As Muslims, we know the seriousness of having a halal income and avoiding haram ones. However, there are tons of temptations and so called Sharia-compliant investment calling us to muddle with companies that deal with haram or earn haram income.
The return of those investment may look attractive to you, but in reality you are losing in this life and the hereafter.
يَعِدُهُمْ وَيُمَنِّيهِمْ وَمَا يَعِدُهُمُ الشَّيْطَانُ إِلَّا غُرُورًا
He [Shaitan (Satan)] makes promises to them, and arouses in them false desires; and Shaitan’s (Satan) promises are nothing but deceptions. (An-Nisa 4:120)
Here is an excerpt of NY Times Op-Ed of Paul Krugman
Last week the Federal Reserve released the results of the latest Survey of Consumer Finances, a triennial report on the assets and liabilities of American households. The bottom line is that there has been basically no wealth creation at all since the turn of the millennium: the net worth of the average American household, adjusted for inflation, is lower now than it was in 2001.
At one level this should come as no surprise. For most of the last decade America was a nation of borrowers and spenders, not savers. The personal savings rate dropped from 9 percent in the 1980s to 5 percent in the 1990s, to just 0.6 percent from 2005 to 2007, and household debt grew much faster than personal income. Why should we have expected our net worth to go up?
Here you can see the “growth” graph of Dow since 1966.
May Allah grant us Halal bucks
HalalBucks.com offers professional training and consultation for small businesses, from marketing to strategic thinking.
ibtisam (6)
Nahyan (6)
hibahmac (5)
Anonymous (3)
Koorosh Vahabi (3)
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#1 by Mayada mahmoud on March 11, 2009 - 8:51 am
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As Salamu Alaikum,
For a while I too was interested in investments and the stock market, but I honestly did not know enough about it medal with it and alhamdulillah I am glad I did not, even though I was tempted since I did some research and found out some aspects of it That is not considered haram. Yet still you really have to know what your doing, and this type of investment are too risky.
I admire this site as an alturnative to sharing money making ideas in a Halal way. I suggest we dedicate a portion of this site to discussing ideas for dicussing Halal financial tips. For instance one idea could be a system where responsible Muslims could get financially profiled, and if they seem like good candidates, those select fewcould have a monitored program to start a “Jem3yah” that’s an Arabic term used as sort of like a loan with no interest. Each person saves a certain amount and passes it on to the first person to receive the loan. They keep saving and doing this till they all have had a chance to receive the money, and of course pay back on time. It’s a great idea for someone who needs money progressively to start a business or to pay something. Keep in mind they would be paying back in small installments, and of course it at times can be a lengthy process for those who need the loan right away. But none the less it’s still a decent idea for a loan
#2 by Koorosh Vahabi on March 18, 2009 - 8:17 pm
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Salam,
This is great. Now that we have defined the haram ways of making money, we should look for solutions.
What halal ways of making money can you tell us ?
Koorosh
#3 by Admin on March 18, 2009 - 10:52 pm
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wa alaikum assalam Koorosh,
You can check this post, it answers your question in a way.
http://www.halalbucks.com/2009/02/18/ask-ibn-halal-what-to-venture-in-to-earn-halal-money/
#4 by Kali on March 25, 2009 - 6:12 pm
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As-salaamu alaikum, the concept you are describing has been in place for quite some time. Known as a “sou-sou”, many folk from the Caribbean, South America and others of African origin have been pooling money on a monthly basis, contributing equal parts, then giving it out on a rotational basis. I look forward to more discussion on this site.