What is Fidelity Investments?
Many of us know that Fidelity is an American multinational financial services company, but not all people know if Fidelity offers halal investment services or not. Edward.C.Johnson started Fidelity in 1946, providing trading and brokerage services, wealth management, life insurance, and financial planning. In the 1960s, Fidelity was the first company to sell their mutual funds to any people (in the past, only wealthy or finance experts could buy mutual funds) via direct-mail advertising and door-to-door sales. Currently, the company offers different securities such as stocks, bonds, and mutual funds to all clients.
In 2018, the company announced that it would launch cryptocurrency trading. In 2019, Fidelity launched Fidelity Digital Asset Services, offering crypto trading services to its clients. Subsequently, institutional clients are now able to invest in bitcoin and other digital assets with Fidelity.
Fidelity. Go is its online managed portfolio platform. The company has approximately $4.9 trillion in assets under management globally as of June 2020. Fidelity Investments provides advice and recommendations for investors based on their goals and plans. Their services include retirement planning, college savings, wealth management, brokerage services, and more
They offer several benefits for the clients, such as commission-free trades, no account fees, no minimums to open a retail brokerage account, and more.
The company is headquartered in Boston, and it is currently present in nine other countries in Asia, Europe, North America, and Australia. Every branch is working diligently to provide high-quality services and to meet customer needs. Nowadays, the company has more than 47,000 associates around the world. Fidelity offers its services through 12 regional sites and more than 200 Investor Centers to its international clients.
Forbes ranks the company as the Best Online Broker in 2021.
Moreover, stockbrokers.com. named the company as #1 for Order Execution and Fractional Shares in 2021.
Additionally, in 2020, the Investor’s Business Daily readers nominated Fidelity as the most trusted wealth management services company, achieving top rankings for “protecting privacy and security, quality of products and services, customer service, and customer treatment.”
Does Fidelity Offer Halal Investment Options?
Fidelity offers various investment products such as mutual funds, retirements and IRAs, trading, stocks, fixed income, bonds and CDs, ETFs, Options, and many more. If you are looking for halal investment options, Fidelity does not mention specifically about this feature.
Before you decide to use an investment platform, you should understand the nature of the investment instruments. If you prefer to invest in Shariah-compliant instruments, you may not want to invest in non-halal instruments because you don’t know what you are investing in.
In the case of Fidelity, several instruments that they offer are not shariah compliant such as mutual funds, IRAs, Bonds and CDs, ETFs, and options. Those mentioned instruments are not shariah compliant because the funds of those instruments are not specifically invested in shariah-compliant securities. The funds are invested in any business regardless of their Shariah compliance. In addition, options trading is one of the non-Shariah compliant instruments by its features and structure.
The same is true when you want to buy a stock from the Fidelity platform; you may be fully aware of the stock that you are buying. In order to invest in a halal way, you have to select only shariah-compliant stocks or securities. To help you find the right shariah stock, you can use Musaffa’s Halal stock screener.
Aligning your investment journey with your faith might be challenging as there are many stocks that offer you high returns but they are not halal. Therefore, the role of the halal stock screener is essential to make sure that you invest in halal stocks.
Musaffa Halal Investment Services
Musaffa, a New York-based Fintech company, provides halal investment services. While Fidelity is not a fully halal investing platform, Musaffa offers fully halal investments. Currently, Musaffa is developing its trading investment platform. What is more, Musaffa plans to expand worldwide, and that is, it will soon be covering stocks from all over the world.
Unlike other platforms, Musaffa has stock screening services providing reports about the USA, Malaysian and Indonesian stocks. Besides, it currently runs a blog academy where you can learn about Islamic Finance and Halal Investment at no charge. It also provides a community forum where Muslim Investors can discuss different topics. Feel free to join Musaffa to learn about Islamic Finance and make smart halal investing decisions.
To read more about Islamic Finance related topics, please click here and visit our academy.
Besides, feel free to sign up for our free stock screening services at musaffa.com.