Meezan Wealth Management has launched Meezan Invest which allows Islamic investors, via the Meezan Invests Islamic Growth model portfolio, to invest in Islamic compliant investments with a minimum investment of $5000.
"At the moment those with smaller lump sums are shut out from investing in Islamic compliant portfolios. And because putting money in interest generating accounts is forbidden for Muslims, they have limited options apart from just letting money sit there and be eroded by inflation," Meezan Wealth Management founding director Rokibul Islam said.
"Our new solution is designed to open up investment opportunities to all Australian Muslims whether they have small or large amounts to invest and who believe they do not require personal financial advice."
Islam says that up until now Sharia-compliant investment options have had large minimum investments and fees as high as 2.5 per cent.
The Meezan Islamic Growth model portfolio holds 10 to 30 Australian and international predominantly mid to large cap shares and alternative investments and is managed by Lifespan Financial Planning's Investment Committee.
"We know and understand what it means to be Muslim and living in Australia, and the challenges faced when it comes to growing your wealth Islamically. For decades Muslims have faced the tough choice of having to compromise their faith when dealing with financial institutions in Australia. That has now changed," Islam said.
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