As a Muslim, being skeptical about online savings platforms isn’t new, especially since a lot of them don’t provide options for Halal investments and savings. Halal means things that are permissible by Islamic law. Cowrywise understands the importance of different values and how they affect wealth management. This is why over time, they’ve worked on providing Halal investment and savings options.
However, saving based on Halal values still took a lot of effort because you had to manually set interests as free for each savings plan. So, Cowrywise recently launched what we call ‘Halal accounts’ which makes it easier and more convenient. In this post, we’ll look at how to set your Cowrywise account to Halal, along with some Halal savings and investment plans you can look out for on the app.
How to Set Up a Halal Account on Cowrywise
With a Halal account on Cowrywise, you can now join circles and use the emergency savings plan. In the past, it was impossible to use this plan as a Muslim because they could not be set up as ‘interest-free’. However, with a Halal account, all your savings plan on Cowrywise automatically becomes interest-free. Here’s how to set up a halal account;
- Log in to your Cowrywise account
- Tap on the Profile icon located at the top right of your screen
- Tap on ‘Profile’
- On the profile options, tap on ‘Behaviour’
- Scroll down and under the ‘Halal’, turn on the toggle.
This will automatically make all your Cowrywise experience subject to Halal values.
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Halal Investments on Cowrywise
Keep in mind that once you switch to a Halal account, all investment options displayed will be Halal-compliant. However, here are the four available Halal investment options on Cowrywise;
- The Lotus Halal Investment Fund
- Lotus Halal Fixed Income Fund
- ARM Ethical Fund
- United Capital Sukuk Fund
All listed investment options are moderate-risked based except ARM which is a high-risk investment.
And that’s your guide to Halal savings and investments on Cowrywise. We hope you found this useful. Share this post with your friends and family who’d also like to manage wealth while working in line with their faith.