Applications That Make Halal Money – How does a Muslim balance his deen (religion) and dunya (worldly) affairs from a financial perspective? Here are six tips for dealing with Halal money issues as a Muslim.
While it’s nice to have a big house and fancy cars (and there’s nothing wrong with having nice things), material wealth should not be our primary goal.
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As all Muslims we know that Allah ﺳﺒﺤﺎﻧﻪ ﻭ ﺗﺎﻟﻰ has put us on this earth to worship him. Therefore, your Muslim goal in life should not be limited to working to the death for high standards and high values. After all, this life is only temporary.
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However, the truth is that a person needs to earn halal money in order to support himself and his family. Allah ﺳﺒﺤﺎﻧﻪ ﻭ ﺗﺎﻟﺎ is ar-Razzaq, the provider, but we still have to do our part because debts will not be sacrificed and food will not appear on our tables.
To begin with, you should seek income from halal resources only. Be careful when engaging in activities or businesses that sell haram products such as alcohol or interest-based securities.
It is also important that you as a Muslim ensure transparency and honesty in all your dealings; Never mislead or cheat anyone (Muslim or not) for selfish or temporary gains. In fact, there is no barakah to find haram.
Surplus money should always be used for productive purposes as hoarding is forbidden in Islam. Do not be greedy and do not love money and worldly wealth too much. In addition, as you know, saving money under the mattress or in the bank will only be dangerous, as it will lose value over time due to inflation. Inflation means a rise in the cost of living which causes money to lose value.
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Another way to avoid downside risk is to invest in leverage to offset these price losses. Fortunately, in many countries today, there are Islamic financial institutions and products that you can invest in.
In addition, advances in fintech have created new platforms and services that allow investors to invest from anywhere in the world.
Islamic crowdfunding is a platform and service that is rapidly gaining popularity, especially in crowdfunding, where a person can invest in a company or project.
An example is , which, through its P2P platform, among other projects, enables investors to benefit from halal investments, which have an impact on the supply chain industry. Crowdfunding overcomes the property barrier by allowing a group of investors to come together online and each contribute a different amount to the campaign. enabled investors from more than 84 countries to invest directly in Indonesian projects to share in the profits of local projects.
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Another great platform is Yielders UK, which focuses on buy-to-let assets in the UK. In 2014, this investment would have been only for the rich, but now it is open and available to small or early stage investors.
There is even a robo-advisor called Wahed that will identify suitable stocks and an organized service called Sharia Portfolio where an expert will help you build a financial portfolio based on time, tolerance accident, etc.
Standard bank products such as savings accounts, certificates of deposit (CD) and money market accounts are interest-bearing and should be avoided. Alternatively, you can open an Islamic savings account. Commercial and treasury bonds are also subject to interest, although there is something called sukuk, which is basically the Islamic version of a bond.
The return on investment in sukuk is not very high, but it is a very low investment option for those looking for a relatively safe place to keep money while enjoying some profit.
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If you have money invested in illegal investments such as bonds or CDs or shares of companies that sell haram products, then the best course of action is to get rid of those investments and give profit as sadaqah.
However, if this results in a loss that may be a great burden to you or your family, some experts have believed that it is sufficient to leave a clear intention to terminate This investment is haram as soon as it is effective or not punishable. . Go for it.
If you have credit card debt that tends to have very high interest rates, it’s best to adjust your budget so that it’s your highest priority and pay it off quickly. as possible. Next, you plan to avoid credit card debt in the future.
We can also go further and consider mortgages. Since conventional loans are based on long-term payments of principal and interest, they are not permitted by Islam due to the prohibition of riba.
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Also, if disposing of your property is a difficult option, then plan to pay off that debt as soon as possible. It is also possible to refinance your mortgage with an Islamic housing finance company such as Guidance Residential or UIF Corporation. First-time homebuyers should be cautious and avoid buying expensive residential properties.
Although tracking your finances is as fun as watching rice cook, you need to keep track of your income and expenses. Otherwise, there may be more money going out than coming in.
There are many tools and devices that make this task easier. One such tool is Kestrl, a money management tool that allows Muslims to budget, save and invest according to their values.
It helps you set long-term goals and think about them. Instant gratification is fun for a while, but the freshness wears off when you’re always broke and buried in debt. It is certainly more satisfying to pursue a pleasant goal and achieve it through hard work and perseverance.
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Have you ever heard the old saying, “We should do everything in moderation”, well, the same should apply to our spending habits and possessions. visible.
While we enjoy the blessings of Allah ﺳﺒﺤﺎﻧﻪ ﻭ ﺗﺎﻟﻰ, it is better to avoid excesses. And, of course, avoid waste, as it is a form of ingratitude.
Take time each day to reflect on all that you have been blessed with. It is true that life may not be perfect and you may face problems, but things can get worse.
Finally, give what you’ve been given. It doesn’t have to be just cash donations; Volunteering your time and talents is also a form of sadaqa.
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This article was first published in January 2019 and has been edited and updated for accuracy and clarity. Edited by Anis Shakirah Mohd Muslimin.
We use ethical investment methods approved by the authorities in Indonesia, Malaysia and Dubai, and we also operate a Global Sadaqah charity platform that serves ordinary people, high net worth individuals, businesses and government agencies. Well known for crowdfunding in public housing development projects in Indonesia, we follow the United Nations Global Compact and are based on Islamic finance. Discover the secrets of earning halal money online as a Muslim woman in 2023. You will find the easiest ways to turn your passions into a successful business without any initial investment, opt out from 9 to 5 and find financial freedom – start now!
Are you a Muslim looking for a way to make money online without sacrificing your Islamic values and time with your family?
You may be a Muslim, a single mother, or a happily married sister, but there is something in your life that requires you to earn money.
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We know that finding a job in another country that fits our Islamic beliefs and lifestyle can be a challenge, especially if you live in Western countries or countries where the hijab is prohibited or discouraged. it.
Not only that, but a typical 9-to-5 work schedule can be difficult to manage due to the demands of family life and may not allow for the flexibility and control you need to care for children. you and spending time with your loved ones.
In addition, many 9-5 jobs may require 😫 free association with men, working late into the night, or other practices that may be against our Islamic values.
If you are an entrepreneur, you can create and sell products online without working a regular 9-5 job.
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This means you can work on your own terms and have the freedom and control you need to manage your work and family life.
In this blog we will explore 10 easy ways to earn halal money online from home as a Muslim without any initial investment.
Even if you don’t have any money to start, there are many opportunities to make money online without spending a small amount of money.
Whether you have some experience or talent, or just want to try something new, there’s an option on this list to help you take the next step to financial freedom in 2023.
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Let me tell you that if you are already a freelancer, chasing clients for projects, or feeling frustrated by sites like Upwork, the following ideas will give you a breath of fresh air.
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