Can someone recommend a good broker?

Everyday Islamic Finance Islamic Finance Companies/Products
#1

Selam,

Can someone provide me a good broker ? i Can’t find any or don’t know if it’s permissible to use.

Greetings,

Omar

Permissible Stock Trading Platform
#2

Salam Omar,

The broker only provides services for executing the investments so there should be hardly any issue of its permissibility except to check if they are paying you interest on the cash amount held in your investment account - these days with such a low base rate I don’t think any is offering.

The main thing to consider is the choice of your investments being offered by that platform. These need to be shariah-compliant. Stocks are widely available everywhere which needs to be shariah screened if you prefer stock picking (relatively highrisk investment approach Vs buying a diversified fund). The two platforms that come to mind with offering Shariah funds/ETFs are AJ bell and Trading 212. the first charges fees and the second is free. I must say that i have seen Trading 212 being discussed as not allowed on this forum as it has a share lending program (you can search on the IFG forum and make up your mind).

May Allah help you.

#3

@Zeeshan thanks for reply brother !

Do have recommendation of other broker besides trading 212 ?

Greetings,
Omar

#4

Jazakallah brother.

Dont know how you would define a good broker? are you after cheapest trading fee, platform fee, OR is it essential that the platform must offer shariah compliant investments…? There are top platform with lowest fees such as Vanguard but they don’t offer shariah compliant funds so not good for me.

For me, I looked for the fund I wanted to invest and then checked which platform is offering that fund at the cheapest fee (off course making sure that it has good reputation too).

IFG has a catalogue if investment options @ https://www.islamicfinanceguru.com/halal-investments/ and if you click on any of the investment, it will take you to the platform where investment is being offered.

For me personally, AJ bell worked well as it offers a range of shariah compliant Funds/ETF at the 0.25% platform fee.

Please do your own research and see what is best for your circumstances.
May Allah help you.

1 Like
#5

@Zeeshan
Selam,

Thanks for reply brother…
i will checkout aj bell…
Not looking for funds brother… i trade all by myself haha.

Thanks for your information