What is Robinhood?
Robinhood is another fast-growing online investing platform that offers halal investing options as well. It currently provides services for 31 million users. You can invest in stocks, funds, options, ETFs, cryptos, and other products through the Robinhood platform. Robinhood wants to make investment possible for everyone charging no commission from its clients. No matter how much money you invest, Robinhood does not charge any account minimums or commissions to trade stocks, ETFs, or options on Robinhood. Moreover, the company wants its clients to feel secure at Robinhood, so it has high-security standards. If there are direct losses due to unauthorized activity on clients’ accounts, the company agrees to cover 100% of the losses.
Robinhood App
One of the most essential features of the Robinhood app (Launched in 2015) is that it has an intuitive user interface. Therefore, clients like the app so much because it is interactive and user-friendly. Furthermore, Robinhood allows you to make a customized portfolio that is built based on your preferences. That is, you can choose and add preferred stocks, or ETFs to your portfolio. Additionally, it keeps users updated with the latest news based on real-time data and sends notifications on new investment options. These features ensure that you never miss a single opportunity to increase your wealth.
Robinhood and its halal investing services
Nowadays, Robinhood offers halal investing services where you can invest in shariah-compliant companies. You can find halal companies by using a third-party screening service like Finbox. It provides services for Muslim investors to invest in halal securities in this way, even though Robinhood is not a fully halal trading platform.
Co-Founders
Vladimir Tenev and Baiju Bhatt’s cooperative relationships started when they studied together at Standford. After graduation, they headed to New York and witnessed how Wall Street firms work. That is, Wall Street almost pays nothing to trade securities, while people were charged high commissions for their every single trade. So, Tenev and Bhatt co-founded a financial services company called Robinhood in 2013, coming back to California. They aim to democratize financial services and make investing possible for wealthy people and everyone.
Musaffa Halal Investments
Musaffa, a New York-based Fintech company also provides halal investment services. While Robinhood is not a fully halal investing platform, Musaffa offers only halal investments. What is more, Musaffa plans to expand worldwide. That is, it will soon be covering stocks from all over the world. Different from Robinhood, Musaffa has stock screening services providing reports about the USA, Malaysian and Indonesian stocks. Musaffa offers a fully Shariah-compliant trading investment platform which is still in the development process now. Besides, it currently runs a blog academy where you can learn about Islamic Finance and Halal Investment at no charge. Feel free to join the academy of Musaffa to learn about Islamic Finance to make smart halal investing decisions.
To read more about Islamic Finance related topics, please clickhere and visit our academy.
Besides, feel free to sign up for our free stock screening services atmusaffa.com.
FAQs
Robinhood and its halal investing services
You can find halal companies by using a third-party screening service like Finbox. It provides services for Muslim investors to invest in halal securities in this way, even though Robinhood is not a fully halal trading platform.
Is Musaffa halal? ›
Our platform ensures that only halal (Shariah-compliant) stocks and ETFs are available for investment. From start to finish, the whole platform adheres to Shariah guidelines.
Which stock is halal in Islam? ›
Overview of the Top 10 Halal Stocks in 2024
- Reliance Industries Ltd. ...
- Tata Consultancy Services Ltd (TCS) ...
- Infosys Ltd. ...
- Hindustan Unilever Ltd. ...
- HCL Technologies Ltd. ...
- Sun Pharmaceutical Industries Ltd. ...
- Maruti Suzuki India Ltd. ...
- Adani Enterprises Ltd.
Zoya - #1 Halal Investing App | Shariah Compliant Stocks & ETFs.
Is the Musaffa app good? ›
Ratings and Reviews
Great app. A stock status is updated regularly, and also upon request (with annual subscription). Many countries are included. Thank you for the hard work.
Are Muslims allowed to invest in stocks? ›
Investing in stocks can be halal as long as the companies operate in permissible industries and follow Islamic financial principles like avoiding interest (riba). It's important to properly screen stocks for Shariah compliance.
Is the Musaffah app legit? ›
Musaffa is Islamic trading, investment, and financial education platform. The platform aims to attract investors seeking to align their money with their values and faith. Since Islam's ethical guidelines so much develop with other religions, non-Muslims can also use our platform effectively.
Is Musaffa free? ›
Certain Musaffa Service options are provided free-of-charge (“Starter”), while other options require payment before they can be accessed (the “Premium Subscriptions”).
What is the best app for halal stocks? ›
Zoya takes the guesswork out of halal investing by helping you build a personalized shariah compliant investment portfolio with confidence and clarity. - Access shariah compliance ratings of thousands of stocks worldwide, for free!
How to check if a stock is halal? ›
3 things to check if a Stock is Halal
- Business activity screen: How the company makes money.
- Financial activity screen: How much interest a company has to pay or is making from its debts and investments, as well as how much cash it is currently holding.
Islamic principles therefore prohibit investment in conventional bonds and other debt securities that generate interest income. Sukuk investments are halal because they seek to generate profit from the investment income of their underlying assets, instead of interest and principal payments.
Which trading is halal in Islam? ›
Investing in stocks of companies that operate in compliance with Islamic principles is generally considered halal. This involves selecting companies that avoid involvement in industries such as alcohol, gambling, and pork, aligning with ethical and Sharia-compliant business practices.
Which broker is halal? ›
XTB: XTB is an established forex broker that offers Islamic accounts. No interest is charged on any forex trading positions – no matter how long they remain open.
Is Costco stock halal? ›
Therefore, based on the information provided, it is concluded that the business operations of Costco Wholesale Corp do not align with Shariah principles due to the significant portion of revenue generated from non-permissible activities.
Where can I buy halal stocks? ›
At Musaffa
Our mission is to be all in one trading platform where you can screen the halal stocks and trade them on the same platform. To help our Muslim communities aware of halal investments, we also provide an academy where everyone can learn about halal investment and Islamic finance in an easy way freely.
Is it halal to invest in US stocks? ›
Stocks/Funds/ETFs
These investments can be halal if the companies involved pass Shar'iah requirements. That means they must operate in permissible sectors, have low debt levels, and engage in ethical practices.
What trading is halal? ›
Investing in stocks of companies that operate in compliance with Islamic principles is generally considered halal. This involves selecting companies that avoid involvement in industries such as alcohol, gambling, and pork, aligning with ethical and Sharia-compliant business practices.
How to check if stock is halal? ›
3 things to check if a Stock is Halal
- Business activity screen: How the company makes money.
- Financial activity screen: How much interest a company has to pay or is making from its debts and investments, as well as how much cash it is currently holding.
