You are reading this because you are concerned about the purity of your income and return. We got your back! Let’s answer the question all Muslims should ask; How to buy Halal Stocks?
It is essential as Muslims that we watch what we invest. Buying a stock means having partial ownership over a company; this is why we must avoid having partial ownership of haram companies.
Find the right brokerage
You must find a brokerage that does not pay you interest or make you pay interest. Interest is a riba, and it is one of the core functions we must avoid as Muslims.
Many brokerage accounts will allow you to leverage your cash, which means that they will give you a loan to buy more shares. It would be best if you generally avoided them because most of them charge interest fees.
Check out 5 Halal Investment Apps You Must Know
Find the right stocks
After you find a suitable brokerage account for yourself, you can start buying and selling stocks!
Pick the stocks of companies you believe in. Do your own research and trust your gut.
Check the financial and operational aspects of the companies you chose and check if they are Shariah-compliant. Musaffa helps you to find the halal stock through the Halal Stock Screener Platform. There are some other halal stock screener apps out there that could be your alternatives. Check out 4 Halal Stock Screener Apps You Should Know
We want to make it easier for Muslims like you to invest. Our mission is to be all in one trading platform where you can screen the halal stocks and trade them on the same platform. To help our Muslim communities aware of halal investments, we also provide an academy where everyone can learn about halal investment and Islamic finance in an easy way freely.
Lastly, if you have any questions regarding the halalness of a stock or other concerns related to halal investment and Islamic finance, please feel free to post them on our community forum. Muslim fellows in our community will help you address your questions and share their ideas.
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.