FAQ #126: Is webull halal?

Webull is a brokerage platform that allows for trading of securities. The buying of stocks and ETFs that are shariah compliant is permissible but only through a cash account (you pre-fund the account). The trading of stocks through a margin account is impermissible as it involves borrowing from the brokerage.and thus involves interest which is impermissible.
For a list of shariah compliant stocks, you may use the following screeners (non-exhaustive):
  • Musaffa
  • Islamicly
  • Muslimxchange
For ETFs that are Shariah-compliant in the US market:
  • Wahed FTSE USA Shariah ETF (HLAL)
  • SP Funds S&P 500 Sharia ETF (SPUS)
  • SP Funds S&P Global REIT Shariah ETF (SPRE)
  • SP Funds Dow Jones Global Sukuk ETF (SPSK)
  • Wahed Dow Jones Islamic World ETF (UMMA)
There’s also a local brokerage firm that allows you to identify a shariah compliant stock, CGS-CIMB. You may find more details on our article here: https://islamicfinancesg.com/cgscimb/.

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