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Halal Ways of Earning Wealth In Islam

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Halal Ways of Earning Wealth In Islam

  1. 1. GROUP 4 HALAL WAYS OF EARNING WEALTH IN ISLAM • MARDHIAH BINTI MOHD IDRIS 1213546 • NURULHASEENA BINTI KADER MAIDEEN 1221986 • NOR HAMIZAH KHALIDI 1215056 • HAYATI BT SATTAR 1211100
  2. 2. Halal work and the earnings that come from a good source are a kind of ‘ibadah’ for which a Muslim will be rewarded on the Day of Judgement
  3. 3. 1) WEALTH THAT EXCLUDE RIBA, GHARAR & MAYSIR  Riba • Riba literally denotes interest, increase, addition or excess 2 types : • Riba al- Nasiah is the increase or growth due to postponement and refers to a stipulated increase over the loan which a debtor agrees to pay to his creditor in relation to a specific period of time. • Riba al- Fadl takes place when a commodity of a same thing is exchanged for an unequal amount of the same commodity or when the amounts are equal but one of the counter values is delivered later. • Involved unjust gains in trade or business, generally though exploitation • The Hadith of the Prophet ( pbAbuh) states : " Jabir said that Allah's Messenger (pbAbuh) cursed the accepter of interest and its prayer, and one who records it, and the two witnesses, and he said : They are all equal.
  4. 4.  Gharar • Gharar literally means uncertainty, ambiguity, danger or peril • Gharar involves a sale contract which is attractive to the purchaser in its form but unknown and ambiguous in its substance in which it may lead to unknown results  Gambling • The word maysir mentioned in the Qur'an means ease, it is for games of hazard, implying that the gambler strives to accumulate wealth without any effort.
  5. 5. 2) TRADING Buying & Selling • Contract engaged between two parties • Transferred the ownership from one party to another party • The buyer will give a specific amount of money to the seller for the goods that been purchased.  Musyarakah • Contract between one or more parties in establishing a joint commercial enterprise and contributing the capital • Profits generated from the business are shared among the partners in an agreed proportions ratio while the losses are shared according to the capital contribution ratio.
  6. 6. Murabahah • Sales contract which the seller disclosed the actual cost of the goods to the buyer and both parties agrees on adding a specific profit margin.  Salam • Sales contract in which the seller supply some specific goods to the buyer at the future date in exchange of an advanced price paid fully on the spot. • Beneficial to both seller and buyer.
  7. 7.  Ijarah • Lease contract in which the lessor buys the asset and then leases out the asset to lessee for an agreed rental amount and period in exchange for the benefits or the usufruct • The lessor benefits from the payment while the lessee benefits from the usufruct of the asset 3) INHERITANCE • A person is entitled to make his own will for 1/3 of his wealth or property to the inner family such as parents, children and spouse. • The balance of 2/3 of the wealth will be distributed according to the Shari’ah Law.
  8. 8. 4) OTHER WAYS TO GAIN WEALTH Constantly Worshipping Allah SWT • Allah SWT will remove ones poverty when we keep worshipping to Allah since we are the ‘Abd. • Richness of Iman Seeking Forgiveness and Repentance • One should repent purely for the sake of Allah and feel guilty for the evil that has committed in order to get Allah’s forgiveness. • Allah helps his slaves by increasing his wealth and reduced the difficulties.
  9. 9. Be Grateful to Allah • One should always feel grateful to Allah for the blessing or rizq given to us. • Blessed by Allah always as well as a mean in increasing more rizq in the future. Spending in the Way of Allah • Spending in the way of Allah whether through obligatory or voluntary deeds will lead in increasing one’s rizq. Being honest in dealings • Honesty is an important value when dealing with the transactions and people. • A person who being dishonest when earning his wealth, Allah will remove all His blessings from the transactions and the person ended up losing in this world and the Hereafter.
  10. 10. • Islam does not oppose any material pursuit neither it is against the accumulation of wealth • “…but Allah hath permitted trade and forbidden usury” [Al baqarah 2:275] • The Prophet also referred to business as a blessed activity. “Traders who are honest will be under the care of Allah on the Day of Judgment” [Al-Dailami]
  11. 11. 3ASPECT TO ACQUIRE WEALTH IN ISLAM  Wealth must be accumulated in an absolutely honest manner  Managed in a highly responsible manner  And as long as wealth does not distract Muslim from their strong faith in Allah in any way.
  12. 12. IMPORTANCE OF WEALTH • As means of trial and test - wealth or poverty • Wealth is importance in order to get blessing from Allah via good deeds - charity, perform hajj & Umrah • Wealth to protect our religion - poor Muslim minorities has been oppressed, humiliated - unable to produce anything of value and it leads to depend on the products of others
  13. 13. BENEFIT OF HALAL WEALTH  Halal work and the earnings emanated therefrom are a kind of Ibadah that will be rewarded on Judgement Day.  Halal earnings is considered as sadaqah even what is spent on one’s family  Halal earnings will be blessed by Allah and bring peace of mind and help to have clear conscience

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