In this time of global economic uncertainty, being an investor is stressful. If you have a halal portfolio, you may even feel the ups and downs of the stock market even more than conventional investors. This is because a Shariah compliant portfolio would exclude interest-based investments like GICs (Guaranteed Income Certificates) and bonds. These investments provide predictable incomes and don't change in value the same way stocks do. Without such fixed income investments to mitigate risk, investors with halal portfolios are particularly sensitive to stock market volatility.
Just a few decades ago, the only way that many Canadian Muslims could get zabiha halal slaughtered meat was to go to a local farm and slaughter it themselves. Today, the availability of halal meat from street food vendors, in supermarkets from brands such as Mina Halal, and franchises like Hero Burgers is a testament to the growth of the halal industry in Canada.
When Mihami Shash started a new job, one of the benefits she was offered was the opportunity to participate in the company’s matched-RRSP (Registered Retirement Savings Plan) program. The company had set up a number of investment options that the employees could use to save for retirement and as an incentive to invest in these, the company would match each employee's contributions.
One of the biggest challenges Muslims face when it comes to reconciling their faith with their finances is home ownership. With house prices starting in the hundreds of thousands of dollars, how is it possible to buy a house without borrowing money through an interest-based mortgage?
Malaysia's International Shariah Research Academy for Islamic Finance is working with its Middle Eastern counterpart on guidelines to address the number of boards on which scholars can sit to reduce conflicts of interest.