Ways to invest islamically?

[kirkbrace]

I have 10k give or take (Alhamdullilah) and I’m currently using a stocks and shares ISA with al-rayan bank where I make 4% yearly.

4% would be great if I had a larger sum of money in my savings , but at the minute i’m making £400 a year which isn’t great but still better than nothing (again Alhamdullilah)

I was wondering if there was anything else I could invest into which is slightly riskier but yields a greater return?

Jazakallah Khair

 

[00sweetpea00]

@kirkbrace Make a LISA account with AJ Bell and invest into a sharia compliant portfolio like Wahed or any other Islamic one

 

[coelohim]

@00sweetpea00 Why a LISA account? He won't be able to access the money again until he's 60 or buys a house via a mortgage with the money in the LISA.

He should stick with ISA imo.

 

[00sweetpea00]

@coelohim Ohh yes i literally forgot about this.

For ISA account he can use the Wahed app and invest on their platform nice and easy.

 

[coelohim]

@00sweetpea00 From what I read Wahed is quite expensive with fees right? I'm not sure how it compare to AJ Bell and Hargreaves Landsdown.

 

[00sweetpea00]

@coelohim Possibly im not sure on the fees but the simplicity and ease may be a deciding factor or as you suggest use AJ Bell as its cheaper and then invest into Waheds portfolio

 

[ivlyn]

@coelohim Aren’t ISA’s interest based? Forgive me if I’m wrong

 

[coelohim]

@ivlyn Stocks and Shares ISA is just a tax wrapper, allowing you to make gains without having to pay tax.

Cash ISA's which grow money via interest and not gains in the stock market, are haraam.

 

[rahenson]

@00sweetpea00 Is AJ Bell the most suitable platform? OP should look at Monevator to find a more suitable platform (like T212 or Invest Engine).

 

[saram]

@kirkbrace You have a S&S is a with al rayan or a cash isa?

 

[rattikin]

@kirkbrace You could try SimplyEthical?

 

[fawnnole]

@kirkbrace Bitcoin is halal money -

 

[albatro55]

@kirkbrace DM me.