In addition to business, launching a start-up, a job or side hussle & investing, God will grant us more in quantity & quality by the following acts
1. Trust in God
"If you would trust in God as He truly should be trusted, He would surely provide for you as He provides for the birds." [Tirmidhi]
2. Prayers
"O son of Adam! Take time out to constantly worship me, I will fill your heart with contentment, and remove your poverty." [Tirmidhi]
3. Charity
God said: "Spend in charity, O son of Adam, and I will spend on you.β [Bukhari]
4. Honesty & fairness in business
"If counterparties are truthful (to one another), and honest in explaining (the defects of an item), then they will be blessed in their transaction." [Muslim]
5. Having children
βAnd do not take the life of your children for fear of poverty. We provide for them and for you. Indeed, their killing is a great sin.β [Qur'an]
6. Keeping ties with family
βWhoever would like his provision to be abundant and his lifespan to be extended, let him uphold his ties of kinship." [Bukhari]
This book discusses the creative financial strategies that the worldβs poorest people use to get by.
Extreme poverty does not turn people into charity cases, unable to help themselves. In fact, those who live in poverty are incredibly smart financially, have many complex networks for raising capital and making investments.
We assume that people with little money spend any & all cash as soon as they get it. But thatβs not true. People living on an average of less than $2 a day usually set aside a small amount of savings.
INVESTING VS GAMBLING: What is the difference from an Islamic perspective?
THREAD
In the context of risks, trading and gambling are both regarded as speculative risks. In both trading and gambling, one can profit or lose. However, there are key differences between them.
1) Gambling is staking of wealth by two or more parties where the winner wins all & the loser loses all. In other words, gambling is winning at the expense of anotherβs loss. Whereas in investing, counter-parties & shareholders (ordinary shares) collectively gain or lose.
2) Gambling does not involve ownership of underlying assets. It is merely staking your wealth. Whereas trading and investing demands ownership of underlying assets.
Charity in Islam is not a donation; it is an investment! When giving in charity, you are sacrificing immediate consumption for returns from God in this life and the next! But what are the different asset classes and their rewards?
1. Mosque in world = house in paradise [Bukhari]
2. Feeding the poor = reward of fasting day & praying the nights [Bukhari]
3. Orphan care = companionship of the Prophet in Paradise [Bukhari]
4. Supporting widows = reward of striving in path of God [Muslim]
5. Supporting the bereaved = special dress in the next life [Bayhaqi]
6. Clothing others = God will shield you from hardships [Musnad Ahmad]
7. Debt relief = Relief on the Day of Judgement [Muslim]
8. Feeding others = shield from hellfire [Bukhari]