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Two Types of Riba (Interest)

Riba can be simply defined as excess. Within the context of Islamic Finance Riba can be broken down into two major categories. Riba an Nasiyah and  Riba Al Fadl. Riba An Nasiyah Riba An Nasiyah is the primary and most common form of Riba (Interest) in the modern-day. This is a type of loan where […]

Understanding RRSPs & First Time Homebuyers Plan

There are many members of the Muslim community looking for the most efficient and cost-effective way to save up for their down payment for a house. And for many of the bigger cities in Canada, these down-payments can range from $30,000-$40,000 to $100,000-$150,000. The reality is this is a lot of money for your average […]

Tax- Loss Harvesting/ Selling

Tax-Loss Harvesting/ Tax-Loss Selling There has been some inaccurate information floating around the internet lately about ways to save on taxes using losses in your investments. This strategy is known as Tax-Loss Selling or Tax-Loss Harvesting. The Strategy: Basically, if you have made an investment, in general, it is unwise to sell that investment at a […]

Is it Halal to Invest in Gold?

  Let’s get right to it! Is it halal to invest in gold? The answer is yes! Of course, it is halal. Back during the time of the prophet (PBUH) most trade was done using gold and silver coins or simply trading one item for another. Therefore, investing in Gold, Silver and other precious metals […]

Most Common Financial Goals for Muslims

Over the last few years, we have been working with Muslims across Canada so that they can achieve their financial goals in a halal way. Whenever we work with clients we like to treat their circumstances as unique and make sure everyone who is a client of Canadian Islamic Wealth receives a financial plan. That […]

Investing: Advisor or DIY?

With the internet, technology, and an abundance of research now more than ever investors are asking themselves, should I still work with an advisor and pay their fees? So this article is going to look at the benefits and costs of working with an advisor as well as look at the benefits and costs of […]

Are you really diversified?

Diversify. Are you diversified? Are you over diversified? Do not put all your eggs in one basket. Diversification is key! If those sound familiar it is because that is a standard line that any financial advisor will tell his client. “You should be diversified.” This is good advice but the failing of most financial advisors […]

Socially Responsible is NOT necessarily Halal

The investment world is becoming more contentious. As a Muslim, a millennial, and a human being I am ecstatic that profit is not the be-all and end-all in the investment world anymore. I remember first getting started in this industry and a bunch of the old school advisors was ripping on socially responsible investing and […]

Halal RDSPs

RDSPs (the registered disability savings plan) allows parents to save for their children who have a disability and qualify for the disability tax credit. Many Muslim parents have children that require this extra assistance and financial support but want to know is RDSPs Halal? The short answer is YES. However, we need to examine how […]

Lessons from Ramadan

Ramadan is fast approaching. With less than a month before this Ramadan, I thought I would talk about some of the financial lessons we can learn from Ramadan both from a practical perspective and from a financial perspective. Living within or below your means One of the things we partake in during Ramadan is fasting. […]