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TORONTO — Ahmed Najar only started investing two years ago after discovering a way to do so that aligns with his Muslim values.
The 36-year-old lab researcher turned to Halal investing that screens out forbidden investments such as pork, alcohol, tobacco, weapons, adult entertainment and the biggest no-no of all: debt, bonds or interest.
Najar says the main driver for his investment decisions is religious.
“I cannot do the other way, it’s just impossible. Even if there is money to be made I cannot make it that way,” he said from Vancouver.
The money he invests must do no harm and be beneficial for society. Usaries are forbidden because the Qur’an says Muslims aren’t allowed to profit from lending money, so earning interest from an individual or bank is prohibited.
Socially responsible investing, including those based on religious beliefs, is a growing trend in Canada with assets under management surging to $3.2 trillion last year, up from $2.1 trillion in 2017, according to the Canadian Responsible Investment Trends Report.
Responsible investing represents nearly 62 per cent of Canada’s investment industry, up from 50.6 per cent two years ago.
Investing based on religious values remains a small but growing subsection of this trend.
Like all investing, those who make decisions based on their faith should educate themselves and find a trusted financial adviser, said Najar.
