I have a 401k that I had from an old job before I converted. I want to rollover this money into investments that would align with the traditional Catholic faith. Unfortunately the “Catholic” mutual funds like Ave Maria Mutual Funds have investments in bank stocks and/or bonds.
I have found a few Moslem firms that offer “Shariah compliant funds” which avoid bank stocks and bonds. However when reviewing the income statement of the companies they invest in they all have interest income listed albeit this is normally not an extremely significant amount.
I really don’t want to have to take the penalty for withdrawing early I would prefer to be able to find an investment that is pleasing to God and not tainted with usurious income but this is proving extremely hard. I have spent much time trying to figure out what to do and it bothers me very much. If anyone could offer some advice it would be much appreciated. Thank you.
Do yourself a favor and define usurious income before you do anything.
I've been a businessman for 45 years now, and banks are my least expensive source for money. If I partner up with someone I have to pay 50% and put up with them butting into my business, while banks charge me say 8% and leave me to run my business. I would not call that usury, and no one would call the partner taking 50% usury either, as it is normal.
If banks did not loan out money for home purchases, practically no one would own a home. I would not call that usury.
If someone borrows money from a bank to buy luxuries he can't afford, he is a fool, but the bank is no usurious, for their rates are very low.
Credit card company loans are usurious, and anyone that uses credit cards to buy luxuries is a fool.
Topic: Investing for retirement while avoiding usury? (Read 5248 times)