Meezan Wealth Management partners with OpenInvest to launch unique Islamic Investment Platform
A rapidly growing Islamic financial services provider has launched a low-cost digital investing solution to remove obstacles to ethical investing for the wider Islamic community in Australia.
Sydney-based Meezan Wealth Management said the solution, which is called Meezan Invest, would revolutionise the way Islamic Australians were able to invest and dramatically improve access to investment portfolios that have been certified as being Sharia-complaint.
Up until now Islamic investors have had to invest a minimum of as much as $50,000 to access an Islamically compliant investment portfolio, could be charged total of fees as much as 2.5% per annum and often had to wait a month or more for redemptions.
With Meezan Invest’s Islamic Growth model portfolio the minimum investment is only $5,000, fees are around half the amount of some competitors and an online investment account can be opened in as little as five minutes. Other investment portfolios will soon be added.
Meezan Wealth Management Founding Director Rokibul Islam said the Meezan Invest solution was established in response to demand from Australian Muslims who wanted a simple and easy-to-use way to grow their wealth via professional portfolio management, while staying true to their values.
“At the moment those with smaller lump sums are shut out from investing in Islamic compliant portfolios. And because putting money in interest generating accounts is forbidden for Muslims, they have limited options apart from just letting money sit there and be eroded by inflation.
“Our new solution is designed to open up investment opportunities to all Australian Muslims whether they have small or large amounts to invest and who believe they do not require personal financial advice.
“We know and understand what it means to be Muslim and living in Australia, and the challenges faced when it comes to growing your wealth Islamically. For decades Muslims have faced the tough choice of having to compromise their faith when dealing with financial institutions in Australia. That has now changed,” Islam said.
The Meezan Islamic Growth model portfolio targets a return of CPI plus 4.5% p.a. from a portfolio of 10-30 Australian and international holdings predominantly made up of mid to large cap shares and alternative investments.
The portfolio is managed by Lifespan Financial Planning’s Investment Committee which has more than 80 years combined investment experience. Meezan engages IdealRatings to filter out any shares that are not Shariah compliant, such as those from companies involved with adult entertainment, alcohol production and sales, cinema, conventional financial services, defence, gambling, tobacco and pork.
The Meezan Invest solution is underpinned by Melbourne-based investment platform, OpenInvest. The company’s head of distribution, Ravi Verma, said that OpenInvest was proud to be partnering with a firm like Meezan that was widely respected in its community. Meezan Wealth also offers Islamic superannuation and home finance solutions.
“We believe all Australians deserve access to the benefits of professional investing and are excited that this is now being made available to Australian Muslims in a way that is consistent with their religious principles,” Verma said.
