What is Robinhood?
Robinhood is another fast-growing online investing platform that offers halal investing options as well. It currently provides services for 31 million users. You can invest in stocks, funds, options, ETFs, cryptos, and other products through the Robinhood platform. Robinhood wants to make investment possible for everyone charging no commission from its clients. No matter how much money you invest, Robinhood does not charge any account minimums or commissions to trade stocks, ETFs, or options on Robinhood. Moreover, the company wants its clients to feel secure at Robinhood, so it has high-security standards. If there are direct losses due to unauthorized activity on clients’ accounts, the company agrees to cover 100% of the losses.
One of the most essential features of the Robinhood app (Launched in 2015) is that it has an intuitive user interface. Therefore, clients like the app so much because it is interactive and user-friendly. Furthermore, Robinhood allows you to make a customized portfolio that is built based on your preferences. That is, you can choose and add preferred stocks, or ETFs to your portfolio. Additionally, it keeps users updated with the latest news based on real-time data and sends notifications on new investment options. These features ensure that you never miss a single opportunity to increase your wealth.
Robinhood and its halal investing services
Nowadays, Robinhood offers halal investing services where you can invest in shariah-compliant companies. You can find halal companies by using a third-party screening service like Finbox. It provides services for Muslim investors to invest in halal securities in this way, even though Robinhood is not a fully halal trading platform.
Vladimir Tenev and Baiju Bhatt’s cooperative relationships started when they studied together at Standford. After graduation, they headed to New York and witnessed how Wall Street firms work. That is, Wall Street almost pays nothing to trade securities, while people were charged high commissions for their every single trade. So, Tenev and Bhatt co-founded a financial services company called Robinhood in 2013, coming back to California. They aim to democratize financial services and make investing possible for wealthy people and everyone.
Musaffa Halal Investments
Musaffa, a New York-based Fintech company also provides halal investment services. While Robinhood is not a fully halal investing platform, Musaffa offers only halal investments. What is more, Musaffa plans to expand worldwide. That is, it will soon be covering stocks from all over the world. Different from Robinhood, Musaffa has stock screening services providing reports about the USA, Malaysian and Indonesian stocks. Musaffa offers a fully Shariah-compliant trading investment platform which is still in the development process now. Besides, it currently runs a blog academy where you can learn about Islamic Finance and Halal Investment at no charge. Feel free to join the academy of Musaffa to learn about Islamic Finance to 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.