Since inception, Cowrywise has taken into consideration the fact that people invest according to their values.
For one person, their top values might be safety and futuristic returns, while for another, it might be the integrity of fund managers. For Muslims, their investment values are determined by a concept known as Halal.
Halal is an Arabic word that means allowable, lawful or authorized by Islamic law. Therefore, when Muslims invest, they look out for assets that are approved by the Shariah law. With that in mind and because we’re building a wealth management company that leaves no one behind, we introduced halal investments here and here.
However, we didn’t stop there!
Introducing Halal Accounts on Cowrywise
Previously, it was a lot more manual to save or invest based on halal values. This was because you had to set your separate savings plans to be interest-free and also sieve through which investment options were halal compliant. In addition, it was impossible to take advantage of certain savings plans on the app like the Emergency Plan and Circles because you could not set them to be interest-free.
How to switch to a halal account
- Log into your app and tap your name
- Click “Profile” and tap “Behaviour” on the edit profile screen
- Then tap on “Make my account Halal”
What does this mean?
Once you activate the “Make My Account Halal” toggle, it means your savings will be interest-free. Also, the only investments options you’ll see on the app will be halal-complaint.
Additionally, you have the option of removing all previous interests earned. However, this is only possible on your current locked plans and Emergency Plan. Once this is effected, this action cannot be reversed.
Get Started with Halal Accounts
Currently, you can take advantage of the four halal options above. We mean it when we say we want you to save and invest based on values that align with your faith.
Now, by simply setting your Halal account on Cowrywise, you can keep your money working in line with your faith.