It’s not just a label for meat: halal investments target Islamic customers – By Anis Heydari (CBC News) / Dec 18, 2023
Typical Canadian financial products aren’t suitable for many practising Muslims
Whether it’s mutual funds, savings accounts or stock trading, millions of Canadians depend on investments for their financial future.
But for some Muslims, faith took many monetary options off the table because of religious restrictions around concepts like paying — or being paid — interest.
It meant for years Canadians like Ammar Maqsud, who observes those religious tenets, couldn’t even put money in a standard savings account from his bank.
“They didn’t have any halal options available; I kept it all chequing. So basically I was losing money [due to] inflation, because it was not invested for many years,” said Maqsud, who works as an engineer in Calgary’s energy sector. Halal is an Arabic term that translates to “permitted” or “allowed” in English.
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