Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Wealthsimple set to launch new ETF for Muslim investors in 2021
betakit | Isabelle Kirkwood | Nov 3, 2020
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.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
The Relationship Between Millenials, Managers, and Leaders- Bill 13: Alberta proposes ‘regulatory sandbox’ for innovative financial technology firms
- OpEd: No, Crypto Exchanges Are Not Like Stock Exchanges | New Approaches May Help Solve Old Problems
- What’s Awaiting Carbon Capture in 2023?
- The Carbon Footprint of Cryptocurrency
- Why Start Your Own Business in College
Leave a Reply