Personal Finance Guides & FAQs
Guide To Personal Finances
At IFG, we speak both the language of Islamic law and the commercial world. We cover the full range of personal finance matters from an Islamic perspective - you will find us talking about financial products, mortgages, whether forex, shares, life insurance, are halal or not, to the halal meat industry, student loans, pensions, marriage, to wills and everything a Muslim needs to know to be wealthier and manage their finances.
We have a great snapshot of all the main Islamic financial products side-by-side on our comparison page.
- Every Muslim in the UK needs a will. We have completed a slick online solution to the problem. Check out IFG Wills.
- We consider if things are halal or not: forex, shares, ACN, credit cards, life insurance and even all-you-can-eat buffets.
- Check out our resources page for our zakat guide on investments.
- We share some great tips and resources like this credit card hack and this little-known government scheme.
- We have biweekly business/finance-focused tafseer on our podcast.
Personal Finance FAQs
Are Islamic Marriages Accepted in English Law?
Islamic marriages (nikah contracts) are typically not accepted in English courts.We’d strongly recommend getting a legal marriage. Particularly relevant for wills.
SIPPS – Simply Ethical or Wahed Invest
We recommend you check out either Simply Ethical or Wahed Invest (https://campaign.wahedinvest.com/ifg). If you set up with Wahed and then call them, they are live with their SIPP but just not public about it. We also really like Pensionbee‘s offering that is sharia-compliant and cost-effective for smaller pensions (under £50k).You can also DIY it with someone like AJ Bell and then just use that SIPP account to buy some Islamic funds.
Is it wise to split your investment?
We can’t advise on specific cases but generally diversification is a good idea and you don’t want to put all your eggs in one basket. You can actually split a lot more than just 2 companies too.
Can I contact you by phone?
We do not have a phone helpline at this stage. You can however email us via our contact us page.
Our credentials and 3rd Party consultants
Our backgrounds are here. As you can see we are classically and conventionally trained in Islamic finance and law.
We do not give fatawa but we do consult with senior scholars in our research.
Calculating Haram revenue sources
You should estimate, based on publicly available data. Usually this will mean looking at the primary activities of the company and extrapolating from that. So if a company does 95% timber logging and 5% alcohol manufacture, you would assign 5% revenue to haram sources and purify that amount.
Do any Islamic banks offer mortgages for right to buy tenants?
Not that we are aware of unfortunately.
Islamic Pension option is a legislative right
That is not acceptable in our view and this is a breach of indirect discrimination legislation in the UK in our opinion. Use our Contact us page to get in touch. We’ll fight your corner on this.