How to Build Wealth the Halal Way
Not how to make money online with multiple income streams or retire in five years.
Just about every day in the Medium Daily Digest there’s an article highlighted about making money. Many of them have the common theme of providing ways to make money online by creating a course, writing an ebook, etc.
Surely you’ve seen something like this: “How I make $x a Month Online with x Income Streams”. Or how about “How to Make Enough Money to Retire in x Years”? The article will inevitably talk about selling digital products, writing on Medium, investing in stocks while starting young, maybe even buying real estate and renting it out.
Nothing wrong with that, but you have to wonder how many of those people are actually making a living — that is, enough to pay all the bills — through the methods they espouse. Further, these articles typically don’t take into consideration certain restrictions people might have. Again, nothing wrong with that, as they’re writing for a wide audience and are probably unaware that these restrictions even exist.
It’s not dissimilar to people with dietary restrictions, such as gluten-free, kosher, or vegan. What exactly am I talking about? Well, Muslim readers may not be able to apply all of these money-making methods or investment choices in their own lives due to Islamic regulations.
For example, dropshipping is considered a gray area because it involves selling something you don’t have ownership of. Examples of investments that aren’t allowed are Treasury bonds, which are based on riba (interest) and stocks for companies whose primary revenue is earned through things like alcohol or pornography.
That’s what inspired me to write a book and create a video course targeted towards Muslims by keeping in mind the religious texts and Islamic traditions. I start off by encouraging the right mindset to have in regards to money, then teach the basics of money management and getting one’s finances under control. I then explain how the stock market works and how to identify halal (permissible) stocks, cover Islamic home financing, and finally wrap things up with retirement planning. I even cover other investing options like sukuk (essentially an Islamic bond), mutual funds, and foreign currency exchange trading (Forex).
Another thing I touch on is the importance of charity and how it can actually help you grow your wealth, as counterintuitive as that may sound.
Even though Muslims are my primary audience, of course anyone can benefit from this information, such as those who are new to investing and want to understand how it works and how to get started. I explain things in a simple, organized manner and provide various tools and resources to make the transition into financial security a breeze.
To be clear, my book and course are not going to make you rich quick. But they will help you get started off right on your path to financial freedom and help you build wealth in a steady, relatively safe, and ethical manner.
The book and video course are standalone. The book contains more detail and acts as a handy reference guide, while the video course is for those who prefer learning via audio-visual methods.
You can find my book, Open the Door to a Wealthier Life, on Amazon in paperback and Kindle formats. My video course, A Muslim’s Guide to Mastering Wealth, is available on Udemy.