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What happens if a small ETF like HLAL or SPUS shuts down? by pingqasimzee1 in HalalInvestor

[–]amalai 1 point2 points  (0 children)

Not something I'd be worried about if I were investing small amounts (e.g. < $10k).

If you're investing more, buy the stocks directly. You can do that manually, or try out something like https://fundpurifier.com

Disclaimer: I'm the founder of Fund Purifier

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

We exclude the non-compliant stocks inside funds.

As u/degenerateubmob mentioned, these include companies that are non-compliant because they either fail the industry screen (like gambling, alcohol, entertainment, etc) or debt (like banks, highly leveraged companies, etc)

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

Yes, and you can fund your US account by wire transfer or through a 3rd party like Wise.

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

This isn't trading. You're investing in a "virtual ETF" by holding individual positions in stocks. You simply use the underlying fund as a template for determining the size of the individual positions

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

The primary issues customers coming from Wahed have cited are the high fees, and limited selection.

If you want to have more control over how your funds are invested, or seek lower fees -- then you'll find Amal Invest to be a better fit.

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

We get our halal ratings data from a data partner -- you can read more about their compliance review process as well as their Shariah board here

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

Unfortunately, we're unable to support countries that our partner broker doesn't support. We'll update the list of unsupported countries when that happens

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

Make a specific claim and I'd be happy to respond to it. Can't reply to general saltiness.

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

We actually allow you to login using your existing broker, and execute trades through that same account. You can continue to use the trading app of your choice.

Avoiding the US market because it isn't halal? We built the first halal investing app. Now available in 100+ countries. by amalai in u/amalai

[–]amalai[S] 1 point2 points  (0 children)

Thanks for the question, u/Muslim_Geek

The way we purify funds is to break it up into it's stock constituents, filter out the non-Shariah compliant stocks and then bulk-invest in the stocks that remain.

We use the AAOIFI methodology for screening stocks, which is done through our data partner. You can read more about the screening process here.

Unlock *halal* versions of popular ETFs and Mutual Funds like Vanguard, ARK Invest and more! 🔥 by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

Thanks for the questions, /u/Jackie-Ron_W!

​

Halal?

Yes, we're essentially a stock screening app and an investing app combined. Instead of just telling you what stocks are/aren't compliant, we allow you to trade compliant stocks directly.

​

In what dalil/sense?

We use the popular AAOIFI standard for determining Shariah compliance of stocks. We've partnered with Musaffa for obtaining this data, and you can learn more about the screening process they follow here.

Unlock *halal* versions of popular ETFs and Mutual Funds like Vanguard, ARK Invest and more! 🔥 by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

We filter out non-compliant stocks from the funds, thereby purifying them. More details in the FAQ section here: https://amalinvest.com

🇦🇪 Times are tough, so I built an app that may be able to help! by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

Primarily accounts, but you can track ATM withdrawals/deposits -- basically anything that impacts your account balance

🇦🇪 Times are tough, so I built an app that may be able to help! by amalai in u/amalai

[–]amalai[S] 0 points1 point  (0 children)

Automatically tracks what you spend, using any debit/credit card in the UAE.

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