Previously, I told you about Wealthsimple, an online investment tool designed for Millennials. Their social media ads even feature an endorsement from Prime Minister Justin Trudeau.
Ethics questions of the PM endorsing a company aside, I imagine the Liberal power players behind Wealthsimple probably didn’t have to twist Justin’s arm very hard to get the endorsement given the company’s close ties to Power Corp.
Sounds like a great plan, although that advice isn’t very useful for most people.
But then I noticed another Wealthsimple story hit the wire this week announcing the launch of a Halal investment portfolio for observant Muslims.
Now usually I’d say, who cares?
Yes, the Muslim population of Canada is growing quickly but when you consider Wealthsimple is designed for Millennials, the target market seems like the tiniest of tiniest niches.
It is of course virtue signalling, and I suppose it adds up when you consider the Trudeau Liberal government’s position on Islamic migration and his weird belief that he’s a counterbalance to Donald Trump.
The way the Halal investment works was explained in a HuffPost article this week:
“A business activity screen filters companies that are directly active in, or derive over five per cent of their revenue from, a prohibited Muslim activity such as alcohol, tobacco, gambling or pork production.”
Watch as I have some fun thinking about what other tiny fractions of the Canadian public are being ignored and offended, left without investment options, and especially without online investment options endorsed by Trudeau through Wealthsimple.
I thought Justin was Prime Minister of all Canadians?