Get rich or die trying? Nah.
While a big house and fancy cars are nice to have—and there’s nothing wrong with having nice things—material abundance should not be one’s ultimate goal.As Muslims, we all know that Allah ﺳﺒﺤﺎﻧﻪ ﻭ ﺗﻌﺎﻟﻰ put us on this earth to worship Him. Therefore, its Muslim aim in life should not be limited to working to death in pursuit of a higher status and a bigger net worth. After all, this life is only temporary.
The fact remains, however, that one does need to pursue a halal income to provide for oneself and family. Allah ﺳﺒﺤﺎﻧﻪ ﻭ ﺗﻌﺎﻟﻰ is ar-Razzaq, the Provider, but we still need to do our part as the bills aren’t going to pay themselves, and food won’t magically appear on our tables.
So how does a Muslim go about balancing their Deen (religion) and the Dun'yaa (worldly) matters from a financial perspective? Here are six tips on how to approach money matters as a Muslim.
There’s No Wealth Like Halal Wealth
For starters, we should only pursue income strictly from halal means. Be wary of engaging in jobs or businesses that sell haram products, such as alcohol or interest-based securities.
It is also pertinent that you, as a Muslim, ensure the transparency and fairness of all your dealings; never cheat or defraud anyone (Muslim or not) for the sake of selfish or short-term gains. There is indeed no barakah in haram earnings.
In addition, extra income should always be put to productive use, as hoarding is frowned upon in Islam. Don’t be a miser or get too attached to money and worldly possessions. Plus, as you know, keeping money under your mattress or in the bank will only be detrimental as it will lose value over time thanks to inflation. Inflation refers to the ever-increasing cost of living, which results in the loss of value of money.
One way to avoid the peril of inflation is by investing to earn a profit to counter this inflationary loss. Thankfully, in many countries today, there are Islamic finance institutions and products for you to invest in.
Furthermore, the advancement of fintech has brought forth new online platforms and services that allow investors from almost anywhere in the world to invest in crowdfunding, cash waqf, Islamic collective schemes and many more