There’s a need for religious investment apps that follow the investor’s principles – especially for Muslims. Since most Western banks’ operations aren’t permissible, Muslims need other options to save, invest and grow their wealth. Thus, we have the best halal investment apps in 2024.
When it comes to Islamic rules, the Quran tells us the financial guidelines we must follow. Many conventional investments involve impermissible operations that can hinder the faith of Muslims. Living according to Islamic rules means you can’t invest in deals involved in uncertainty, pork, alcohol, weapons, porn, gambling etc.
Hence, the best halal investment apps operate with equity participation or profit sharing. This model prohibits high debts and helps Muslims to invest while maintaining their values. There are some halal investment apps that act as stock screener. They utilize the shariah guidelines to check if a stock is permissible for investment or not.
Why You Should Consider Halal Investment Apps in 2024
- Halal investments don’t involve high risks since they’re about equity participation.
- You can diversify your assets among different investment platforms to have a balanced portfolio.
- Halal Investment Apps offer tools and services that can help you gain control of your investment.
- Using halal investment apps allows you to participate in social and responsible investment
- Halal Investment Apps are screened so you can be assured that they meet the Islamic Finance rules.
Best Halal Investment Apps in 2024
1. Wahed Invest
Wahed Invest is one of the best halal investing apps in 2024. It’s a Shariah-compliant app that includes assets like halal stocks, precious metals and ETFs.
The platform vets every investment thoroughly for traces of interest, debt, and haram activities. They ban companies dealing with impermissible activities, so the investment plans are always halal. Wahed Invest takes you via a questionnaire after creating an account.
It customizes a plan for you according to your savings goals. It can even recommend investments based on your budget and risk tolerance. You only need $100 to start with Wahed Invest, and it’s accessible to everyone.
2. Zoya
Looking for the best halal investing apps in 2024? Zoya is your bet! Zoya is a Muslim-built platform to cater to the needs of Muslim investors. There are over 2,000 ETFs and mutual funds available on the platform. One of its amazing features is the Shariah compliance search function that can report over 10,000 stocks in the UK, US and Canada.
Other features on Zoya include a Zakat calculator, zero-fee trading, predesigned halal portfolios for easy investing, email alerts, stock watch lists, etc.
The investment app possesses its internal Shariah advisor and abides by the rules of the Accounting and Auditing Organization for Islamic Financial institutions. Hence, you can be assured that all investments on this app are halal.
3. Aghaz
Aghaz is also one of the best halal investment apps in 2024. It’s designed to be a goal-based platform where you save for specific targets. Targets can include travel, retirement, education, Hajj, etc. It’s an app built mainly for Muslims to get access to halal investment. All the investments are halal, and they have Shariah advisors who screen them. They remove impermissible investments like gambling, pork, cigarettes, alcohol, interest, etc.
It’s available mainly in the US right now, and there’s a $2 per month subscription fee and an annual 0.49% maintenance fee.
4. ShariaPortfolio
ShariaPortfolio is precisely as its name implies—an application dedicated to curating your investment portfolio with businesses adhering to Sharia principles. Rooted in the tenets of Sharia, this app not only aligns with Islamic financial guidelines but also provides users with a measure of influence, taking into account their risk tolerance to tailor investment recommendations.
Its distinctive objective sets it apart within the world of halal investment apps, carving out a niche with a focused vision.
5. Amana Mutual Funds Trust
Amana Funds is a collection of funds under Saturna Capital. Actually, it’s a non-profit investment firm associated with FCNA Islamic scholars. It has a long track record of halal investments, so there’s nothing to worry about. Investors can manage their investments via the platform using an online portal.
It also possesses a screening process that ensures that the investment is halal. It eliminates companies that get their revenue from Haram activities. Also, it pursues companies with reliable balance sheets, taking a more conservative approach to investment.
Frequently asked questions about the best halal investment apps in 2024
- Is Investing halal in Islam?
According to the Shariah law, there’s no Haram in trying to save and invest to grow your wealth. Hence, investing is halal in Islam. However, the investments must follow the Islamic Finance principles.
- Which app can I use for halal investment?
We have highlighted some of the best halal investment apps in 2024 above. You can check through and choose the platform that meets your requirements.
- What kind of assets can I invest in?
There are several halal investment options. They include ETFs, stocks, cryptocurrency, precious metals, etc. You can read more here.
- Can I invest in other investment platforms that don’t offer halal options?
Investing in other platforms without halal options isn’t recommended. However, if you find a platform that’s not for Muslims but offers Halal options like no interest or uncertainty, then you can go for it.
Bottom line
There are numerous investment platforms, but we’ve explored the best halal investment apps in 2024. These apps are built to meet the needs of Muslim investors, and they aren’t expensive to get started. You can check them out and kick-start your investment journey.