Wealthsimple offering Canada’s first halal portfolio

Wealthsimple has opened its doors to more clients with the launch of a halal investing portfolio. The option is designed for investors who want to save for their futures while adhering to Islamic laws — Religious Muslims can’t profit from some forms of interest and from businesses that are significantly involved with alcohol, tobacco and gambling, for example.

The new portfolio will use the same passive investment strategy as the platform’s other portfolios, says Wealthsimple in a release. There is no account minimum and the fees will range from 0.4% to 0.5% of assets managed, depending on the amount invested.

Wealthsimple says it designed the new portfolio using a methodology approved by MSCI’s committee of Shariah scholars. It includes 50 stocks that closely track the MSCI ACWI Islamic Index.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.