Salams, Have you guys heard of Wahed Invest UK which is apparently a Muslim Investment website which invests your money the halal way avoiding companies which deal in Alcohol, Gambling, Tobacco etc. https://wahedinvest.com/uk/
I just wanted to hear your thoughts and opinions on this? Can i trust them?
As long as it's a genuine Islamic investment fund whose managers fear and do their best to obey Allah - and are knowledgeable and wise you should be safer than most investors in junk scam bonds out there who are on roller coasters which are sometimes rusty and often imaginary and based on scam derivatives - as long as the business is not targeted by crooks and is not based on the dodgy usury based stock exchange which is another roller coaster often leeched by wolves who play on shorts.
i believe that the best way to profit from your money through halal investment if you haven't got the time yourself is to find a small business owner who is trustworthy and either invests mainly in metals (that are essential even in times of economic collapse and can be sold easily if thing go pear shaped) - and makes stuff with it - or simply buys and sells food mainly concentrating on food that doesn't spoil fast, that way you are serving the community positively with your business, have time to sell stock if anything goes wrong, have access to wholesale price goods for your own household, stocks are refreshed as you sell and buy, prices usually only go up - even when the stock market collapses. Maybe see if any trustworthy business people you know can use your additional money in extra goods on their shelf (or even a wing with a single exclusive item) and give you your share in the investment.
Bear in mind that this is not legal financial advice, they are simply my own personal opinions and suggestions, and that Allah who knows the past and the present knows best as to the success and loss of any endeavour.
Gold is a bit risky though since there is an element of usury to it if you are buying it to manipulate the prices and make a profit - unless you're storing your savings in it to safeguard from inflation - i didn't think about it properly before and Allah saved me from the usury by my making a loss on what little i had whilst barclays etc were holding the prices down during the gold fix sessions, also the rothschilds and their cohorts have stocks of it and regularly manipulate the price, the pr8ce also fluctuates based on gold dervatives and non-physical gold, and it is not edible when you're hungry and a mouthful of bread becomes worth more than mountains of gold when you're hungry.
The fact that the company is in the uk is risky though since there are multiple warnings that appear to be from Allah scattered all over the place (Most of the stuff EIC looted are actually mentioned in revelation 18 - re. mention of and emphasis on purple - see indigo revolt) and those people seem to be unrepentant and still charge interest off the poor folk who survived their violations whom they left destitute. And again - Allah knows best.
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The Big Short is also a movie to watch if you are able to save yourself from the bits of lewdness.
Here are a couple of clips (my part 2 with blur got removed for some reason despite the purposefully grainy mega low quality -though some of it is in the second video:
Purple was in fact, so sought after, such an obvious message to other lowly people that you were rich and important, that laws were introduced to protect its use. People were killed for not following the law, and daring to have a hint of purple about them.
Julius Caesar was particularly partial to purple. After visiting Cleopatra with her purple sails and sofas (reputedly an early influence on DFS sofa sales) he came home with a purple toga, which he decreed only he could wear. I wonder if he knew that his toga was dyed with what was basically sea snail spittle.
Many years later, when Henry Howard, the Earl of Surrey, was tried for high treason against Henry VIII, part of the evidence against him was that he had been seen wearing purple: which only the king could wear....
Im looking to invest in this. https://wahedinvest.com/uk/ but want to make sure it doesn't generate haram money. Ive read the Q&A section but couldn't find anything wrong. Is anyone else aware of this?
If it is a substantial amount of money - the dividends from which offset the cost of research, maybe consider paying a sincere scholar well versed in Quran, Hadith, and fiqh al mu'amilaat to go with you and have a chat with them at their office.
Then consider paying another capable person or investigative journalist to research their genuineness.
Asalaam. So did you have decide to invest in Wahed? I signed up and found that the quoted fees were lower than the actual fees that i'm being charged for the portfolio. I've emailed their customer service and all i got so far was scripted response from what appears to be the only customer service rep they have here in the UK.
I'd like to invest more than the £100 i have initially but what like some decent responses to the questions that i have already posed to them. I don't know. It looks like the muslims would always find it difficult to make their money grow in a halal manner than the more conventional routes.
I first heard of Wahed invest from a series of videos that Yasir Qadhi had done. He named them something like "an educational series about Islamic investing." There was nothing educational about it, he didn't even cover the basic things that Muslims should avoid. It was just a series of commercials for Wahed invest. He went on to say that learning about what things are haram and halal to invest is very difficult to do. He said that you could either become a scholar yourself, or give your money to Wahed who will do all the thinking for you and then will take a percentage of your money regardless of whether you make profits from it or not.
It isn't difficult to read the books of business/transactions in Sahih Muslim, Sahih Bukhari, Abu Dawud, etc and then try to make investment strategies around them. Obvious haram businesses are companies that sell pork, alcohol, gambling items, insurance, some prescription drug companies, and banks. Trading in bonds is haram, since their sole source of income almost always comes from interest. Trading in futures and options is haram, since there are hadith that say that the Prophet PBUH forbade people from selling their next years date crop one year early. You cannot buy and sell things that you don't know what condition they are going to be in. (this is very similar to dealing in futures and options trades). I am not 100% certain about this, but other hadith made it seem like buying and selling different currencies with the intention of making a profit from those transactions is also haram. I am nowhere near being a scholar, but I was able to learn these things just by reading the related hadith.
Anyone can open a brokerage account with TD Ameritrade, Etrade, etc and buy and sell stocks of companies. As long as you do research into what kind of company it is and what their business dealings relate to, you can determine if they would be a good, halal company to invest in. You don't have to pay any fees to people for managing your account, and you have complete control over everything yourself. I try not to have money that is not tied up in stocks or open orders in my account, that way no interest is paid on it. It isn't that hard if you put in the effort and try to be as honest as possible with what you are doing. Many of the big brokerage firms just got rid of the commission fees, so you can trade most stocks in any amounts without even having to pay a single fee.
I opened a Roth account with them a couple of months ago. Not enough time has passed by for me to make any real judgement about them but, so far I'm in the positive. Without having any financial background, it seemed like the obvious choice for me in terms of having a long term investment plan that is considered halal. I haven't had any issues with their customer support and they seem to respond within a day or so of emails. Of course, there's a phone number that you can use to get a quicker response as well as a chat function on their site.
I chose to go the Roth route because it's basically an account that you fund per year and leave it. I'm not into the stock market and don't care to keep up with trends, buying, selling, etc. They do have a very basic calculator on their site which shows gains over the years based on the amount invested. Of course, there are no guarantees but at least it can give you an idea of what to expect based on your situation.
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- and are knowledgeable and wise you should be safer than most investors in junk scam bonds out there who are on roller coasters which are sometimes rusty and often imaginary and based on scam derivatives - as long as the business is not targeted by crooks and is not based on the dodgy usury based stock exchange which is another roller coaster often leeched by wolves who play on shorts.
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