By Hilary Johnson
February 9, 2015
A growing number of options address the special investing needs of Muslims.
The U.S. Muslim population is expected to reach 6.2 million by 2030, almost three times the nation’s 2.6 million Muslims in 2010, the Pew Research Center estimates.
Muslim-Americans are younger and better educated than the average U.S. citizen, according to Gallup data. Moreover, they want to see a greater number of appropriate financial products, according to market research firm DinarStandard….
Naushad Virji, chief executive officer of Sharia Portfolio, launched his investment advisory firm in Lake Mary, Fla., 10 years ago and now serves clients in 21 states, he said.
Virji generally sticks to individual large-cap stocks — names with low debt such as Apple and Walgreens Boots Alliance — but said he is excited about developments in Islamic finance.
Amana Mutual Funds Trust, for example, and a new ETF from Falah Capital, Falah Russell-IdealRatings U.S. Large Cap ETF , are helping meet investors’ needs. But there is more to be done, Virji said. “We are in the infancy of Shariah-compliant investing in this country,” he said.
Excerpt from Money Magazine article.
Check out the full article in Money Magazine: https://money.com/money/3699119/investing-options-muslims/