Where should I invest/store my money?

[NewMuslim]

:salam2:

I'm the legal working age in the United States meaning that I can now get a job. This brings up bank issues/stocks.

There's no such thing as a "Muslim Bank" in my community (since most are Christian). Therefore, my choices for banks are Citizen's Bank (not going there due to their hidden fees) and the Bank of America. Both of these banks deal with Interest (a major sin in Islam).

I won't be able to, probably, spot how much Interest was put into my withdraw. So I will unknowingly deal with Interest. How should I store my money? I can't keep money under a pillow or a bed.

Some more questions about money: 2 years ago, I was introduced to the "glory" of the Stock Market. Investing in such companies as McDonalds, Budweiser, Nike, Nasdaq (to name a few) will give me easy money. This spawns two more questions.

1) Are Stock Markets allowed in Islam?

2) What if I invest in a place that deals with Haram stuff (such as Budweiser, who sells beer)?

JazakAllahu Khair for your answers.

 

[samiha]

assalamu alaykum.​

Get a PIGGY Bank​

sorry, I'm no help... but i made myself smile... ​

wassalam.​

 

[NewMuslim]

assalamu alaykum.​

Get a PIGGY Bank​

sorry, I'm no help... but i made myself smile... ​

wassalam.​

lol, nice answer

 

[Globalpeace]

Asslamo Allaikum,

It is matter of difference of opinion and many scholars PERMIT investing in the stock market with “conditions”

I don’t know your leanings and to the group of scholars you follow Brother; but I have a limited company and invest in Stock markets and have a Muslim financial adviser; who’s advice I take with a pinch of Salt because I find that he is NOT overly concerned about Halal or Haram, while I am!

Options are out there…in the US I have an account in Wachovia (checking ONLY) and in the UK HSBC (checking ONLY)..both don’t pay me interest but I know that both deal in interest and in this matter I don’t have a choice…

So I would advise you to do some financial research.

Stocks are not always the best option because both in the US & UK they incur a lot of taxes (can’t say more then that ELSE I will have the tax man knocking down on my door)



P.S: All I can say is that it took me years to resolve the problem that you have described…but the solution is out there

 

[Mabsoot]

Assalamu Alaykum,

as for investing I do not know, I recommend you save your money and use it when you think of a business venture.

saving? You can keep your money in a normal bank, all you have to do is tell them that you want 0% Interest to be paid.



Wasalam.

 

[Kayote]

:salam2:

I'm the legal working age in the United States meaning that I can now get a job. This brings up bank issues/stocks.

There's no such thing as a "Muslim Bank" in my community (since most are Christian). Therefore, my choices for banks are Citizen's Bank (not going there due to their hidden fees) and the Bank of America. Both of these banks deal with Interest (a major sin in Islam).

I won't be able to, probably, spot how much Interest was put into my withdraw. So I will unknowingly deal with Interest. How should I store my money? I can't keep money under a pillow or a bed.

Some more questions about money: 2 years ago, I was introduced to the "glory" of the Stock Market. Investing in such companies as McDonalds, Budweiser, Nike, Nasdaq (to name a few) will give me easy money. This spawns two more questions.

1) Are Stock Markets allowed in Islam?

2) What if I invest in a place that deals with Haram stuff (such as Budweiser, who sells beer)?

JazakAllahu Khair for your answers.

:salam2:

A very good question. As I donot have the time & literature beside me right now, may I reserve the space to get back to you. Its my bed time as tomorrow is office...

Insha'Allah I should be able to answer tomorrow.