How Muslims Can Build Stock Market Wealth

Shakespeare’s character, Polonius, continues to delight audiences that watch Hamlet.

In the play’s first act, he gives his son some good advice. The younger man is getting ready to continue his education in Paris.

At one point, Polonius says: “Neither a borrower nor a lender be.” Muslims can relate. After all, Polonius’ words echo Shariah law.

When Muslims invest, they aren’t supposed to loan money that pays interest. That rules out bonds. The Koran says such interest would be usery, which is against Shariah law.

Muslims also have other faith-based investment principles.

They aren’t supposed to invest in financial institutions or companies that produce or sell alcohol.

They shouldn’t invest in companies associated with gambling, weapons of mass destruction, pornography or cloning.

That crosses plenty of investments off the list. But Muslims can still build stock market wealth.

If they buy low-cost, Shariah-compliant stock market funds, they can reap big rewards, while complying with faith-based principles.

Image by Pixabay

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Andrew Hallam

I’m a financial columnist for Canada’s national paper, The Globe and Mail, as well as for AssetBuilder, a financial service firm based in Texas. I’m also the author of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School (2nd Ed. Wiley 2017) and The Global Expatriate’s Guide To Investing: From Millionaire Teacher to Millionaire Expat (Wiley 2015). My mission is to educate, motivate and inspire people on basic retirement planning and best practices for investing, using evidence-based strategies. I'm happy to comment on your questions. However, please read the Terms of Use, Privacy Policy and the Comments Policy.

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