اَلسَّلَامُ عَلَيْكُم وَرَحْمَةُ اَللهِ وَبَرَكاتُهُ
I hope you are well.
There is a new app MoneyBox which has a variety of options. One of those options is investing in Stocks & Shares ISA - I wanted to know if this was halal or haram? The shares it deals with are: Fidelity Index World, iShares Global Property Equity, iShares Overseas Corporate Bond Index.
Assalaamu alaykum,
From a cursory review and read on MoneyBox, Investments are made into tracker funds and indices which are pre-selected. Your investment will depend on your risk profile.
If it is the case that the investments are in indices and trackers, there is a high Shariah non-compliance risk as the trackers are very likely non-compliant.
Allah knows best
Jazakhallah Hu Khayran for your response.
Would you suggest it’s best to withdraw now and find a sharia compliant ISA?
Wa alaykum salaam,
From what I’ve read and what I understand, it would be best to withdraw and have an ISA with a Shariah compliant platform such as Wahed Invest.