HalalBucks

“What an amazing thing when good money lies in the hand of good slave”

Posts Tagged riba

You are wealthier than you think

Feb 8

Posted by admin in Misc

This lecture is A MUST listen for Muslims pursuing Halal wealth.

We contacted IlmQuest to buy the CD, but never heard back from them. However, after a little googling found the lecture online.

CD Set: Let’s Buy a House Islamically, By Ghassan Barqawi

After a quick search online, the following result was found:
[disclaimer: We have no affiliation with the result pasted below]

Buying a home is a major dream for almost every family. However, it is a decision that goes well beyond finances. You want your home to reflect your values and your lifestyle. The biggest advantage to owning a house over renting an apartment is that your house belongs to you. It’s your home, and that’s a pretty big achievement in itself. This is why when a person is ready to buy a house, emotion can often get in the way of effective decision making. Not only can it hinder sound financial planning, but it can lead one into major sins. This CD Set is a guide to know what Islamic Finance really is, how one can understand the different terms used by various Islamic financial institutes, and how to make the best decision for your family in this life as well as the next. Shiekh Ghassan had the honor to study under the late scholar of Yemen, Shiekh Muqbil bin Haadi al-Waadi’ee, and earned an Ijaazah in Hadith from him. He has a Masters degree in Business and is an advisor who is able to give guidance in the field of Finance. He is also the founder of the Islamic Institution of Islamic Studies of Columbia, South Carolina. At present he is the Imam of the Islamic Center of Mobile, Alabama.

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Buying Vs. Renting

Dec 12

Posted by admin in Misc

Well, the following analysis is based on conventional Haram Riba, which shows that buying with interests is not a good model. Bare in mind that this comparison did not consider the sin of dealing with Riba and the evil consequence in this life and the hereafter.

If we do the analysis comparing equity (co-owing a house vs. financing with Riba), you’ll see that the Halal equity model is far better. BTW, Halal equity model mentioned here is not what the so-called “Islamic” financial banks offer.

Recommended Resource:
CD Set: Let’s Buy a House Islamically, By Ghassan Barqawi

After a quick search online, the following result was found:
[disclaimer: We have no affiliation with the result pasted below]

Buying a home is a major dream for almost every family. However, it is a decision that goes well beyond finances. You want your home to reflect your values and your lifestyle. The biggest advantage to owning a house over renting an apartment is that your house belongs to you. It’s your home, and that’s a pretty big achievement in itself. This is why when a person is ready to buy a house, emotion can often get in the way of effective decision making. Not only can it hinder sound financial planning, but it can lead one into major sins. This CD Set is a guide to know what Islamic Finance really is, how one can understand the different terms used by various Islamic financial institutes, and how to make the best decision for your family in this life as well as the next. Shiekh Ghassan had the honor to study under the late scholar of Yemen, Shiekh Muqbil bin Haadi al-Waadi’ee, and earned an Ijaazah in Hadith from him. He has a Masters degree in Business and is an advisor who is able to give guidance in the field of Finance. He is also the founder of the Islamic Institution of Islamic Studies of Columbia, South Carolina. At present he is the Imam of the Islamic Center of Mobile, Alabama.

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Riba Is Evil

Nov 26

Posted by admin in Articles

$4.8 trillion is the Riba on U.S. debt.

The sad thing is that some Muslims still believe in interests or argue that interests-based economy is the solution.

Just remember, if something is good, Allah won’t make it Haram. Because Allah is the all-knowing and the most merciful.

Interest/Riba is Evil.

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The Economic Caste System

Jun 15

Posted by admin in Articles

I was reading about the Untouchables and caste system in India and it came to my mind the parallel caste system that we have in our “modern” industrial society, from the school system to corporate job title definitions.

Many Muslim parents have defined/dictated a set of study fields and occupations for their children. These choices (or restrictions) not only limit the potentials of their children but also lead to a narrow view to Allah’s Rizq (provision).

As if we have no future, unless we took that haram student loan, or bought properties using haram mortgages. As if our Rizq only comes during Jumaah prayer or only by working in haram businesses or jobs.

We, the caste members of the modern economic caste system, are far more outrageous than the Untouchables, because often time we lock ourselves into these “casted” job even that we can escape from them.

May Allah liberate us from being slaves to jobs or money.

Related Readings:

If you are currently locked in a corporate caste system. Read this book, Escape from Cubicle Nation: From Corporate Prisoner to Thriving Entrepreneur, it may liberate you.

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How we bought a house without interest

Jun 19

Posted by admin in Events

Hamza & Hoda’s Story:

We had grown up our whole lives hearing that the only way you can own a house is by getting an interest based mortgage. When we learned about the evils of interest and how Allaah condemns those who deal with it, we assumed that we would be stuck renting the rest of our lives. So we began our quest searching for a way to purchase a home Islamically. We investigated Islamic financing institutions, but we didn’t feel comfortable with that route after doing our research, so we eventually devised our own method of home buying that is simple and easy. Within a short period of time, we found our home and we were able to purchase it with a legal contract with a zero percent interest rate. Many people told us it couldn’t be done, but alhamdulillaah, by the Will of Allaah, we did it. After we moved in, our friends and family starting asking us how we did it so decided to write an ebook of our story, detailing all of the steps we took along with research of current trends and economic situations, copies our legal documents, sample letters, and an interactive budget calculator. Our ebook is directed to all people who want to stay away from interest, not just Muslims. We want to start a revolution of no interest to give the people freedom in their lives from endless debt.

For more details, attend the event!

About The Speaker:

Humza Igram is an accounting and art major and is currently the Director of Technology of Cedar Graphics, Inc., a Muslim-owned communications solutions and commercial printing company in Iowa.

Hoda Elkassem is a pharmacist and currently a work-at-home mom who creates information products and writes children’s books.

Together, Humza and Hoda have three kids, published one Islamic children’s book under Muslim Tree, another book on Islamic investments and interest-free home financing under Know Interest, and are working to education and aide our Muslim American/Canadian community to live an Islamic life. Both Humza and Hoda were born and raised in North America (Humza in the US and Hoda in Canada), and fully experienced what it is like to live as Muslims in the west, which led them to work to abide by their Islamic principles, despite the pressures to do the opposite.

HOST: HalalBucks.com
EVENT: How we bought a house without interest
DATE & TIME: Sunday, June 22nd at 12:00pm Pacific
Alhamdulillah, the recording is made available by generous sponsors of HalfDate.com

Disclaimer: Consult a professional before you try any of these materials.

An interview with co-author sister Hoda conducted by MuslimahMoneyMatters

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