Boston Trading Co RAFAH Halal Crypto Fund

Boston Trading Co started in January 2016 after its founders, Jennifer Robertson and Jeremy Britton, had spent two decades in traditional markets and financial planning. The flagship Bostoncoin (BOS) fund was built as a diversified, quasi-index basket of digital assets so investors would not have to pick coins themselves; the manager says it was the first crypto fund listed on Morningstar. The US entity, BostonTrading & Education Inc LLC, is registered in Delaware (#6773603) and based in Wilmington, with investors and partners the firm says span more than 60 countries. The range has since grown to six funds: BOS, the higher-volatility DART, the AI-driven lower-volatility POLLY, and three faith-based funds launched in February 2025, of which RAFAH is the halal one.

RAFAH is the product that matters for Muslim investors. Its May 2025 prospectus states the fund 'complies with Shariah and Islamic financial principles, including the prohibition of riba, gharar, and investment in haram industries,' and lists four selection criteria: exclude interest-based platforms; avoid alcohol, gambling, pork and adult entertainment; focus on profit/loss-sharing and ethical finance; support environmental sustainability and financial inclusion. The sample allocation is HalalChain 20%, Islamic Coin (ISLM) 15%, Tezos (XTZ) 15%, Marhaba DeFi (MRHB) 15%, Celo (CELO) 15%, SolarCoin (SLR) 10% and ZakatDAO 10%. That is a thoughtful list by crypto standards; Islamic Coin and Marhaba DeFi were built specifically for Islamic-finance use cases. It is also illustrative: we found no live holdings page for RAFAH, while Bostoncoin and DART publish theirs hourly.

Shariah oversight is where the record is thin. Neither the site nor the prospectus names a Shariah scholar, supervisory board, fatwa or third-party certifier for RAFAH. The prospectus closes with a disclaimer that 'consultation with Islamic scholars and financial advisors is recommended,' which is honest but places the burden on the investor. We classify this as a self-declared screen (No Public Review). The deeper issue is that crypto itself is contested among scholars, and several sample holdings (Tezos, Celo, Marhaba DeFi) are proof-of-stake or DeFi tokens whose staking and liquidity yields raise questions a written exclusion list does not answer. Investors should read our is-crypto-halal guide before treating any crypto fund as settled.

Terms are those of a private, accredited-only vehicle. The provider's US website terms restrict offerings to Accredited Investors, Qualified Purchasers or QIBs and state that nothing has been reviewed or approved by the SEC or CFTC, with regulatory approval 'in process' with the CFTC, SEC and FINRA. The firm also says it intends to operate as a regulated entity in Abu Dhabi Global Market and has applied to the FSRA. Minimum investment is US$10,000 with US$1,000 top-ups. Fees were raised in February 2025 from a flat 2% MER to 2% plus a performance fee on returns above benchmark; the provider's own example is that a 100% fund return carries a 12% total fee. There is no general lock-in, and the firm suggests a five-to-seven-year horizon. Investors can fund in fiat from a bank account and invest through 401(k), Roth IRA, trust, company and family-office structures.

The other five funds are listed on HalalWallet for completeness, not as halal products. Bostoncoin (BOS) is the flagship diversified fund; DART is the higher-volatility 'inverse-index' sleeve; POLLY was converted from stablecoins to an AI algorithm in late 2024 and is positioned as the conservative, capital-first option; OYSHER is the kosher (halachic) fund and ASHIRVAD the Dharmic (Ahimsa / Sattvic) fund, both launched with RAFAH in February 2025. None of them makes a Shariah claim. Unit prices at 30 September 2026 were BOS US$58.48, DART US$121.40, POLLY US$90.49, RAFAH US$78.71, ASHIRVAD US$75.11 and OYSHER US$75.51, all published in the firm's monthly update.