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The HSBC Islamic fund scandal has raised urgent questions about halal investing: how can a Sharia-compliant fund hold shares in arms manufacturers and companies linked to Israel’s war on Gaza?

Riaz Hassan joins Muhammad Jalal to discuss reports of HSBC’s Islamic fund investing in companies including RTX, the parent company of Raytheon, and Palantir. Having raised concerns about Islamic investments in February, Riaz examines what these revelations mean for Muslim pensions and the wider Islamic finance industry.

How does Sharia screening work? Who takes responsibility when scholars approve a fund and banks choose its investments? And why might a company pass financial checks while its role in surveillance or weapons production goes unexamined?

In this episode, we discuss:

• How automated screening and company classifications shape Sharia-compliant investments.

• The concerns surrounding Palantir and RTX in Islamic investment portfolios.

• The role of Sharia boards, fund managers and accountability to Muslim investors.

• Why Riaz argues Islamic finance needs a political filter alongside its existing checks.

• BDS, divestment and the pressure Muslim investors can put on financial institutions.

• Alternative funds and self-invested personal pensions (SIPPs), alongside the difficulties of moving your money.

As Muslim investors question where their savings are going, this conversation asks what the halal label promises and what needs to change within Islamic finance.

Subscribe to The Thinking Muslim for more conversations on Islamic finance and the issues shaping Muslim communities.

#IslamicFinance #HSBC

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Walk By the Spirit III

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