What you need to know about Islamic finance


sheeza khan



What you need to know about Islamic finance

In Islamic finance, you need to make sure you follow the right way of life. It is a sin for you want more cash by investing your money in areas, which will build money fast. In these days of money power, many Muslims have found it harder to follow the religion. They want to make more cash and they will use all means in order to get it. You have to be truthful to your religion and follow all the teachings of the prophet. In case you have any form of discount, you need to seek divine intervention through the holy book. Quran 22:14, advises Muslim on justice and fairness in business)
It is a requirement for every Muslim who is earning income to tithe.( God tells people to be afraid of Riba, 2:276) This means the right percentage you have to offer of goodwill. Some people will not want to remove the tithe and this makes them lie about their income. You do not need to give the tithe to the mosque all the time. You have to share it with other people regardless of race, or their religion. Everybody on earth has a right to be here and if you have the ability to help, you need to do so in a clean heart. If you do this every month, and you have fulfilled the message of Allah.
Islamic finance states that we should use the right channels to save our money. You are not allowed to save money in the accounts that do gain interest. ( God forbids interests but permits fair trade 2:275) This is not the right way for you to make money. However, you can choose to take the cash to the Islamic accounts. This means they follow the right way of saving the cash, and making the interest in the Islamic way. This hinders you from getting the money, which has acquired interest in ways you do not know.
With the desire to make more cash, you will find some Muslims will hold the goods they have and wait for the time the prices will increase in order to make profit. Those who deal with the sale of oil, or foodstuffs will want to control the market and only start selling when it is in demand. According to Islamic finance, this is not the right way of making money; you should not aim for very high profits at the expense of to the people.
It is common for many people to make money. However, you do not know the means that people use to make the cash. This is very common in the society and this has misinterpreted the Islamic finance. You find some people sell drugs, and others have become prostitutes. The message of Allah states that all businesses you do need to be legal. You cannot do prostitution; sell drugs, or stolen goods in the manner of making money. Before you get the money, you also need to ensure it is from cleaner sources. This will bar you from any form of connection with illegal money. Allah teaches us that money should not control the way of life. Some people will start to worship the cash and forget all about Allah. (Quran 2:279)

Posted: 2013-09-02

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