Asalamualaikum all,
Hope you’re all well…I’m wondering if anyone can recommend any halal investment trading options they know of. Following the recent news regarding Crypto, I’m looking to make use of a small amount of savings but this area of Crypto seems to be a grey at best (which I don’t feel comfortable getting involved in).
Does anyone wish to share what’s working for them in the business world inshaAllah?
Many thanks.
This may or may not be helpful, but it’s the reality in my opinion.
All investments carry risk. It sounds like you’re trying to find something safe and potentially risk free - there is no such thing.
Based on that, nobody can look after your personal wealth better than you. So that means you shouldn’t accept financial advice as gospel - you really need to get in to the detail and understand the fundamentals. Otherwise you’re playing with chance and going in with your eyes closed.
There are some fantastic resources on this very website. I also recommend “How to own the world” by Andrew Craig as a primer that’ll cover all the basics, so you have the tools to work out what’s right for you, your future and what’s acceptable risk to you. You can then get a more Islamic view on IFG as to how to assess halal stocks and halal financial products.
Please don’t go near the stock market or bitcoins without doing the above. It’s self sabotage.
A bit of time - a couple of weeks - and few quid spent now will deliver immense returns.
Ok many thanks for the information.
Salam
I agree with brother Badrul, he has provided some great advice.
I would add that a small change in mind frame may be useful in this instance. We must remember that although all investments carry risk, so does holding your savings in cash. The risk there is a little bit more hidden - inflation. The purchasing power of our savings is being reduced each year by inflation, and this is something that almost never reverses. To protect our capital, we should put it to work through investments - even if only a small amount at first.
Once you have got comfortable with what investment options you may have (e.g. shariah compliant stocks, suquk’s, real estate etc.,), why not try drip feeding a small % of your savings into these investments each month?
Great advice by both brothers.
Many thanks for the advice.