Want to save money, but rent is Haram?
Salaam waleikum warahmatoelah hibrakatoe,
My dear brothers and sisters, I hope you all are doing well. I hope ALLAH blesses you all and takes care of you as I love you all with whole my heart.
Well my question is simple and short.
I want to start saving money, for example: If I wanted to open a savings account which has 2% rent each year and I wanted to open it with 10.000 euro. that would give me each year 200,- euro extra. But as I have heard and read is that in Islam rent is haram, so if that is true I cannot open this account or save, how can I then invest money or atleast be able to save up money WITHOUT having to worry about rent.
I do have one solution but I do not know if it is allowed. The (Extra) money that I receive from the rent, what If I donated that money to charity or whatever (anything for the muslim community) is that permissable ?
Or because that money is HARAM I cannot do anything with it ?
I hope you have an answer for me, So I can InshAllah start working and making money the right way, the WAY ALLAH WANTS IT !
Thank you very much for your help!
um I guess everyone says this if I am correct JAZZAKALLAH ? !
- Raja
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I'm assuming the word "rent" is referring to' interest'. Below I have pasted a question that was posed to Shaikh Muhammad Al Munajjid, which gives all the proof. To give you a summed up version, no it is not allowed to be invovled in any form of interest/rent/riba. The Shaykh did say below to get rid of haram interest by spending on charitable causes.
As for investment, here's a thought from my own head. Perhaps invest in gold? The value is just shooting up there, so if you're going to start , start now. Of course do research on it. If you have time try a small business on the side. Allahu Alim, may Allah swt guide you to what is good..Ameen
One thing to note, gold/saving (unused for a span of a year) you need to pay Zakat on it. Be sure to look it up based on your circumstances so you give the correct amount. Be careful not to try to profit yourself in this world forgetting the next InshaAllah.
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Can he get rid of interest by giving it to his brother who is in debt?
I put some money in the bank in return for interest, and I want to purify (my wealth) of this interest by giving it to my brother who is responsible for himself and his family, and also owes money to one of his friends. He borrowed the money to buy a piece of land on which to build a house for his family, as his current accommodation is not big enough for him and his family, and his house will have only two rooms, and there are seven people in his family. Is it permissible for me to do that?.
Praise be to Allaah.
Firstly:
Putting money in the bank for interest is emphatically forbidden, and is a major sin. Allaah says (interpretation of the meaning):
“O you who believe! Be afraid of Allaah and give up what remains (due to you) from Ribaa (from now onward) if you are (really) believers.
279. And if you do not do it, then take a notice of war from Allaah and His Messenger but if you repent, you shall have your capital sums. Deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums)”
[al-Baqarah 2:278-279]
It is not permissible to put money in a riba-based bank except if there is the fear that the money may be stolen etc, if there is no other means of protecting the money except by putting it in the bank. In that case it is enough for him to put it in a current account that does not bear any interest, because in cases of necessity, things that are ordinarily forbidden may be permitted, but only to the extent that is necessary.
Secondly:
If a person has engaged in riba, then he has to repent to Allaah by giving up the sin, regretting what he has done, resolving not to go back to it, and getting rid of the haraam interest by spending it on charitable causes. He is not allowed to benefit from it himself or spend it on those on whom he is obliged to spend.
Shaykh ‘Abd al-‘Azeez ibn Baaz (may Allaah have mercy on him) said: With regard to the interest that the bank has given to you, do not give it back to the bank and do not consume it yourself; rather spend it on charitable causes, such as giving it to the poor, repairing public washrooms, and helping debtors who are unable to pay off their debts. End quote from Fataawa Islamiyyah (2/407).
Thirdly:
It is permissible for you to get rid of this interest by giving it to your brother who is in need, on condition that it is not obligatory for you to spend on him, so that that will not be a trick to enable you to benefit from it and save your own money that you would spend on him if you had to. A man is obliged to spend on his brother if three conditions are met:
1- The one who is spending would inherit from the one on whom he is spending if the latter died. But if the brother would not inherit from his brother because the father is there or because the brother has a male child, then spending on him is not obligatory.
2- The brother on whom he is spending is in need and is unable to earn enough to make him independent of means.
3- The one who is spending should have wealth that is surplus to his own needs and those of his wife and children.
If these conditions are met, then it is obligatory for a man to spend on his brother.
See also the answer to question no. 6026.
Fourthly:
There is nothing wrong with getting rid of this interest by giving it to your brother to pay off his debts, even if it is obligatory for you to spend on him, because a man is not obliged to pay off his relative’s debt in all cases, whether it is his father, brother or anyone else. Hence the most correct view concerning zakaah is that it is permissible to give zakaah to parents and siblings to pay off their debts, as was the view favoured by Shaykh al-Islam [Ibn Taymiyah] and others.
See: al-Ikhtiyaaraat al-Fiqhiyyah, p. 104.
For more information, see question no. 39175.
Conclusion: It is permissible for you to give the interest to your brother to pay off his debts, whether you are obliged to spend on him or not.
As for giving him the interest to spend on himself and his family, not to pay off his debts, that is permissible so long as it is not obligatory for you to spend on him.
And Allaah knows best.
http://www.islam-qa.com/en/ref/81952/interest
This pretty much answers my question, Alhamdulilah everything is clear to me now, thank you very much, I appreciate the time you took to reply to me and make me learna valuable lesson, may Allah soebhaan wataa'Aalah grant you your wishes and a lot of blessings from me, I wish you the best, Thank you very much !
I don't have time right now to write a detailed answer, and Shireen has already given you sound information on ribaa, which is also called interest or usury.
Briefly, here are some alternative ways to invest money as a Muslim:
* As the sister mentioned, gold, silver and other precious metals represent a good investment. Just be aware that you must pay zakat on them if you hold them more than a year, like any capital that you own.
* Real estate. If you can use that 10,000 Euros to buy even a small piece of land, it will appreciate in value in years to come. This is a good time to buy, as real estate values are depreciated globally. If you have a larger sum, you can buy a flat or home and rent it out (I'm speaking about "rent" as in leasing, not interest).
* Stocks. To ensure that you stay away from companies that deal in haram, buy into an Islamic mutual fund like Amana Funds, for example. Their rate of return is proven.
* Start a business. With such a small amount of money, you could do something very simple like buy a food cart or food truck and then rent it out to someone who will work it for you. Or you could buy products wholesale and sell them at flea markets on the weekends.
These are only a few ideas. I'm sure there are many more halal ways to invest.
Wael
IslamicAnswers.com Editor