Great article! Very informative. How do we get masajid to do this? Should this article be sent to the central authority of masajid? Or to imam's who specialize in finances like Joe Bradford. Maybe intitutions like Yaqeen can take a lead in this.
Well - many "Islamic" funds prioritize technicalities over Palestinian rights. Muslim leaders can push for divestment by leveraging investments & influence. Divesting from the occupation is achievable. Let's hold our community accountable & amplify BDS. Masaajids' waqfs can divest too! Time to ensure our finances align with our values.
Thank you for your hard work. I don't understand why few articles are talking about this. I had to sell all my SPUS holdings recently due to them not screening companies involved in helping the Israeli occupation. I hope they adjust things soon Inshaallah
I was literally just looking into this—thank you for doing so much of the work for us! I need to roll over some accounts and am looking for an ethical and halal advisor.. may we all be blessed to divest from war & exploitation and reinvest in peace and justice, Ameen.
It has been removed since. As we introduced this filter very recently. Jazākum Allāhu Khayran for bringing this to our attention and may Allah SWT continue to bless your efforts.
Below is a table of investment choices available to Muslims. While I provide information on the Shariʿa Advisor, the prospectus of each fund or etf may use other vendors.
I do not find a list below that statement except AMANA and AZZAD funds. Is this all you meant to list?
Sorry that edited out because substack does not allow tables to my dismay, but I tried to place the information is placed in the text of the published article, part of it ended up being a bit different from the email. Sorry about that.
Dear Ahmad: SP Funds have been taking guidance from BDS to divest from companies supporting genocide. You can access the full updated list of SPUS holdings at https://www.sp-funds.com/export-holdings/?type=spus. Third party websites usually carry old data.
Thank you. Is the BDS thing documented in your SEC filings or on your (Sharia Portfolio's) website? I liked to SPUS's own website, Last update is February of 2024. Is the link you provided a live view of holdings for SPUS? The link does not identify SPUS at all or provide a date. Also, while Chevron is missing here, this specific link has you investing 6814 shares in Valero Energy, which you might remember is selling jet fuel used in operations to destroy civilian infrastructure and kill civilians.
If you are committed to cleaning this up, I will be happy to update my article, once it has been shown this has been done.
Thanks. Filing to SEC is not required as these passive funds are mandated to follow the index to a minimum of 90%. However, We have been using BDS divestment list for for exclusions. The link, https://www.sp-funds.com/export-holdings/?type=spus, provide the current list of holdings of SPUS. They were last updated on April 30th, 2024 rebalance. The link is from SPUS fund page at https://www.sp-funds.com/spus/. I did not see Valero in the list of the companies marked for divestment and exclusion at BDS https://bdsmovement.net/Act-Now-Against-These-Companies-Profiting-From-Genocide. We shall try our best to be proactive in this regards.
Got it. The BDS website you cited has a link to the AFSC divestment list, it is available as an excel file as well. https://afsc.org/divest
You can announce this as a policy on your website, yes? I don't see your name as manager of the fund in the prospectus or on the fund website (though you have written for them). Are you responsible for investments in the fund?
Thanks for the link. I shall love to compare notes with you. The ETF mandate is to replicate the index fully with a minimal leeway on what can be excluded. You can contact me at irfan@sp-funds.com to discuss.
All Muslims need to read this.
Great article! Very informative. How do we get masajid to do this? Should this article be sent to the central authority of masajid? Or to imam's who specialize in finances like Joe Bradford. Maybe intitutions like Yaqeen can take a lead in this.
Well - many "Islamic" funds prioritize technicalities over Palestinian rights. Muslim leaders can push for divestment by leveraging investments & influence. Divesting from the occupation is achievable. Let's hold our community accountable & amplify BDS. Masaajids' waqfs can divest too! Time to ensure our finances align with our values.
Thank you for your hard work. I don't understand why few articles are talking about this. I had to sell all my SPUS holdings recently due to them not screening companies involved in helping the Israeli occupation. I hope they adjust things soon Inshaallah
I was literally just looking into this—thank you for doing so much of the work for us! I need to roll over some accounts and am looking for an ethical and halal advisor.. may we all be blessed to divest from war & exploitation and reinvest in peace and justice, Ameen.
Thanks for doing the research and sharing. May Allah swt reward you abundantly.
Alhamdulillāh Manzil has already introduced this filter into our Equity Fund - this fund is the only AAOIFI compliant fund in North America that also screens for Companies involved in Borders and Occupations Alhamdulillāh : https://help.manzil.ca/hc/en-us/articles/25074455542939-OneVest-Halal-Equity-Fund-Ethical-Screening
Thanks for sharing. The information you provide indicates you invest in Wahed products, which has no such screens. Am I misunderstanding something?
I'm specifically talking about the OneVest Halal Equity Fund that we launched in May 2023.
See: https://onevest.zendesk.com/hc/en-us/articles/15395169365140-OneVest-Halal-Equity-Fund
Thank you. However, looking at the materials
https://onevest.zendesk.com/hc/en-us/article_attachments/26282354085396
Chevron is one of the top 10 holdings for this fund. As I pointed out they are on the AFSC divestment list for drilling off the coast of Gaza.
It has been removed since. As we introduced this filter very recently. Jazākum Allāhu Khayran for bringing this to our attention and may Allah SWT continue to bless your efforts.
Great news! I look forward to seeing more of that
you said in email
Below is a table of investment choices available to Muslims. While I provide information on the Shariʿa Advisor, the prospectus of each fund or etf may use other vendors.
I do not find a list below that statement except AMANA and AZZAD funds. Is this all you meant to list?
Sorry that edited out because substack does not allow tables to my dismay, but I tried to place the information is placed in the text of the published article, part of it ended up being a bit different from the email. Sorry about that.
Sharia Portfolio's SPUS currently does not have Chevron in its holdings and follows BDS to screen the holdings.
Thanks. When did this happen? Is this documented yet? If you are with the fund feel free to email me and I will update the article.
Dear Ahmad: SP Funds have been taking guidance from BDS to divest from companies supporting genocide. You can access the full updated list of SPUS holdings at https://www.sp-funds.com/export-holdings/?type=spus. Third party websites usually carry old data.
Thank you. Is the BDS thing documented in your SEC filings or on your (Sharia Portfolio's) website? I liked to SPUS's own website, Last update is February of 2024. Is the link you provided a live view of holdings for SPUS? The link does not identify SPUS at all or provide a date. Also, while Chevron is missing here, this specific link has you investing 6814 shares in Valero Energy, which you might remember is selling jet fuel used in operations to destroy civilian infrastructure and kill civilians.
If you are committed to cleaning this up, I will be happy to update my article, once it has been shown this has been done.
Thanks. Filing to SEC is not required as these passive funds are mandated to follow the index to a minimum of 90%. However, We have been using BDS divestment list for for exclusions. The link, https://www.sp-funds.com/export-holdings/?type=spus, provide the current list of holdings of SPUS. They were last updated on April 30th, 2024 rebalance. The link is from SPUS fund page at https://www.sp-funds.com/spus/. I did not see Valero in the list of the companies marked for divestment and exclusion at BDS https://bdsmovement.net/Act-Now-Against-These-Companies-Profiting-From-Genocide. We shall try our best to be proactive in this regards.
Got it. The BDS website you cited has a link to the AFSC divestment list, it is available as an excel file as well. https://afsc.org/divest
You can announce this as a policy on your website, yes? I don't see your name as manager of the fund in the prospectus or on the fund website (though you have written for them). Are you responsible for investments in the fund?
Thanks for the link. I shall love to compare notes with you. The ETF mandate is to replicate the index fully with a minimal leeway on what can be excluded. You can contact me at irfan@sp-funds.com to discuss.