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Tips For Making Sure Your Spending, Savings And Investments Are Halal

Irrespective to whether it’s because you’ve newly started earning on your own, or you are concerned about how halal your spending and saving habits are, we believe that it’s never too late to change things up in this front. Here are a few tips to help you achieve just that…

Doing the research

Regardless to whether it’s about spending your money the halal way, saving it, or investing it the halal way for the right purposes; unless you do a research on the subject, you will not know if what you are doing is right. For example, imagine that you hear about halal insurance for your business or commercial building (or even yourself!). How would you know if it’s authentic, or something created to drum up more business? And this also applies to other aspects of your life as well! So always do a thorough (beyond the internet) research; just so you feel reassured that you’re not making a mistake.

Knowing the rules

Generally, as a whole, people are not very fond of following rules. More often that not, the general public familiarizes itself with the rules not with the intension of following it, but just so they can find the loopholes in it, or other ways in which the rules can be bent or worked around. However, as a practicing Muslim, you will already be used to following certain guidelines; like the guidelines of prayerso following the Sharia rules regarding finance is not going to be an issue for you. It also pays to remember that knowing the rules makes it so much easier to avoid breaking them.

Using the correct professional guidance

Try as we might, it’s nearly impossible for a single individual to be an expert in all aspects of life. The human brain is created in a way, in which it’s possible for use to be good at doing some things; but not so great in other aspects. For example, some might be brilliant with their education, but their business instinct may be nearly none existent. Getting professional guide, in this case the advice for Islamic banking Australia, can be more beneficial to you than you’d expect.

Knowing where your money is going

Knowing what exactly you plan on doing with your money, and where exactly your money is being spent is extremely vital. If you’re making investments on shares, it’s possible that you might be investing on things like alcohol or non-halal meat or even pornography without your knowledge. Having a clear idea about where your money is going, and doing an efficient investment screening through professionals will help you eliminate the possibility of this happening with you; and you spending your money the haram way…


Categorised as: Financial Services


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