Halal investments and financial strategies as Muslims
Salam my beloved sisters and brothers. I was wondering about this for a long time and wanted to get some input from you all about investing as a Muslim. Inflation is a thing you know and as Muslims we can't really have savings accounts with interest since it's haraam. I believe the technical ruling is that you can't pay to borrow money or have a fee when lending money (correct me if I'm wrong).
So I was thinking as Muslims, we are disadvantaged financially because the savings we have are going to stay static over the years (no interest). I was wondering what are some halal ways to invest your money that would be good to help you plan for retirement or save up for a house or wedding or whatever you wanna save up for (like a life size replica of Gundam RX-0 Unicorn 🦄🤩🤩)
I swear if someone says crypto I'm leaving. Also, I know someone is gonna say put your trust in Allah and make dua for risq and Allah is the best of planners but you should also take action if you can. Playing it smart will allow you to donate more and get more good deeds InshAllah. Anyways, what's some good ideas and what's some stuff that you feel work in the current economical environment?
I'm broke af but not a bad idea to get some information early rather than later.
JazakAllah!
Posted Dec 16, 2018, 11:39 PM UTC