A Sydney-based Islamic investment manager has launched a digital solution in a bid to reach out to the wider Australian community.
Known as Meezan Invest, the digital platform allows users to invest in its Islamic Growth model portfolio for a minimum of AU$5,000 (US$3,329.46). Meezan Wealth Management, the operator of the platform, expects to add more Halal investment portfolios in the near future, with the next one being the Meezan Islamic Growth Plus portfolio.
“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,” explained Rokibul Islam, Meezan Wealth Management’s founding director. “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.”
Established in 2020, Meezan Wealth Management initially offered Islamic superannuation solutions but soon expanded its product suite to include residential home finance, investment property finance, construction finance as well as a Halal investment fund. Last year, it began offering taxation and accounting as well as Islamic will-writing services.
The launching of Meezan Invest was in response to the demand from the Muslim community for more accessible professionally managed investment opportunities. The solution is underpinned by Melbourne-based investment platform OpenInvest, an open investment management marketplace.
The Meezan Islamic Growth model portfolio comprises 10–30 Australian and international holdings predominantly made up of mid to large cap shares and alternative investments. IdealRatings conducts the Shariah screening of the portfolio, which is managed by Lifespan Financial Planning’s investment committee.
Australia is home to some 813,000 Muslims, or 3.2% of the population according to latest census data. According to the IFN Islamic Fintech Landscape as at the 8th March 2023, there are four Islamic fintech companies in Australia, including Islamic Bank of Australia, the country’s first licensed digital Shariah bank.