Salaam Everyone
I’ve just listened to part of Tesla earning calls and Elon himself has said they are offering Tesla Insurance and they are looking to push this further and be a driving force towards future earnings.
A large portion of my portfolio is Tesla and currently on the Zoya app it passes as Shariah Compliant.
I wanted to know if anyone knows the impact this will have on how halal this stock is? Or is it time to sell up?
J.a.Khayr
Assalaamu Alykum Mojibur! Welcome to the community. Great to have you here.
This is a great question. Insurance is one of those sectors that is very difficult for me to see as becoming shariah compliant. Should more than 5% of their revenue come from insurance or other none compliant sources of revenue, Zoya will mark Tesla as non-compliant. The information Zoya uses to assess revenue information for a company like Tesla is released once a year, their 10-K.
I’m not holding any TSLA directly, probably in some funds I’m in, so I can’t say when you should move or hold. Looking forward to seeing what others are thinking. Again, great question Mojib!
Hope that helps.