Salam everyone, I’m a beginner and i’m looking for some halal online brokers or apps that operate in Australia or have islamic account option. What factors should one examine when selecting online brokers or investing apps in terms of religion (Islam)? Could you guys recommend any?
I don’t think there are any Islamic companies available but you can check out Interactive Brokers, Sharesies, and Stake.
I’m not too familiar with the products in that region but perhaps @muhammad can weigh in.
Salam, there aren’t any online halal brokers available in Australia as far as I am aware. If you want to invest in a Halal fund, your best bet would be to invest in the SPUS or SPSK funds through a platform like Sharesies or Stake. Otherwise, you could use Zoya to identify Halal companies or ETFs and invest in them directly through those platforms.
Another option would be to invest in the MCCA Income Fund (if you want a hands-off approach) – you can find more details on the MCCA website.
There aren’t any particular factors you need to examine when selecting a broker in terms of Islam. So long as the investment in Halal, you should be good to go. In terms of other factors to help you decide on a broker: transaction fees, deposit/withdrawal fees and user interface are important to consider.
Hope this helps!
I personally use Sharesies, and have been with them for the past 3 years. If you sign up here, you’ll get $5: https://sharesies.com/r/7CMN83
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