the March 1 RRSP deadline around the corner, February tends to be the month Canadians talk about investments.
Investments don’t only help your money grow, they are also a good way to keep your money from losing value. Whether we realize it or not, money kept in a chequing account loses value over time due to inflation. Since prices slowly yet steadily go up, every dollar you save buys you a little less with each passing year.
Asking people to trust you to invest their hard earned cash is a challenge in the best of times. Doing that in the wake of a major global financial crisis and asking them to invest in a brand new Shariah compliant mutual fund takes the challenge to a whole other level. But this is exactly how GlobalIman fund, Canada's longest running Shariah compliant mutual fund got started. And now, 8 years later, with in excess of 40 million dollars in assets under management, the Global Iman Fund is the investment of choice for many Canadian Muslims looking to invest and grow their wealth while adhering to the financial guidelines of their faith.
One of the best tools for savings and investment we have in Canada is the Tax Free Savings Account (TFSA). You might have received calls or emails from your bank about it or maybe you’re heard about it compared to a Registered Retirement Savings Plan (RRSP).
With the RRSP deadline on March 2nd, many Canadians are wondering and worrying about where to invest their hard-earned money. For Muslim Canadians, the challenge is two-fold, as not only are they looking for investments that are financially sound, they also need to ensure that their investments are religiously sound, or Shari’ah compliant or halal (Islamically permissible).