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Wealthsimple set to launch new ETF for Muslim investors in 2021

betakit | Isabelle Kirkwood | Nov 3, 2020

ne 300x209 - Wealthsimple set to launch new ETF for Muslim investors in 2021 Toronto-based Wealthsimple has revealed plans to launch an exchange-traded fund (ETF), which the startup says will offer investors access to a diversified index of Shariah-compliant stocks.

Toronto-based Mackenzie Investments, a subsidiary of Montreal-headquartered Power Corporation (which owns a majority stake in Wealthsimple), will serve as the fund’s trustee, ETF manager, and portfolio manager. The Wealthsimple Shariah World Equity ETF, as it is set to be called, is expected to be listed in early 2021.

“Canadians should be able to invest according to their values without compromising access to some of the best investment products," said Wealthsimple’s chief investment officer Ben Reeves.

See: Wealthsimple to expand into crypto trading

Wealthsimple is the latest Canadian FinTech startup pushing into the emerging sector of Islamic finance, a branch of finance that seeks to conform with the ethical and religious obligations of the Islamic faith.

In 2017, Toronto-based Manzil was launched to provide halal financial solutions including mortgages. Manzil calls itself “Canada’s first neo bank offering halal-certified products,” and aims to help Canadian Muslims balance their financial needs with their ethical and spiritual obligations.

Shariah-compliant funds are investment funds governed by the requirements of Shariah law and the principles of the Muslim religion. These funds are considered to be a type of socially responsible investing, and often involve participatory rather than predatory terms, and avoiding business sectors like alcohol, tobacco, and gambling.

See: Robo Adviser Wealthsimple Hits Unicorn Status With TCV Deal

"Our mission is to give everyone, regardless of beliefs, access to financial freedom. Today, Shariah-compliant self-directed investment options are limited and expensive, and we saw an opportunity to change that", said Ben Reeves.

 

 

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