Why is it important to keep our wealth halal? We discuss this foundation and critical question in this latest MCCA thought piece.
In Islam, halal refers to what is permissible or lawful. It encompasses all various aspects of our lives, including our wealth and financial matters.
The way we earn, spend and manage our wealth all affect significant aspects of our lives, including our relationship with Allah (SWT). When we keep our wealth halal, Allah (SWT) purifies our wealth and we protect ourselves from the harms associated with haram (forbidden) or unlawful practices. Allah (SWT) also amplifies the impact of halal wealth, ensuring it becomes more fruitful and beneficial to us and those around us.
Therefore it is our financial responsibility in Islam to deal with our wealth in halal ways and make it an investment that benefits ourselves, our community and our future generations in this life and the next. So how can we make sure our wealth is halal?
How to Deal with Wealth in Islam
In Islam, there are many ways we can ensure our wealth is and continues to remain halal.
Earn Halal Income
For our wealth to remain halal, we should ensure our income comes through lawful and honest means. Engage in employment or business activities that comply with Islamic principles. Avoid sources of income that are explicitly prohibited in Islam, such as interest-based transactions, gambling, the selling of haram products such as pork or alcohol, fraud or any form of exploitation.
Avoid Haram Investments
Similarly, when it comes to investing our wealth, we should also avoid haram investments. This includes abstaining from investing in businesses involved in activities that contradict Islamic teachings, such as alcohol, pork, gambling or other prohibited goods and services. Instead, focus on ethical investments that promote societal well-being, such as health and education, and comply with Islamic finance principles.
Give in charity
In Islam, there are two types of charity, Zakat and Sadaqah. Zakat is an obligatory charity that requires every sane adult Muslim to give 2.5% of their annual savings. Fulfilling this obligation not only purifies our wealth but also redistributes this wealth to the most needy within the community, relieving them of financial hardship.
Spend on Halal and Beneficial Purposes
In Islam, we are allowed to enjoy our wealth for halal and beneficial purposes. This includes providing for our families, meeting our needs and enjoying halal and lawful leisure activities. It also involves supporting businesses and products that comply with Islamic guidelines, such as halal food, clothing and other necessities.
Financial Planning
Managing our wealth in a halal manner requires financial responsibility and planning. This includes budgeting, avoiding excessive debt and making informed financial decisions based on Islamic principles. It is important to strike a balance between fulfilling our obligations, saving for the future and practising moderation in our spending habits.
Seeking Knowledge and Guidance
It’s important for us to have the knowledge and guidance to use our wealth effectively and in a halal way. Educate yourself about Islamic finance, consult scholars or experts in the field and stay informed about halal financial products and services. So you can feel empowered to make informed decisions and ensure that your financial choices align with Islamic teachings.
How MCCA helps our Community Achieve Their Financial Goals
Halal investments and spending practices are important aspects of keeping the wealth of our community Halal in Islam. That’s why MCCA provides financial services and products that support ethical businesses, investment opportunities and charitable causes. So that we can maintain barakah (blessings) in our financial resources while contributing to the growth and development of our community.
In turn, MCCA also strives to provide our Australian Muslim community with education on halal financial practices. Through workshops, seminars, and resources, we are committed to empowering our community with the knowledge and tools necessary to make informed decisions, manage their finances responsibly and ensure their wealth remains halal.
By applying halal practices to our financial lives, we can ensure that our wealth can keep benefiting us and our community in all aspects, and achieve the best of worldly success and spiritual fulfillment.
