How does the macro picture change what I should hold?

By Mehdi, Senior Sukuk Fund Manager · Updated May 2026

This is where macro becomes practical, so let me connect the weather to the wardrobe — what you actually hold — without overpromising.

The short answer: Different economic seasons favour different assets — growth phases tend to reward shares of real businesses, while uncertain or inflationary stretches often favour gold and steadier holdings. But the honest move is gently tilting a well-prepared portfolio, not gambling everything on a forecast you can't actually make.

In broad terms: when growth is healthy and conditions are calm, the shares of real, productive businesses tend to do well, so a portfolio might lean a little more toward screened equities. When inflation runs hot or uncertainty rises, real stores of value like gold often come into their own, and steadier, income-style holdings can cushion the ride. Cash has its moments too, as dry powder and stability. These are tendencies, not guarantees — the same season does not always rhyme.

Where we stand: because no one can reliably call the next season, we do not lurch the whole portfolio on a forecast. We hold a diversified base prepared for several seasons, and tilt it modestly as the weather signals shift — which is exactly what our weekly Macro read and the Command Center are designed to guide. Preparation first; gentle adjustment second; never a bet-the-house gamble on a prediction.

There is wisdom in the balance: act on the knowledge Allah made available to you, but never with the arrogance of one who thinks he has cornered the future. Tilt the sails to the wind you can see, and leave the wind itself in the hands of the One who sends it.

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This is education, not personalized financial advice or a religious ruling. Screening status can change, and your situation is your own. Confirm a specific holding against its current Shariah screening, and any ruling with a qualified scholar you trust. The decision, as always, is yours, before Allah.