Halal LISA recommendations?

[snowballsfriend]

I have a LISA

Don't want to keep it as cash as it accrues interest which is obvs haram

Don't want to invest in stocks and shares as that obvs carries risk & as I want to cash it out in

 

[newme20]

@snowballsfriend Open an aj bell s&s LISA. Don't invest your money, just keep it as a cash balance. Message aj bell via secure message that you want to waiver any interest payments to your account. Job done.

Edit: I believe a similar approach can be taken with Hargreaves lansdown but not tried it personally

 

[snowballsfriend]

@newme20 Thanks, I'll give it a try

 

[bgunk]

@snowballsfriend Foresters do a halal S&S LISA but I think the fees are higher than AJ&Bell, they invest for you and don't have interest in the shariah compliant one.
I'm not sure how the AJ&Bell one works - I think you have to pick which funds to invest in.

 

[snowballsfriend]

@bgunk Are you using the Foresters one? Can you provide more info, investment into what? How much are the fees?

 

[bgunk]

@snowballsfriend https://www.foresters.com/en-gb/savings/isa/lifetime-isa/shariah-lifetime-isa

1.5% management charge that reduces to 1% after 10 years.

You can book a free consult with one of their financial advisors to get more information.

 

[glenn62]

@snowballsfriend Living in the West means we are always exposed to interest in one form or another. Rather than choosing the s&s yourself, there are shariah compliant ETFs that invest in hundreds of shares if you want to passively invest and just put money in these funds like Shroders Islamic Global Equity fund or Wahed FTSE USA shariah fund.

If the cash is earning interest, you can give it away to islamic charities to purify your wealth and they will deal with it accordingly. Examples like uwt.org who runs on 100% donation policy have 'interest' as a specific category.

 

[coelohim]

@snowballsfriend There's nothing you can do. If your scared of stocks and shares, it'll have to stay as cash. Any interest, you'll have to give away to charity.

Don't put anymore money in.

 

[snowballsfriend]

@coelohim I mean those aren't the only 2 options haha, hence my post!

 

[coelohim]

@snowballsfriend Bro grow a pair and invest in stocks and shares. Otherwise it's a waste having the money in the LISA.

 

[cz1611]

@snowballsfriend Much like any savings account, it is easy to identify the interest in a Cash LISA and separate it, and give it away

 

[snowballsfriend]

@cz1611 I would like to avoid the interest altogether

 

[cz1611]

@snowballsfriend If that's the case, you might be able to speak with LISA provider, asking for the interest to be waived