HALAL BANKING: THE SEARCH FOR ISLAMIC FINANCIAL OPTIONS IN TORONTO
Muslims are struggling to find faith-based solutions for their personal finances in the city.
Sarah Rana, a recent graduate from University of Toronto, was hoping to find financial planning options that were aligned with her faith.
Despite saving up her income from internships and paying off student loans, the 23-year-old struggled to find a financial product that fit her needs.
“[Financial advisors] would talk about ‘invest in this index fund or invest in these stocks.’ But these stocks — I didn’t know if they were halal, meaning ethical companies that are legally allowed in Islam for me to invest in,” she explained.
Rana says between juggling work and supporting her family, she doesn’t have time to conduct a deep dive into what she can invest in, or what she should keep her eye on.