Monetary Matters

A talk on money is not exactly the first thing I go for, one because I have none and two because, like most of you I’m sure, the first talks I go for are the more juicier ones. Nonetheless this is an incredibly important lecture for anyone who ever earns or buys anything as it would be foolish to do so without understanding it in light of the shariah and sunnah.

Listen Here: “Key Islamic Concepts Regarding Monetary Matters” by Shaykh Omar Hussaini

Concept # 1: Quality is More Important than Quantity

Barakah is what makes all the difference. If you have barakah in the little money you have, it will take you very far and vice versa. We need the blessings of Allah سبحانه و تعالى ‎ and should specifically ask Him to put barakah in our wealth as well as our time.

Concept # 2:  Halal Gaining and Spending

This is the central part of all monetary issues. You have to make sure your income as well as where you spend it are both halal. If there is any evil or haram involved, it will have extreme consequences. The food you buy with that money will become haram and your prayers will be invalidated. Sometimes you have to embark on the more difficult path to earn a halal income but when you do it with sincerity Allah سبحانه و تعالى‎ will make a way for you (sometimes out of nowhere).

Spending: Do not engage in interest, no matter what. It is also better to avoid credit cards. If you have one, be insidious about making payments on time. Carry cash with you at all times because it will make you spend less which will lessen your love of dunya (it will also make it easier for you to quickly give in sadaqa in the masjid or on the streets).

Concept # 3: Save it

If you want more money, you can either earn more or spend less. Earning more money is rarely an option so you have to spend a lot less than you can afford in order to truly save money. Muslims have a dignity and should not be put in a position to beg for money.

Concept # 4: Seek Forgiveness 

If you are having difficulty in earning halal rizq then you should first make astaghfar (the same applies when trying to have children). Truly repent to Allah سبحانه و تعالى‎ and have sincerity in your search for a halal income.

Concept # 5: Give it Away (aside from Zakah)

People think giving money away decreases wealth but in fact it increases it (not to mention what it does for you in the aakhirah). It increases wealth on a qualitative and quantitative basis. It also creates barakah in your wealth which will make you content with what you have.

If these basic guidelines are followed, you will see a great effect in the quality of your life. May Allah give us barakah in our wealth and time, and every aspect of our existence. Ameen.