When Mihami Shash started a new job, one of the benefits she was offered was the opportunity to participate in the company’s matched-RRSP (Registered Retirement Savings Plan) program. The company had set up a number of investment options that the employees could use to save for retirement and as an incentive to invest in these, the company would match each employee's contributions.
Whether or not you invest in a Registered Retirement Savings Plan (RRSP), with the March 1 RRSP deadline around the corner, February tends to be the month Canadians talk about investments.
Investments don’t only help your money grow, they are also a good way to keep your money from losing value. Whether we realize it or not, money kept in a chequing account loses value over time due to inflation.
For Canadian Muslims who want to invest in the stock market but don't have the confidence to pick halal stock investments on their own, the choices have always been limited. If you're looking to invest more than a few hundred thousand dollars, you can hire a financial advisor knowledgeable in Shariah compliant investments. If you're investing less than that, you can invest in a halal mutual fund, which charges management fees of 2.5% or more. That's it. So when Wealthsimple announced their Canadian Halal Investing portfolio in August of this year, it was reason to celebrate.
Asking people to trust you to invest their hard earned cash is a challenge in the best of times. Doing that in the wake of a major global financial crisis and asking them to invest in a brand new Shariah compliant mutual fund takes the challenge to a whole other level.
With the RRSP deadline on March 2nd, many Canadians are wondering and worrying about where to invest their hard-earned money. For Muslim Canadians, the challenge is two-fold, as not only are they looking for investments that are financially sound, they also need to ensure that their investments are religiously sound, or Shari’ah compliant or halal (Islamically permissible).