Musaffa: Halal Stock & ETF screening and investing app (2024)

FAQs

Is the Musaffa app legit? ›

Musaffa is a Halal (Shariah-compliant) Stock Trading, Investment, and Islamic Finance Education platform. The platform aims to attract investors seeking to align their money with their values and faith.

Zoya is the only app I know of to check sharia compliance of stocks, mutual funds and ETF's.

Certain Musaffa Service options are provided free-of-charge (“Starter”), while other options require payment before they can be accessed (the “Premium Subscriptions”). We may also offer special promotional plans, memberships, or services, including offerings of third-party products and services.

Musaffa divides the Shariah-compliant stock universe into five groups and ranks them from 1 to 5. The higher the ranking, the more Shariah-compliant the stock is. For example, suppose a particular stock receives a ranking of 5.

The best halal investing apps include M1 Finance, Fundrise, Robinhood, Zoya, Wealthsimple, Aghaz, Amana Funds, and Wahed, each offering different features and benefits for Muslim investors.

Robinhood. Robinhood allows clients to use third-party screening services to find the companies that follow Sharia rules. So, you can use it as a Shariah-compliant investment platform. In this way, as a user of Robinhood, you can invest in securities that entirely follow the basic principles of Shariah.

Wahed Invest is one of the best halal investing apps in 2024. It's a Shariah-compliant app that includes assets like halal stocks, precious metals and ETFs. The platform vets every investment thoroughly for traces of interest, debt, and haram activities.

Thankfully this too is getting easier. Online halal stock screening services can help you determine if an ETF is invested in prohibited assets. Platforms like Musaffa, Islamicly, and Zoya, can screen stocks and ETFs and determine if they are halal.

It has committed to using renewable energy sources for the business activities. Based on these instances, we consider that the business model that Amazon follows Amazon is in compliance to Halal investment guidelines.

What is Musaffa halal stock? ›

Musaffa platform offers a comprehensive, end-to-end Shariah-compliant investment platform, enabling Muslim investors to align their investments with their faith fully. This comprehensive offering includes: Musaffa Academy: Providing Islamic Finance education to enhance knowledge of halal investments.

Yes, it's far halal to buy Tesla stock as long as the enterprise's operations aren't involved in any haram activities.

Dilshod Jumaniyazov, Akram Jagirdar, and Rashid Turaev are the founders of Musaffa.

Should you invest with Wahed Invest? Wahed Invest is an excellent roboadvisor for beginners, especially those seeking for halal investments. I would argue that its investment philosophy is passive and it's great for those who do not have the time to monitor the markets and want a hands-off approach to investing.