ISLAMIC FINANCE REVIEW | WWW.ISFIRE.NET
especially in terms of working to gain money in order to have fun/play or enjoy free time with family members. Try shifting the value from using your time to make money to using your precious time (in fact the most valuable commodity we have) to design your whole life, including your financial life. This new perspective realigns the meaning of money and wealth creation….and reminds us that our daily activities and deeds should be accumulating a combination of worldly wealth and pious deeds deposits for the hereafter. As you can see, the shift is from the false idea of “spending” our time towards a correct idea of “investing” our time.
LIVING A DEBT FREE LIFE
TALKING POINTS
A Person inquired of the Prophet (PBUH) if someone is killed in the path of Allah (swt) while he remained steadfast, self-critical and moved forward in the way of Allah without ever turning his back, would Allah (swt) forgive his sins? Allah’s Messenger (PBUH) answered in the affirmative. However, the Prophet (PBUH) added, ‘Yes, all sins would be forgiven except outstanding debt.’ Hadith Muslim, 3497, as reported by Abu Qatadah.
One principal reason to have a savings plan is not only to be in a position to provide a comfortable lifestyle for your families but also to enjoy the possibility of living debt-free. Muslims are urged in the Holy Quran and Sunnah to minimize borrowings and to repay financial obligations as soon as possible. Those who can afford to repay and delay in doing so may be committing the sin of riba. We should be reminded that if we die and have not settled our debts and outstanding obligations, we could be jeopardizing acceptance into janna (Paradise). “A Person inquired of the Prophet (PBUH) if someone is killed in the path of Allah (swt) while he remained steadfast, self-critical and moved forward in the way of Allah without ever turning his back, would Allah (swt) forgive his sins? Allah’s Messenger (PBUH) answered in the affirmative. However, the Prophet (PBUH) added, ‘Yes, all sins would be forgiven except outstanding debt.’” Hadith Muslim, 3497, as reported by Abu Qatadah. Of course, Muslims are forbidden to engage in prohibited activities such as Riba and the injunctions are many [see Al Nisaa 4:160-2; Al Imran 3: 130-6; Al Baqarah 2: 275-9]. For
Wealth to be blessed (“halal”), it must not involve riba or any other prohibited aspects:
And the riba-based givings (investments) on your part, in order to increase your wealth on the basis of other people’s (ie borrower’s) assets, do not increase from the point of view of Allah. However, rest assured about the acceptance of what you give by way of zakah for the sake of Allah; those who give zakah are the ones whose net worth increases manifold with Allah swt.” Al Room 30:39
“And the riba-based givings (investments) on your part, in order to increase your wealth on the basis of other people’s (ie borrower’s) assets, do not increase from the point of view of Allah. However, rest assured about the acceptance of what you give by way of zakah for the sake of Allah; those who give zakah are the ones whose net worth increases manifold with Allah swt.” Al Room 30:39
65