A new digital investing tool developed by Meezan Wealth Management has launched, seeking to eliminate any difficulties experienced by Islamic-Australian investors when investing ethically.
Meezan Invest enables Islamic Australians to have better and more cost-effective access to investment portfolios and offerings that have been certified as Sharia-compliant.
The tool’s Islamic Growth model portfolio removes the need for Islamic-Australian investors to invest a minimum of $50,000 for a compliant portfolio and avoids fees of as much as 2.5 per cent per annum, as it only requires a minimum investment of $5,000 and its fees “are around half the amount of some competitors”.
With the portfolio managed by Lifespan Financial Planning’s Investment Committee and underpinned by investment platform, OpenInvest, Meezan also uses IdealRatings’ services to filter out any stocks that are no Sharia-compliant, including companies involved in adult entertainment, alcohol production and sales, cinema, conventional financial services, defence, gambling, tobacco and pork.
“At the moment those with smaller lump sums are shut out from investing in Islamic compliant portfolios. And because putting money in interest generating accounts is forbidden for Muslims, they have limited options apart from just letting money sit there and be eroded by inflation,” Meezan Wealth Management Founding Director, Rokibul Islam, said.
“Our new solution is designed to open up investment opportunities to all Australian Muslims whether they have small or large amounts to invest and who believe they do not require personal financial advice.
“We know and understand what it means to be Muslim and living in Australia, and the challenges faced when it comes to growing your wealth Islamically. For decades Muslims have faced the tough choice of having to compromise their faith when dealing with financial institutions in Australia. That has now changed.”
The Meezan Islamic Growth model portfolio seeks to return CPI plus 4.5 per cent p.a. from an offering of 10 to 30 Australian and global holdings made up of large cap shares and alternative investments.
“We believe all Australians deserve access to the benefits of professional investing and are excited that this is now being made available to Australian Muslims in a way that is consistent with their religious principles,” OpenInvest’s Head of Distribution, Ravi Verma, said.
Source : financialnewswire.com.au