Islamic Super Industry Shifts: The Importance of Reviewing Your Halal Super Fund

Islamic Superannuation Industry Witnessing Significant Shifts

The landscape of Halal superannuation in Australia is witnessing significant shifts, with recent developments that could influence the way many Muslims plan for their future.

These recent changes in the Halal Super Sector have been largely driven by the need for Islamic superannuation providers to offer competitive solutions that align with the member’s best interests. There is a growing need for improved fee structures and enhanced performance to better serve the member’s financial goals.

We do note that Halal Investing in Australia doesn’t come without its challenges. There are restrictions on the investment selection process to ensure that the holdings are Shariah-Compliant, and this additional ethical overlay does come with added costs and active management requirements when compared to more traditional investment approaches.

However, these industry developments provide a timely reminder of the importance of staying informed and proactive about how your Halal super fund is managed and the fees you are paying. It is crucial to ensure that your investments align not only with your religious values, but also your financial goals.

Why Regular Review of Your Super Fund is Critical

Now is an opportune time to review your superannuation arrangements. Here are several reasons why:

1. Alignment with Ethical Values: Ensuring your super fund’s investments comply with Shariah law is paramount.
2. Performance and Fees: There is a large impact of fees and net returns on a super fund’s performance. Comparing different super funds can reveal options that might offer better financial growth and lower costs.
3. Financial Goals: Superannuation is one of the most critical components of financial planning, representing a long-term savings commitment to support you in retirement. Aligning your superannuation strategy with your financial goals is a crucial step in this process.

How Purewealth Services Can Assist

At Purewealth Services, we specialise in providing personalised Halal Superannuation Advice tailored to meet the unique needs of our clients. Here’s how we can help:

• Independent Fund Comparison: We conduct comprehensive comparisons of various superannuation products, focusing on product features, Shariah compliance, investment options, and fee structures to find an appropriate fit for your financial and ethical goals.
• Transition Support: We offer guidance and support to ensure a smooth transfer to a new fund that better meets your needs and values.
• Ongoing Monitoring and Adjustment: Our services don’t just stop at setting up your super fund. We provide ongoing monitoring and make adjustments as necessary to respond to market changes and personal circumstances.

Conclusion

The superannuation industry – not to mention our personal finances are ever changing. These changes serve as a critical reminder of the need to actively manage and review our superannuation strategies.

At Purewealth Services, we are committed to ensuring that your superannuation is managed with the utmost care, aligning with both your financial aspirations and religious duties. We utilise powerful Halal Superannuation Solutions that offer competitive fees and performance, so you can maximise your retirement savings.

For those looking to explore their Halal superannuation options or seeking advice on their current super fund setup, our team at Purewealth Services is here to help guide you through every step of the process.

Contact us today to ensure your super is set up for success, both in this life and the next Insha'Allah.

General Advice Disclaimer This is general advice only and does not take into account your particular objectives, financial situation or needs. Before acting on any advice you should consider its appropriateness regarding your objectives, situation & needs.