SHAFAQNA- In order to encourage more Muslims to invest their money, two Canadian Muslims have launched an entity called Canadian Islamic Wealth to give Muslims a chance to invest in a way that corresponds with their religious values.
There is no doubt that Islamic finance has grown substantially in recent decades across the world, becoming one of the fastest growing financial industries.
Today, it has global assets exceeding $2 trillion and expected to reach $3.8 trillion by 2023. “The biggest challenge that Muslims face when it comes to investing, is investing in something that aligns with their religious values,” Jesse Reitberger, co-founder of Canadian Islamic Wealth, told Wealth Professional.
“The reason for that is, within Islam, we are not allowed to take on interest as a means of earning money.” Sharia-compliant finance differs from conventional banking in key ways, the most notable being a prohibition on charging interest and investing in ethically compliant companies. Islamic banks and finance institutions cannot receive or provide funds for anything involving alcohol, gambling, pornography, tobacco, weapons or pork.