Salam
I have a 401k through Fidelity from my employer; it a mutual fund and has done quite well over the 10 years of employment. HOWEVER, the fund is most likely not shariah-compliant.
Top 10 holdings (~50% of fund):
NVIDIA CORP
APPLE INC
AMAZON.COM INC
MICROSOFT CORP
ALPHABET INC CL A
LULULEMON ATHLETICA INC
SALESFORCE.COM INC
ALPHABET INC CL C
SHOPIFY INC CL A
FACEBOOK INC CL A
I have since left that employer and now I am unsure what to do. Is there a way to purify the investments or should I just take my contributions (and employer match) and give away the almost 70% of gains that the account has earned?
Once I figure out how to handle the 401K, my goal is is to roll it into an IRA. I am unsure if it should be regular IRA or Roth. I would invest in Amana and maybe one of the ETFs (from Wahed or SPUS).
My current investments include AMAGX, AMANX, and Wahed Aggressive Portfolio. I am currently unemployed unfortunately and getting increasingly worried about my finances and whether they are the best for me at this time in my mid-30s.
My questions:
I have a 401k through Fidelity from my employer; it a mutual fund and has done quite well over the 10 years of employment. HOWEVER, the fund is most likely not shariah-compliant.
Top 10 holdings (~50% of fund):
NVIDIA CORP
APPLE INC
AMAZON.COM INC
MICROSOFT CORP
ALPHABET INC CL A
LULULEMON ATHLETICA INC
SALESFORCE.COM INC
ALPHABET INC CL C
SHOPIFY INC CL A
FACEBOOK INC CL A
I have since left that employer and now I am unsure what to do. Is there a way to purify the investments or should I just take my contributions (and employer match) and give away the almost 70% of gains that the account has earned?
Once I figure out how to handle the 401K, my goal is is to roll it into an IRA. I am unsure if it should be regular IRA or Roth. I would invest in Amana and maybe one of the ETFs (from Wahed or SPUS).
My current investments include AMAGX, AMANX, and Wahed Aggressive Portfolio. I am currently unemployed unfortunately and getting increasingly worried about my finances and whether they are the best for me at this time in my mid-30s.
My questions:
- Is there a way to purify a shariah non-compliant 401K fund or is it better to give away all of the gains to be on the safe side?
- In my situation of unemployment, should I rollover that permissible portion of that 401K fund into a regular IRA or roth IRA?
- If I open the IRA, can I just do it through Saturna since I'm already dealing with them or should I stick with Fidelity since the 401K is through them. Are there extra fees by having Saturna be the broker versus Fidelity?