Crowdestate.eu Review

Based on looking at the website, Crowdestate.eu presents itself as a real estate crowdfunding platform that enables individuals to invest in professional real estate projects. However, a glaring alert on their homepage states, “We are shutting down! We are in a structured and transparent wind-down process, ensuring safe handling of your funds and investments.” This immediately flags it as a platform that is no longer operational for new investments and is in the process of closing, making it unsuitable for anyone looking to invest. Furthermore, the core business model of Crowdestate.eu, which involves earning a fixed annual percentage return e.g., “12% p.a” on investments, aligns with interest-based transactions. In Islamic finance, the concept of riba interest is strictly prohibited due to its exploitative nature and the potential for financial injustice. This makes the platform’s fundamental offering inherently impermissible from an Islamic perspective, as it directly involves interest-bearing investments. Therefore, while it claims to have “82888 investors” and “€135m raised capital,” its current shutdown status and its reliance on interest-based returns render it an unviable and unethical option for the discerning investor.

Here’s an overall review summary:

• Purpose: Real estate crowdfunding platform
• Current Status: Shutting down and in a wind-down process
• Investment Model: Offers fixed annual percentage returns e.g., 12% p.a, which are interest-based.
• Ethical Compliance Islamic: Not compliant due to involvement in riba interest.
• Suitability for New Investors: Not suitable. platform is closing.
• Transparency: States “structured and transparent wind-down process.”
• Historical Performance Claim: 9.34% average net return.

The immediate and prominent notice that Crowdestate.eu is shutting down is a critical piece of information that overrides any other features or historical data.

While they emphasize a “structured and transparent wind-down process” to ensure “safe handling of your funds and investments,” the fact remains that this platform is no longer facilitating new investments.

For anyone seeking to grow their wealth, a platform in the process of liquidation is not a viable option.

Beyond its operational status, the fundamental issue for ethical investors, particularly those adhering to Islamic principles, is the nature of its returns.

The “12% p.a” per annum indicates a fixed, predetermined return on investment, which is a hallmark of interest-based lending.

Islamic finance strictly prohibits riba, as it views money as a medium of exchange, not a commodity to be traded for profit on its own.

True Islamic investment requires a sharing of profit and loss, where returns are tied to the actual performance of the underlying asset and involve a degree of risk sharing between parties.

Crowdestate.eu’s model, therefore, falls outside the permissible bounds of Islamic finance.

Consequently, prospective investors should steer clear of this platform, not only because it is closing but primarily because its financial model is ethically incompatible with Islamic teachings.

Instead of engaging in interest-based platforms or those in liquidation, consider these ethical and viable alternatives for building wealth and supporting businesses:

• Qard Hasan Goodly Loan Initiatives

  

  • Key Features: Interest-free loans offered to individuals or businesses in need. Focuses on social welfare and mutual support rather than profit.
  • Average Price: N/A loans are repaid without interest
  • Pros: Highly ethical, promotes brotherhood, no interest involved.
  • Cons: Not a direct investment vehicle for financial returns. primarily a charitable act.

• Halal Equity Crowdfunding Platforms

  • Key Features: Invest in shares of Sharia-compliant businesses. Returns are based on the company’s performance, sharing profit and loss.
  • Average Price: Investment amounts vary, typically starting from low hundreds.
  • Pros: Directly invests in real businesses, aligns with Islamic principles, potential for capital gains.
  • Cons: Higher risk as returns are not guaranteed and depend on business success, illiquid investments.

• Real Estate Investment Trusts REITs – Sharia-compliant

  • Key Features: Funds that own, operate, or finance income-producing real estate. Sharia-compliant REITs ensure the underlying properties and financing are permissible.
  • Average Price: Shares can be bought through brokerage accounts. prices vary widely.
  • Pros: Diversification, potential for steady income, liquid can be traded on exchanges.
  • Cons: Market fluctuations, requires research to ensure Sharia compliance of specific REITs.

• Commodity Murabaha Platforms

  • Key Features: A cost-plus financing arrangement where an intermediary buys a commodity and sells it to the client at a mark-up. Used for various financial needs without interest.
  • Average Price: Fees and mark-ups vary by platform and transaction.
  • Pros: Sharia-compliant, structured for specific financing needs.
  • Cons: Can be complex, may involve multiple steps and transactions.

• Ethical Sukuk Islamic Bonds

  • Key Features: Asset-backed securities that represent an ownership share in tangible assets or a business venture, providing returns based on asset performance.
  • Average Price: Issued in various denominations. can be bought through investment firms.
  • Pros: Sharia-compliant, often less volatile than equity, fixed income-like returns.
  • Cons: Limited availability for retail investors, returns are tied to underlying asset’s profitability, not guaranteed.

• Gold and Silver as Physical Assets

  • Key Features: Direct ownership of physical gold or silver. Considered a safe haven asset and a hedge against inflation.
  • Average Price: Varies daily with market prices. typically purchased per ounce or gram.
  • Pros: Tangible asset, historically retains value, no interest involved, aligns with Islamic principles of wealth preservation.
  • Cons: Storage costs, insurance, lack of income generation, price volatility.

• Halal Business Investments Direct

  • Key Features: Investing directly into a small business or startup that operates within Sharia-compliant guidelines. This could involve direct partnership or equity.
  • Average Price: Highly variable, depends on the business and the stake acquired.
  • Pros: Direct impact, potential for high returns if the business succeeds, true profit-loss sharing.
  • Cons: High risk, requires significant due diligence, illiquid, management involvement may be required.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Crowdestate.eu Review & First Look: A Platform in Transition

Based on its homepage, Crowdestate.eu immediately signals a critical operational shift: it’s shutting down.

The prominent banner stating, “We are shutting down! We are in a structured and transparent wind-down process, ensuring safe handling of your funds and investments,” leaves no ambiguity.

This is not a platform for new investments but rather one in the process of liquidation.

For prospective investors, this immediately disqualifies it as a viable option.

What Does “Shutting Down” Mean for Investors?

• No New Investments: The platform is no longer accepting new projects or new capital from investors. Its focus is solely on managing existing portfolios.
• Wind-Down Process: This implies a systematic closure of operations, which includes liquidating assets, settling accounts, and returning funds to investors. While Crowdestate.eu claims transparency, such processes can be complex and prolonged.
• Implications for Existing Investors: For those already invested, the priority shifts to monitoring the wind-down communications, understanding timelines for fund recovery, and ensuring their investments are handled as promised.
• Risk Profile: Even for existing investors, the risk profile changes. The primary risk shifts from project performance to the efficiency and integrity of the liquidation process.

The Inherent Problem: Interest-Based Returns Riba

Beyond its operational status, Crowdestate.eu’s core offering fundamentally conflicts with Islamic financial principles.

The platform advertised returns such as “12% p.a” per annum on its crowdfunding offers.

• Fixed Returns: These fixed percentage returns are a clear indicator of riba, or interest. In Islamic finance, earning a predetermined, fixed return on a loan or investment without sharing in the actual profit or loss of the underlying venture is strictly prohibited.
• Nature of Riba: Riba is considered unjust and exploitative because it guarantees a return for the lender regardless of the borrower’s success or failure, placing undue burden on the borrower.
• Islamic Alternatives: True Islamic investment principles, such as Mudarabah profit-sharing or Musharakah joint venture, emphasize the sharing of both profit and loss. Returns are contingent on the actual performance of the underlying asset or business, ensuring fairness and equity between parties.
• Ethical Investing: For those seeking ethical investments, especially within an Islamic framework, any platform promising fixed, guaranteed returns based on a percentage of the principal amount should be avoided.

Crowdestate.eu’s Past Features Now Irrelevant

While the platform is closing, understanding its former functionalities helps contextualize its past offerings.

Crowdestate.eu positioned itself as a bridge between individual investors and professional real estate opportunities.

Investment Offerings Historical

• Real Estate Crowdfunding: The core business involved pooling funds from multiple investors to finance real estate projects. This democratized access to investments traditionally reserved for large institutions.
• Project Types: The homepage displayed funded projects like “Praça Armando Pimentel, Porto PT” and “Rua da Portela, Nogueira, LSD PT,” indicating a focus on specific property developments.
• Pre-vetting Processes: Crowdestate claimed to have “rigorous pre-vetting processes” and “thorough due diligence” for each project, aiming to instill investor confidence. However, the exact methodology and criteria for this due diligence were not fully detailed on the homepage.
• Minimum Investment: The platform stated, “with just a few hundred euros, anyone can enter the world of professional real estate investments,” suggesting a low barrier to entry for individuals.

Secondary Market Functionality Historical

• Liquidity Option: The mention of a “Secondary market” suggested that investors could potentially buy and sell their investments before the project’s maturity date. This feature is typically designed to offer some liquidity in what are inherently illiquid real estate investments.
• Investor Flexibility: A functioning secondary market would theoretically allow investors to exit investments if their financial circumstances changed or if they wished to reallocate funds.
• Market Dynamics: The success and fairness of a secondary market depend heavily on supply and demand, platform transparency, and the efficiency of transaction execution. Without an active market, the ability to sell investments might be severely limited.

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Crowdestate.eu’s Drawbacks & Red Flags Beyond Shutdown

Even if Crowdestate.eu were not shutting down, several aspects, particularly for the ethically conscious investor, would pose significant concerns.

The Problematic Fixed Returns Riba

• Direct Conflict with Islamic Law: As highlighted, the fixed annual percentage returns are a direct contravention of the Islamic prohibition on riba. This is arguably the most significant drawback for Muslim investors.
• Ethical Implications: Beyond Islamic law, the concept of fixed, guaranteed returns in a risk-sharing venture can be seen as inequitable. It shifts the entire risk burden onto the borrower or project developer while guaranteeing a return for the investor, regardless of the project’s actual profitability. This stands in contrast to ethical investment models that promote shared risk and reward.
• Lack of Profit-Loss Sharing: A fundamental aspect of ethical, especially Islamic, finance is the sharing of profit and loss. Crowdestate.eu’s model, by guaranteeing a percentage, negates this essential element.

Lack of Transparency in Risk and Due Diligence Details

• General Claims: While the website claimed “rigorous pre-vetting processes” and “thorough due diligence,” the homepage lacked specific details on what these processes entailed. How were risks assessed? What were the criteria for project selection?
• Investor Education: While an “Investment academy” was mentioned, the immediate financial implications of investing in real estate crowdfunding e.g., illiquidity, market risk, default risk were not prominently detailed on the main page.
• Regulatory Compliance: The mention of “Crowdfunding regulation in the European Union” is important, but a direct link to their specific regulatory status, licenses, and oversight bodies was not immediately visible on the homepage, which is crucial for building trust.

Crowdestate.eu Alternatives Ethical Investment Platforms

Given Crowdestate.eu’s shutdown and its non-compliant investment model, finding ethical alternatives is paramount for those seeking to invest responsibly.

The focus should be on platforms and vehicles that adhere to profit-and-loss sharing principles, avoid interest, and invest in tangible assets or ethical businesses.

Understanding Ethical Real Estate Investment

• Equity-Based Crowdfunding: This involves buying shares in real estate projects, where your returns are based on the actual rental income, property appreciation, or sale profits, not a fixed interest rate. This aligns with profit-loss sharing.
• Ijara Leasing: An Islamic finance contract where an asset is leased for a specific period for a predetermined rental fee. The ownership remains with the lessor, and the lessee has the right to use the asset. This can be a Sharia-compliant way to invest in real estate.
• Musharakah Joint Venture: A partnership arrangement where two or more parties contribute capital to a business or project and share profits and losses based on a pre-agreed ratio. Applied to real estate, partners would jointly own a property and share income/loss.

Key Alternatives for Ethical Investment

1. Wahed Invest

   

   • Focus: Globally diversified, Sharia-compliant digital investment platform. Offers various portfolios including global equities, Sukuk, and gold.
   • Key Feature: Fully Sharia-certified by an independent ethical review board.
   • Availability: Operates in multiple countries, including the US.

2. Amanah Ventures

   • Focus: A platform dedicated to ethical and Sharia-compliant investments, often focusing on private equity and real estate opportunities.
   • Key Feature: Connects investors with vetted ethical businesses and projects that are screened for Sharia compliance.
   • Suitability: More geared towards accredited investors or those looking for direct private equity exposure.

3. Muslim Ethical Funds Broad Category

   • Focus: These are mutual funds or ETFs that invest in companies screened for ethical and Sharia-compliant criteria. They avoid industries like alcohol, gambling, conventional finance, and ensure no significant interest-bearing debt.
   • Key Feature: Professional management and diversification across multiple ethical companies.
   • Consideration: Requires due diligence to ensure the specific fund’s screening process is robust and truly Sharia-compliant.

4. Diversified Gold Investment via Halal ETFs

   • Focus: Investing in gold through ETFs that are structured to be Sharia-compliant, ensuring physical backing and proper ownership.
   • Key Feature: Offers liquidity and diversification within the gold market without direct physical storage concerns.
   • Note: Always verify the specific ETF’s Sharia compliance framework.

5. Halal SME/Startup Crowdfunding Platforms Fastfilings.com Review

   • Focus: Platforms that facilitate equity investment into small and medium-sized enterprises SMEs or startups that operate within ethical and Sharia-compliant guidelines.
   • Key Feature: Direct investment in promising businesses, with returns tied to the business’s success.
   • Risk: Higher risk due to the nature of startup investments, but aligns with profit-loss sharing.

6. Ethical Lending/P2P Platforms Qard Hasan Focused

   • Focus: While most P2P lending is interest-based, some emerging platforms are exploring Qard Hasan interest-free loan models or Murabaha cost-plus sale structures for specific needs.
   • Key Feature: Supports individuals or small businesses without charging interest, focusing on social good.
   • Consideration: Returns are often not financial, but rather social impact or a share of future profits if structured as Mudarabah/Musharakah.
7. Physical Real Estate Ownership Direct or Joint

   • Focus: Directly purchasing real estate, either individually or through a joint venture with partners, to generate rental income or capital appreciation upon sale.
   • Key Feature: Full control over the asset, tangible investment, and returns are directly tied to the property’s performance.
   • Consideration: Requires significant capital, management, and knowledge of the real estate market. This is the most direct and often most Sharia-compliant method of real estate investment.

How to Handle Crowdestate.eu Funds If Applicable

For anyone who previously invested in Crowdestate.eu, the priority now is to manage the wind-down process effectively.

The platform explicitly states it is ensuring “safe handling of your funds and investments.”

Steps for Existing Investors

• Stay Informed: Regularly check Crowdestate.eu’s official announcements, particularly their blog and direct communications. The homepage highlights an article titled “Crowdestate is shutting down” dated 11.04.2025 likely the date of announcement or projected end date.
• Review Terms: Revisit the terms and conditions you agreed to, especially those related to platform closure, fund liquidation, and investor protection.
• Monitor Account: Keep a close eye on your Crowdestate.eu investment dashboard for updates on specific projects, repayment schedules, and any actions required from your end.
• Contact Support: If you have specific questions about your investments or the wind-down process, reach out to Crowdestate.eu’s customer support. Document all communications.
• Legal Counsel If Necessary: In complex or significant cases, consulting with a legal professional specializing in financial regulations or crowdfunding could be advisable to protect your interests.
• Prepare for Repayments: Ensure your linked bank accounts are active and ready to receive any disbursed funds. Verify bank details on your profile.
• Understand Repayment Timelines: Real estate project liquidations can be lengthy processes. Be prepared for a potentially extended period before all funds are returned.

The Importance of Due Diligence

This situation underscores the critical importance of rigorous due diligence before investing in any platform, especially those operating online.

• Regulatory Status: Always verify the regulatory status of a platform in its operating jurisdiction. Is it licensed? By whom?
• Business Model: Understand the core business model. Does it align with your ethical and financial principles? For Islamic investors, this means scrutinizing for any element of riba interest, gharar excessive uncertainty, or maysir gambling.
• Operational History: While Crowdestate.eu had a history, even established platforms can face unexpected closures. Look for stability, clear financial reporting, and a strong track record.
• Exit Strategies: Understand how you can exit an investment. Is there a secondary market? What are the typical investment horizons? What happens in case of platform closure?
• User Reviews and Reputation: While not always definitive, aggregated user reviews and independent analyses can provide insights into a platform’s reliability and customer service.

Crowdestate.eu’s Pricing Historical and Irrelevant

Given that Crowdestate.eu is in the process of shutting down, any historical “pricing” or fee structure is effectively irrelevant for new users.

Platforms like Crowdestate.eu typically generate revenue through various fees charged to either the project developers or the investors.

Common Fee Structures Historically

• Origination Fees Developer-side: A percentage of the capital raised, charged to the real estate project developer for facilitating the funding.
• Management Fees Investor-side or Developer-side: Annual fees charged for the ongoing management of the investment, sometimes a percentage of the invested capital or the property’s value.
• Success Fees Developer-side: A percentage of the profits generated by the project, paid to the platform upon successful completion or sale of the property.
• Secondary Market Fees Investor-side: Fees charged for buying or selling investments on the platform’s secondary market, typically a small percentage of the transaction value.
• Withdrawal Fees Investor-side: Some platforms charge a fee for withdrawing funds back to the investor’s bank account.

Why Fee Structures Matter for Ethical Investing

Even if a platform claims to be “interest-free” for investors, its fee structure must also be scrutinized from an ethical standpoint. Avada.io Review

• Transparency: Are all fees clearly disclosed upfront, or are there hidden charges?
• Fairness: Are the fees proportionate to the services rendered, or do they seem excessive?
• Alignment with Islamic Principles: While fees for services are generally permissible, they should not be structured in a way that indirectly introduces elements of riba or excessive uncertainty. For example, charging a fixed percentage of the principal for a Qard Hasan interest-free loan would be problematic if it effectively functions as disguised interest. In genuine profit-loss sharing, fees often relate to management efforts or a share of the actual profit.

Since Crowdestate.eu is closing, delving deeper into its past pricing mechanics serves more as a case study for evaluating future investment platforms than as practical information for current engagement.

Crowdestate.eu vs. Ethical Investment Models

Comparing Crowdestate.eu with truly ethical investment models, particularly those adhering to Islamic finance principles, reveals fundamental differences beyond just the platform’s current shutdown status.

Crowdestate.eu’s Model Conventional/Interest-Based

• Fixed Return Riba: The primary characteristic was the promise of a fixed annual percentage return e.g., 12% p.a.. This is interest riba, which is prohibited in Islamic finance. The investor is guaranteed a return regardless of the project’s actual performance, making it a form of debt-based financing from the investor’s perspective.
• Risk Allocation: The primary risk is borne by the borrower/developer, who is obligated to pay the fixed return even if the project underperforms. The investor’s capital and return are relatively protected, similar to a lender.
• Asset Connection: While it invests in real estate, the return mechanism is often disconnected from the actual profit generated by the asset, being a predetermined percentage of the invested capital.
• Purpose: Primarily to generate passive income through a lending-like arrangement.

Ethical Investment Models Profit-Loss Sharing / Asset-Backed

• Profit-Loss Sharing Mudarabah/Musharakah: In these models, investors and entrepreneurs or partners share in the profits and losses of a venture. Returns are not fixed but are contingent on the success of the underlying asset or business. If the project loses money, the investor may lose capital.
• Risk Allocation: Risk is shared between the capital provider investor and the entrepreneur/manager. Both bear the consequences of success and failure.
• Tangible Assets/Real Economy: Investments are directly linked to tangible assets, services, or productive economic activity. The returns are generated from the genuine growth and profitability of these ventures.
• Purpose: To foster real economic growth, share risk equitably, and generate returns from legitimate, productive activities.
• Examples:
  • Equity Crowdfunding Sharia-compliant: Investors buy shares in a business or real estate project. Returns come from dividends, capital appreciation, or a share of profits.
  • Sukuk: Asset-backed or asset-based securities that represent ownership shares in tangible assets, where returns are derived from the income generated by those assets e.g., rental income from a building.
  • Ijara Leasing: Investing in assets to be leased, where income comes from rental payments.

The Fundamental Divergence

The critical difference lies in the nature of the return and the allocation of risk. Crowdestate.eu operated on a debt-like model with guaranteed returns, which is fundamentally at odds with the equity-based, profit-loss sharing ethos of ethical and Islamic finance. For anyone prioritizing ethical investment, a platform promising fixed annual returns should always be viewed with extreme caution, as it almost certainly involves riba.

FAQ

Is Crowdestate.eu still operational for new investments?

No, based on the prominent notice on its homepage, Crowdestate.eu is currently shutting down and is in a structured wind-down process, meaning it is not accepting new investments.

What does “12% p.a” mean on Crowdestate.eu?

“12% p.a” means “12% per annum” or 12% per year.

On Crowdestate.eu, this indicated a fixed annual percentage return offered on their real estate crowdfunding projects.

Is investing in Crowdestate.eu permissible in Islam?

No, investing in Crowdestate.eu is not permissible in Islam because its investment model relies on fixed annual percentage returns e.g., 12% p.a, which constitutes riba interest. Islamic finance strictly prohibits riba.

What is riba and why is it prohibited in Islam?

Riba is an Arabic term that broadly means “usury” or “interest.” It is prohibited in Islam because it is considered an exploitative practice that creates financial injustice, as it guarantees a return for the lender regardless of the borrower’s success or failure, placing undue burden on the borrower. Surfguards.com Review

What should existing investors in Crowdestate.eu do now that it’s shutting down?

Existing investors should monitor official communications from Crowdestate.eu, review their account for updates on repayments, and be prepared for a wind-down process that may take time.

It’s advisable to document all communications and, for significant investments, consider seeking legal counsel.

Are there any ethical alternatives to Crowdestate.eu for real estate investment?

Yes, ethical alternatives include Sharia-compliant equity crowdfunding platforms for real estate, investing in ethical REITs, or direct physical real estate ownership through joint ventures Musharakah or leasing Ijara structures that avoid interest.

Does Crowdestate.eu offer a secondary market?

Historically, Crowdestate.eu did mention a “Secondary market” on its homepage, implying that investors could buy and sell their investments.

However, with the platform shutting down, the functionality and liquidity of this market would be severely impacted.

What kind of projects did Crowdestate.eu fund?

Crowdestate.eu primarily funded real estate projects, as indicated by examples like “Praça Armando Pimentel, Porto PT” and “Rua da Portela, Nogueira, LSD PT” on their homepage.

How much capital did Crowdestate.eu claim to have raised?

Crowdestate.eu claimed to have raised “€135m” in capital.

How many investors did Crowdestate.eu claim to have?

Crowdestate.eu claimed to have “82888 investors.”

What was the claimed average net return on Crowdestate.eu?

Crowdestate.eu claimed an “average net return” of “9.34%.”

Is Crowdestate.eu regulated?

The website mentions “Crowdfunding regulation in the European Union,” suggesting it operated under EU regulations. Threenails.com Review

However, specific regulatory licenses or bodies were not prominently displayed on the homepage.

What happens to my funds during a platform wind-down?

During a wind-down, the platform is typically obligated to liquidate assets, settle outstanding obligations, and return remaining funds to investors.

The process aims to be structured and transparent, as claimed by Crowdestate.eu.

Are there any risks associated with a platform shutting down?

Yes, risks include potential delays in fund recovery, complexities in the liquidation process, and the possibility that the returned funds might be less than anticipated, depending on the platform’s financial health and the performance of underlying assets during liquidation.

How can I verify if an investment platform is truly Sharia-compliant?

To verify Sharia compliance, look for:

1. Certification from a reputable Sharia advisory board.

2. Clear explanations of how profit and loss are shared.

3. Absence of interest-based transactions, gambling, or investments in prohibited industries.

4. Transparency in fees and contracts.

What is the minimum investment historically allowed on Crowdestate.eu?

Crowdestate.eu stated that “with just a few hundred euros, anyone can enter the world of professional real estate investments,” suggesting a low minimum entry point. Telecel.com.gh Review

Did Crowdestate.eu offer an investment academy?

Yes, Crowdestate.eu mentioned an “Investment academy” on its homepage, described as “a collection of educational articles covering various aspects of real estate investing and real estate crowdfunding.”

What is the difference between interest-based and profit-loss sharing investments?

Interest-based investments like Crowdestate.eu’s fixed returns guarantee a predetermined return regardless of performance, while profit-loss sharing investments ethical/Islamic models share both the profits and losses of the underlying venture, making returns contingent on actual success.

How long does a platform wind-down process typically take?

The duration of a wind-down process can vary significantly depending on the complexity of the investments, the liquidity of assets, and regulatory requirements.

It can range from several months to several years for complex real estate portfolios.

What are some common ethical investment alternatives that avoid riba?

Common ethical investment alternatives that avoid riba include Sharia-compliant equity investments stocks, crowdfunding, Sukuk Islamic bonds, direct physical asset investments like gold or real estate, and Mudarabah or Musharakah based partnerships.