Ways to Increase Allahs Rizq – Financial Literacy Special

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Navaid Aziz

Channel: Navaid Aziz

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Episode Transcript

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I saw we started streaming everyone

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go ahead and

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share please

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you guys

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share it please

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do well on YouTube or on Facebook and Twitter.

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Smilla Rahmanir Rahim Al hamdu Lillahi Rabbil Alameen wa sallahu wa sallim wa barik ala Sayyidina Muhammad wa ala alihi wa sahbihi ajwain welcome everyone to the Friday night hour from the Islamic Institute of Toronto. My name is Bronwyn Hassan and I am your host today I'm actually blessed to be your host for today may Allah subhanaw taala bless all of you. Before I begin, I want to ask all of you who are watching 100 Everybody's joining right now go ahead and share this stream inshallah go ahead and comment in the chat wherever you're watching this on whether you're watching it on YouTube, whether you're watching on Facebook or Twitter go ahead and reshare it you know you just

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commenting on this live stream here actually helps the algorithm hugely being late Allah we have a really amazing program for you today actually, it's an actual special program that you are indeed are going to love and for the first time ever in the life of Friday night our we are actually streaming live and direct from the Islamic State of Toronto with people surrounding me guys make some noise.

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Low awkward, so there are some people around the $100 button. On top of all that I have a really special guest who actually is joining us and I'm really really excited about this. But before I begin telling you about our guests and actually get into the program, so I want to tell you a whole bunch of different things are happening at the slums of Toronto hamdullah we are gearing up for Ramadan as you know we are less than a month close to it with the light Allah we are in hopes of having

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what I think was referred to as a normal Ramadan and inshallah is going to be better than a normal Ramadan be the light to Allah. And we are looking forward to all the work that you're going to be seeing. We're probably certainly going to be praying in sha Allah Allah at the masjid obviously we're watching the COVID-19 situation very carefully to see all of that there are a whole bunch of different programs that are happening in the next week inshallah to help us all get ready for Ramadan is a program which Muslim Khan with the youth. There is a another live stream program that's happening with all of our shoe if that tells you how to get rid of to get ready for Ramadan. All

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right. As for today, our guest is my dear friend and good

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good friend and brother in Islam.

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Chef Naveed Aziz I'm gonna go ahead and bring them on in sha Allah He was the hotkey for today's Friday. So let me go ahead and bring them inshallah so I want to

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deliver the cattle are right across from me, but

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you look like you're so far away. Allahu Akbar. Allah Subhan Allah Allah bless you. How are things with you? I mean, 100 I'm doing well. I'm wondering

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if everyone can hear this year. Go ahead and let me know.

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Yes, comment, let me know if you can hear him. Well.

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Can you hear me?

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Alright, look like you want to join? Okay, Chef, maybe mela Subhanallah bless you. Today's hotbar was 100. quite inspirational on what ways to increase Allah subhanaw taala to just let's go ahead and begin by talking about what was your motivation for talking about this topic? Excellent. So there were two motivations behind it. Number one was I was on Instagram and I saw someone post on how the average Torontonian was spending $104 filling up their gas tank this week. And if you're on minimum wage, that's seven hours of minimum wage work that you'd have to be working to fill up your gas tank which is obviously a lot of money. So we often don't assume that there's a spiritual

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connection to the wealth that we have within

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Actually Islamic Lee has a very deep spiritual connection to the wealth that we have. So I wanted to address it from that side. And also tonight we'll be doing a financial literacy workshop for youth. So I wanted to tie both of them in together. And that was the motivation kind of upper today. And certainly, chef

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who doesn't want to increase their resume, of course, is really an important thing to say. So even those with a lot of, and it's not something that that I know, you're going to touch on Inshallah, in this workshop, we're going to talk about a lot of the companions, when we talk about the companions will always have this assumption that they are these poor men that the these men who are like living on the bare of what anyone would have. But we know so many of the of our competitors, the profit off of them who are quite wealthy, we actually know some of them who just moved to Medina, very poor. And when they passed away, were some of the wealthiest companions ever, Allahu Akbar. And I want you

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to kind of maybe talk to him a little bit about this whole idea of Islam. And there's Islam and wealth, really, in a sense, it's quick, of course. So that's what we're hoping to address in, in the workshop today is how do we view wealth? Is wealth, something good? Is wealth, something bad? And you know, what is the answer to that? You know, it's very difficult to summarize it. But what I will say is what is like a magnifying glass, where if your heart is pure, it'll magnify the purity of the hardest corruptive and magnify the corruption. And what we see from these rich companions or the Allahu Anhu regimen is that their hearts were pure, and thus, whenever they received money or

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wealth, they would spend it in the way of Allah subhanaw taala. And Allah subhanaw taala would give them more. Right so that is like their their secret that we want, unfortunately. All right, is it haram to be rich, not at all, is it haram to be filthy rich as they would say.

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So I don't like using the word filthy because you're tying it into the risk of Allah subhanaw taala. But what we want to hope for and this is like a simple rule we want to establish is that your Eman should always be higher than your wealth and never the opposite. As soon as it becomes the opposite, then that's when you're in a danger zone. So always strive that your email is higher than your worth. And when Allah subhanaw taala gives you more you spend it in the way of Allah subhanaw taala he spent in the way of helping humanity and then the community as a whole. So you began your football chef today, actually with a really amazing story. And I genuinely just love hearing about

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that compares with the profit or loss and those who have come after them. Can you just expand a little bit on this? Okay, I should just summarize it real quick for summarize it really quickly. So the grandson a moment of photography, Allahu anhu, was a pious man and the Khalifa was visiting him that today. And he had two conversations with him. The first of them was inside the Haram itself. So you can imagine and visualize the Kaaba there. And the Khalifa comes up to him and he says that, is there anything that you need and sell? And he says, No, just Hello. Hi. We're both guests in the house of Allah subhanho wa Taala would it make sense that as guests of Allah subhanaw taala that

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they ask anyone other than Allah subhanaw taala The Entourage becomes upset the Khalifa lets him go. And then they meet up again outside, same interaction and curse. And this time, the Salim says he asks the Khalifa that is worth that you have? Are you appointed over it? Or do you actually own it? And the Halifa he responds that I'm just merely appointed over it. And then he says that does it make sense that they asked the one who's appointed over it, or the one that owns the keys to all the treasures between the heavens and the earth or rizek for my needs, and then he walked away. And this shows us two things, number one of seeking our risk from Allah subhanaw taala and also always asking

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Allah subhanaw taala and the number two understanding that the work that we have is actually a trust from Allah subhanaw taala that we will be questioned and asked about so when you're entrusted with something, you have to fulfill this responsibility. Allah subhanaw taala bless you and give you Jana Inshallah, I do want people to go ahead and to actually watch the Friday the whole by itself. So I don't want you to kind of give it all away in sha Allah Allah so But with that, I do want to let everybody know that following this stream, actually in the stream itself, but after we take a quick break, Inshallah, tada, you're going to be starting in a

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this really amazing seminar within Lightoller, where you're going to be talking to us about financial literacy from an Islamic perspective.

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I don't want to say give it away, but like, like, give us a,

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I don't know, the Sri Sri, something to desire it more. So let's summarize it as much as we can. So we speak about the spiritual element of how do we actually increase your risk? And we talked about four different ways that we can do that we talked about wealth as a responsibility as trust, and what does that trust actually look like? Then we talked about the importance of the cat, who can we give the cat to, and the importance of sadaqa then we transition to the practical side of things. We will talk about the importance of living within your means and the importance of budgeting and saving. And then we talk about investing. If you're investing in stocks, what are the things that

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you need to look out for if you don't have the resources, what other you know alternative methods are there for stocks, and then we conclude by talking about cryptocurrency and other resources that you can access in sha Allah Who Tada All right, so amazing being Lightoller don't go away and make sure you do not go away. Make sure you actually share this stream Michelle, I do see the numbers increasing as we are on we're gonna take a very quick break so we can catch up

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up the chef in sha Allah Allah, for him to start his seminar. I have so many questions for him. You can actually type the questions that you have for him during the actual seminar itself in the chat. I'll make sure I'll relate that to him even later Allah and we're going to take a break and then we'll come back

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with the actual seminar sha Allah does not come with the state don't go anywhere.

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Allahu wa sallim wa barik ala Nabina Muhammad wa ala alihi wa sahbihi. Juma in my blood. My dear brothers and sisters Salaam Alaikum Warahmatullahi Wabarakatuh. My sincerest apologies for the delay but it's inevitable that anytime technology is involved, we're going to have some sort of technological issue. But let us begin right off the bat by asking a simple question is wealth good or bad? And looking at this from a Quranic perspective, Allah subhanaw taala he tells us Allah well known Xena will highlight the dunya that your wealth and your children are an adornment from this world. And another verse, Allah subhana wa Tada he tells us in a more local hola can fitna that

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indeed your wealth and your children are a fitna, so be careful with regards to them. So how do we reconcile between these two verses? Is wealth good or bad? What do all of you think? So who thinks wealth is a good thing? Raise your hands.

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Okay, thank you who thinks wealth is a bad thing? Raise your hand.

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sisters or brothers don't think is a bad thing. That's a very indicative, Mashallah. And the conclusion to this, oops, there we go. Is that we will get to answer that question in a little bit refers to we start off by discussing how wealth is a trust from Allah subhanho wa taala. And what that means is that when ALLAH SubhanA wa Tada entrusts you with something, you have to fulfill that trust. And that trust with regards to wealth is how you earn your wealth and how you spend it. And it's based upon the Hadith of the Prophet sallallahu alayhi wa sallam, that the feet of the children of Adam will not move on the Day of Judgment up and until they're asked about five matters. And from

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those matters is how did they earned their wealth and how did they spend it. So this teaches us something very, very valuable. Often we focus on the importance of giving sadaqa and the importance of doing good deeds with your wealth, but it is just as important to look at the source of your wealth, and where you are earning your wealth from so you can not compromise on where you earn your wealth from and even your sources of income have to be heard. And I'm going to be emphasizing sources in the plural because as we move forward in time, you will need multiple sources of income if he Tada. So now, what does the Prophet sallallahu alayhi wa sallam tell us in terms of what is

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the ideal situation? What is the Prophet sallallahu alayhi wa sallam tell us in terms of what is the ideal situation? And he tells us about a group of companions that came complaining to him. They said uracil Allah, the hubba Luthuli, Bill Jude, the Messenger of Allah the rich companions amongst us have run away with all of their award. They pray just like we pray the fastest that we fast, but they given subaqua that which we cannot give. And in one version of the Hadith, the Prophet sallallahu alayhi wa sallam, he tells them

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that if you say subhanallah 33 times and Hamdulillah 33 times and Allahu Akbar 33 times, no one will come better than you on the Day of Judgment, except the one that does this and more. So some time goes by and these poor companions come back and they say, oh rasool Allah, the rich companions have learned our secret teach us something else. And at that time, the Prophet sallallahu alayhi wa sallam puts things into perspective. When he says that they're like, Ufford Lola, you'll see him on your show, that is the favor of Allah subhanho wa Taala that he gives to whomever he pleases. So the favor of Allah subhanaw taala is not that He gives wealth, because he gives wealth to everyone, the

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poor, the Muslim, the non Muslim, the righteous, the not so righteous, everyone has access to wealth. But the favor of Allah subhanho wa Taala is that if he gives you piety and righteousness, and gives you wealth, so this is where we establish the fundamental rule in Islamic finance, that your Eman should always be higher than your finances. Your Eman should always be higher than your finances. That is the number one most important rule. And always make sure that is the case. Because if that is not the case, then you're treading in very, very dangerous waters. So now, what was the conclusion of that question? Is wealth something good? Is wealth something bad? Well, in reality,

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wealth is neither. It is just a means to a goal. And our goal with our wealth is to please Allah subhanaw taala and get the agenda. And that is why we say wealth is like a magnifying glass. If your heart is pure, it will magnify the purity of your heart. But if your heart is corrupt, it will magnify the corruption of your heart. Now what do purity and corruption look like? The pure heart cares about where it earns from and cares about where it spends from and cares that it is not excessive, and cares that it does its due diligence and fulfilling the rights of Allah subhanaw taala and the rights of humanity the heart that is corrupt, does not care at all and will earn by

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any means necessary. I don't know if you guys remember what there was this famous saying that 50 cent had a couple years ago. Die rich, sorry, get rich or die trying right. And that is the the mentality of the corrupt heart, that you will get rich by any means necessary. But that is not the way of the believer. Now what we learned from the rich companions, particularly like Abubakar Siddique of 95 of the commandment for the Allahu COVID-19. And other than them was that they got money from Allah subhanaw taala, they got wealth from Allah subhanaw taala. But they wouldn't let it reach their heart, it always stayed in their hand. So there was always this barrier between the love

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of this dunya and what they had and the state of their heart, and they always kept it an arm's length away. And that's what we want to focus on that if you get too close to the dunya A time comes where your heart will not be willing to sacrifice it because you've exposed it to too much. And what you want to focus on is making sure that you don't expose it to too much. That is okay, if you have wealth, it's okay if you have money, it's okay if you have nice things. But you have to love the giver more than you love the gift. You have to love Allah subhanho wa Taala more than the things that Allah subhanaw taala gives you, meaning that if a time comes where you need to give something

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for the sake of Allah, you're able and willing to do so. Now, this mentality of working hard for your money actually stems from the Prophet sallallahu alayhi wa sallam. And I want to share a story with you have absorbed ammonium and alpha as reported in Sahil Bahati, that of the commander in chief when he left Makkah and he migrated to Medina. He left everything behind everything they owned, he left it behind. And when you arrive into Medina, the Prophet sallallahu alayhi wa sallam paired him up with another companion by the name of Saudi Arabia, Saudi Arabia. And I want you to look at the generosity of Saudi Arabia. He's never made up the mind of an offer before. The only

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thing he knows is that this man is Muslim and he loves Allah subhanaw taala and His Messenger sallallahu alayhi wa sallam will decide not to be I tell him, he tells him, I have two homes, choose any one of my two homes and it's yours. I have two businesses choose any one of my two businesses, and it's yours. Look at that generosity Allahu Akbar. Now, can you imagine someone offers you a home? Would you accept it? Someone offers you a business? Would you accept it? Well, let's look at the mentality of absorb myself. He says show me where the market place is, show me where the marketplace is. And he goes and he starts trading from something as simple as dried yogurt till

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eventually he gets some gold. And with that gold he gets married. And with that after his marriage, he has a walima so someone has started off poor but was willing to work hard. And Allah subhana wa Tada provided for them. And this is the Prophetic mentality that you have to be willing to work hard for your wealth, that the best wealth that you can earn is with your two own two hands. And when you take that step, and when you put your best foot forward, the Prophet sallallahu alayhi wa sallam says that if you were to trust in Allah, a trust that he is truly deserving. He would provide for you just like He provides for

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A bird that leaves its nest early in the morning hungry and comes back at night with its stomach full, Allah subhanaw taala will provide for you, but you need to take that first step and work hard for that wealth.

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Now, one of the objectives behind this wealth is that you wants to be one that gives you want to be one, that gifts. And here the Prophet sallallahu alayhi wa sallam tells us that the upper hand is better than the lower hand. And this continued with the prophetic mentality is that not only do you work hard for your money, but you also share it with those that are not as fortunate as you, this is a part of your Shakur to Allah subhanho wa taala, that you share your wealth with others. Now, the interesting tidbit about this is that in order to be someone that gives, you actually need to have something to give, if you have nothing to give, you can share with others. So this further

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strengthens our point that we work hard for our money, because we want to be people that give and not people that receive, the only time we receive from the creation is if we're desperate, and in a dire situation. And we've tried all of our ways to earn money ourselves, then at that time, we seek help from the creation and that time, we seek help from the creation. But at all other times, we want to make sure that we are people that give

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now, what is giving actually look like the most important component of giving is the cut. And this is probably the most simplified version of the cat that you will ever see. So we're going to be speaking simply about the cat on cash, because that is something that everyone is going to be exposed to, we're not going to talk about, you know, the cat on animals or the cat on fruit, or is the cat on merchandise, those are specified questions. And as always, you know, consult a cut calculator online, or your local environment shift if you're giving us a cut. So the things to keep in mind is that there are three things or actually two things that you need to have number one is

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the nisab, which is the threshold, that once you reach this threshold, then that is when you become eligible to pay zakat. And that threshold is approximately $6,000. And that's something that fluctuates based upon the price of gold and silver, then the second thing is that hold the timeframe that you need to have that wealth for at least one Islamic year, at least one Islamic year. And then if you have it for that one Islamic here, the night is when you become eligible to pay zakat. And when you pay your as a cat, you're only paying 2.5%. So 2.5% of $1,000, can someone tell me what is 2.5% or $1,000 $25. So for every $1,000, you're paying $25. So on $6,000, you're paying 150. And

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it's only once you reach 6000, that you pay the 150. And more than that, so this is the responsibility that comes with wealth. And this is a cat is not necessarily in a traditional standpoint, meant to go to organizations, it was meant to go to the Baitul Mal, the Muslim you know, welfare center, if you want to call it that, where poor people go, and they seek there's a cat or if you know poor people, then you give your poor as a character directly to them. And in this verse, Allah subhanho wa taala, he tells us who is actually eligible for zakat in these eight categories. The first are the folk rock, and they're the ones that have nothing to their name at all, the second

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or the Misaki, those that have a little bit, but not enough to survive. The number three those that are actually employed by the beta now that are taking upon this responsibility of distributing this ACAT they're eligible to take salary from that circuit. Number four, to soften the hearts of the non Muslims towards Islam. So if you know someone that's interested in accepting Islam, and if you were to give them a gift, they become further interested and you build a better relationship with them. You can use the cash money for that. Number five, to fury prisoners and capital of someone that's in jail, someone that's in prison that's going through that sort of calamity and hardship, you can use

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the cash money to help them out. Number six, those that are in debt. And I want to emphasize something over here. The general rule in Islam is that it is discouraged to be in debt, it is discouraged to be in debt. You should only go into debt when you absolutely need to or absolutely have to, contrary to where we are. You walk into the bank and the banks like here, take a credit card here, take a line of credit, we'll hook you up pay, you know, whatever you can. But that's not the mentality of the Muslim, that you should only go into debt, if you have to. Why is that the case? That is the case because we know of several incidents where the Prophet salallahu Alaihe Salam

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himself refused to pray the janazah of individuals that had debts and they were able to pay it off. Yet they did

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Not so the Prophet sallallahu alayhi wa sallam had someone else lead their Janessa, just to show that he was upset at this, that you shouldn't be in debt, you shouldn't be in debt. Then we have feasibility. And feasibility law was to help the cause of Islam helping in spreading Islam, that you can use your cat in that. And then last but not least, the destitute, the traveler that goes to a foreign land and is struggling. So this can be a student of knowledge that goes to study Islam, or anyone that even comes here, like a refugee, that they don't have enough to survive, they're destitute, they've left everything behind. You can use the character money to help them out in that

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situation. And then the highlight over here is that it is an obligation from Allah subhanho wa Taala and obligation from ALLAH SubhanA wa Tada. And you'll notice that often the Quran Allah subhanaw taala pairs, Salah and zakat together. So just like we would not fathom, not praying, we have to make sure that we treat the cat the exact same way that if Allah subhanaw taala gave us this money, we have to make sure that we're doing our due diligence and paying the minimum amount of this zakat paying the minimum amount of this is a cat.

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Now, we get into the importance of staying Khaled, right we're talking about you want to make sure that where you're earning from is Khaled why is that the case? Well, the Prophet sallallahu alayhi wa sallam tells us of this man that is traveling is going through hardship and calamity. He's disheveled, he's hungry, he's thirsty. And He's raising his hands to Allah subhanaw taala. And he's asking Allah subhanaw taala for help. But then he goes on to tell us that this man's clothing is from haram. This man's eating and drinking are from haram. This man's worth is from haram. So why would Allah subhanaw taala answer this man's do Ah, so this shows us that the sins that we commit,

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particularly with regards to what we consume, they become an impediment between us and our risk between us and our eyes being answered. And the way that you remove that impediment is by staying halal. And repenting and seeking forgiveness from Allah subhanho wa taala, which we'll talk about shortly. So this shows us that if there was this even one reason to stay halal, this is it right here, that it will become an impediment between you and your risk and impediment between your doors being answered. So that is why we need to focus on staying as Hallel as possible. So now, what are ways to increase your risk? What are ways to increase your risk? Number one making is defer to Allah

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subhanho wa taala. We learned from our history, that there was a scholar by the name of Hassanal Bosley, and a man came to him. And he says, Yeah, Imam Yeah, Shia. I'm unable to have children. What do you advise me with? He says, make us differ. A second man comes. And he says that I'm struggling with drought on my farm, that rain is not coming down. What do you advise me with? And he says, make us the fat. A third man comes and says, I'm struggling with poverty, what do you advise me with and he says make is still far. So the students are perplexed three different men three different problems that you gave them one solution. And he asked him, How is this the case and your response

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to them by saying, Have you not heard what No, Haile Salam is said to his people, for contesto furor have become in the hurricane as a pharaoh, you will see the Santa Alico Medora William didukung Be unguided. Mauban in which Allah come Jana to Nigella calm and Hara

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that seek forgiveness from Allah subhanho wa taala. profusely, for he is the one that says the clouds to which the rain comes down. He is the one that blesses you with wealth and children and he is the one that will grant you Gardens underneath which rivers flow and he use this as an evidence that the more is that far we make the more Allah subhanaw taala blesses us with risk. Number two, the importance of making dua and I want to focus on two types of dua. Number one, do art for yourself. And this is further divided into two categories. General do eyes like Robin hNf Adonia Hasina will fill karate hashanah walking either but not that oh Allah grant is the best in this

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life, the best of the next and save us from the punishment of the Hellfire. Then specific do is that the Prophet sallallahu alayhi wa sallam teaches us that we make for ourselves like Allah homogeneous LUCA in my mafia, what is country about Ramadan? takapa that Oh Allah, I asked you for beneficial knowledge for a good plentiful sustenance, and for deeds which are accepted by you. And also it was narrated that the Prophet sallallahu alayhi wa sallam from the many two eyes that he made after he made will do we're Allah homophily Lumbee What was your leafy daddy, robotically furiously? That Oh ALLAH forgive for me my sins, make spacious for me, my home and bless me in

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My wrist blessed me in my wealth. So these are the types of devices that you make for yourself. Now the second type of dua that I want to highlight is do I that you make for other people. And I believe this is something that we need to practice more of the Prophet sallallahu alayhi wa sallam tells us that anytime you will make dua for your brother or sister in absentia, the angels say, mean and for you as well. So if you know someone that's struggling with debt, you make dua for them that Oh Allah, facilitate for them their debt and uplift that debt for them. And Allah subhanho wa Taala will do that for you. Because the angels are saying, I mean, and for you as well, Allahu Akbar,

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Allah bless you agenda.

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And then same thing that you will need more money for a particular purchase a particular project that oh Allah bless so and so with more wealth, and then the angel say, I mean, and for you as well. So you want to get into the habit of making dua for others as well for the things that you want for the things that you want. Number three, giving in sadaqa, giving in sadaqa, the Prophet sallallahu alayhi wa sallam, he tells us that every morning to angels make dua, they say, Oh Allah, those that gave for your sake, gave give them back that which they gave, and much, much more, and those that withhold from your sake, then withhold from them. So you want to get into the habit of every day

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doing an act of South Africa and giving sadaqa so the angels make dua for you, that you get back what you gave, and much, much more. And you do not want to be from those whom are withheld from the risk of Allah subhanho wa taala. And then last but not least, the importance of helping others getting the risk. And this is something important I want to focus on that I want you to think about. You have something that you want to buy, and you can go to a store that is Muslim owned, and to a store that is non Muslim owned. They both offer the same quality, they both offer the same service. Part of our responsibility is that we should be helping our own community as well. So we help that

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Muslim business and when you help others get their risk, ALLAH SubhanA wa Tada provides risk to you. This is based upon the Hadith of the Prophet sallallahu alayhi wa sallam, aha moment for dunya Yahama Coleman for Sama, that have mercy and compassion upon the inhabitants of this earth. And the one that is above the heavens will have mercy and compassion upon you. So you help others get the risk. And Allah subhanho wa Taala will help you, you will find oftentimes people are starting up new businesses, give them sincere advice and sincere and see how of how they can improve. You help others get the risk and Allah subhanho wa Taala will help you

00:42:54--> 00:43:34

now I wanted to start off with the spiritual stuff is that is the foundation and without the spiritual stuff, we can't get to the practical stuff. So I want us to understand the spiritual element of it. Starting off with wealth is a trust from Allah subhanaw taala that you have to fulfill a part of that trust is making sure you're earning Halal spending in Khaled what is the absolute basic responsibility of spending and halal fulfilling zakat? How do we calculate our zakat, we've gone through that all ready, what becomes an impediment between us and our risk, the sins that we commit, particularly during the sins of those things that we consume. So now let's get to the

00:43:34--> 00:44:15

practical side, budgeting and saving in order for you to invest your money, which is what is coming up soon. You actually need to have money to invest. If you don't have money to invest, you want to be able to invest. So this is where we learned the importance of staying within your means at all time. And what we mean by this is that your eyes will always be bigger than your appetite. Your eyes will always be bigger than your appetite. You will think I need a bigger and faster car, I need a bigger home, I need a faster laptop, I need a better tablet, I need a better phone. And you'll always want more. And what really helps in understanding this is knowing your own pitfalls and

00:44:15--> 00:44:52

knowing your own shortcomings. The Prophet sallallahu alayhi wa sallam tells us that if the Son and Daughter of Adam were given two valleys of gold, they still wouldn't be satisfied. They'd want more. So as human beings, we're insatiable, meaning that you have to pull in the reins on yourself and limit your desire to what you can actually afford. Now here's the beautiful thing, that if you're able to do that, and thank Allah subhanho wa Taala Allah subhanaw taala naturally gives you more. So if ALLAH SubhanA wa Taala has blessed you with a certain amount of wealth, live within that means to buy your house to buy your car to buy anything else. And when you make sugar to Allah subhanho wa

00:44:52--> 00:44:59

Taala Allah subhanho wa Taala will give you more. Now let's talk about a pitfall that perhaps all of us fall into is

00:45:00--> 00:45:42

You know, the the scrolling on Instagram, all the people that we follow, you have to recognize that a lot of Instagram is very fake. Those are fake, you know cars, fake houses, fake lives, none of it is real. These are people in debt, people that are struggling to survive people that are internally unhappy. And by the clicks that we give them by the legs that we give them, they get some sort of sensational high. And we just keep feeding into that. And then sometimes we make ourselves we feel, you know, I wish I had that. I wish my life was like that. But you have to remind yourself, it's not real, and always live within your meats. The number two, the second thing I wanted to focus on, is

00:45:42--> 00:46:23

that as you get your income, and we're going to be expanding on this quite a bit, you want to start putting your savings aside first, and then live within the money that you have left. So one of the worst things that you can do if you're earning a paycheck, you're like, yeah, let me you know, pay my bills, and I'm just gonna spend the rest. No, what you want to try to do in an ideal situation, start off with 5% of your paycheck, put it aside as your savings to invest, then slowly build up to 10% 15% 20%. And go as high as you possibly can put that in your savings and you invest that money, and then live within the neck within the rest. Because you'll notice that the younger you are and

00:46:23--> 00:47:01

the year, the more time you have to invest, the more income you can actually generate off of your investments. So saving money while you are young, is of the utmost importance. If you can save money anywhere try to do so the fact that you're living at home may seem uncool, but trust me, it's a big blessing from Allah subhanho wa Taala because you have like 40 year olds that are moving back into their parents house, because they can't afford it anymore. So save up while you're young, invest that money while you're young. And you'll see the incomes that are generated. So always focus on putting your savings aside first and then living within that money. Don't try to live with that

00:47:01--> 00:47:07

money. And if you have money left over, that's what you use as your savings that is how people end up going broke.

00:47:09--> 00:47:36

Then there we go. And this is something I have to put in and I have to emphasize because of the severity of the sin. If you look at the verses pertaining to Riba in SOTL dakara it is the only thing that I'm aware of in the Quran, that Allah subhanho wa Taala says that if you were to partake in it, ALLAH SubhanA wa Taala wages war against you, your messenger of allah sallallahu alayhi wa sallam waging war against you.

00:47:37--> 00:47:52

And we believe that this is a word that we can't win, but it's interesting how some people will still fall into it. So now why is riba haram? Why is Riba? Haram? Let us actually look at that, before we understand it, why it's so severe in a sin as a sin.

00:47:53--> 00:48:33

So the case that Islam presents when it comes to contracts of loan, or actually, let's understand contracts as a whole, there are two types of contracts that you will have in Islam, contracts of profit when you're buying and selling something. And those are contracts where you will either have a profit, or you will have a loss. And then you have contracts of generosity, contracts of kindness. And one of the examples of a contract of kindness is when you give a loan to someone. So now if you remember our earlier discussion on being in debt, what did we mention that a believer does not go into debt except when they are in need, and it is a necessity for them. So you can imagine someone

00:48:33--> 00:49:14

is coming to you in their time of need and beer time of necessity, and you want to profit off of that. In Islam, that is considered a sign of oppression in Islam, that is considered a sign of oppression, taking advantage of people in their moment of need. And this is one of the reasons why Riba is considered so haram, because of its oppressive nature, and taking advantage of those people that are in need. This is a simplified reasoning behind it. And it is considered one of the major sins in this stuff. Now let's look at this in a practical value. At a practical value. If you have an account with a bank, you have to tell them turn the interest in my account of it is not

00:49:14--> 00:49:32

sufficient that at the end of the month, you withdraw the interest and you give it away. You have to tell them to turn it off so that you don't incur anymore. Same thing when we get into our investments. You have to make sure that you're not investing in bonds and not investing in GIC. You're not investing in guaranteed income,

00:49:33--> 00:49:50

you know returns because that would be considered interest. So that is what you're not allowed to do. And thus it is severe and thus it is like Allah subhanaw taala and this messenger sallallahu alayhi wa sallam being waged war against and that is a battle that no one can ever win.

00:49:51--> 00:49:55

Now, this is where we get to something very, very important.

00:49:56--> 00:49:59

My generation when we were brought up we were told

00:50:00--> 00:50:41

that you go to university, you get a job, and that is sufficient for you. And that is how you're going to live your life. And if you look at it over history up until the 1970s, and 1980s, a man would go and work, the woman would take care of the household and take care of the children. And with the man's one income, it will be enough to buy his house and support his family, because his income was that high. And the cost of living was not that high. Times change, women enter the workforce. And that's a great thing and Hamdulillah. But what's happening now is that the cost of living has gone up so much, and salaries have not kept pace. So you can earn a lot of money, but

00:50:41--> 00:51:21

it's still not enough to survive, it's still not enough to survive. And particularly when you look at the housing market, you know, in Ontario, it exemplifies this, the average home in Ontario now is something like $1.1 million. That's absurd, when you compare it to historical norms, when you compare it to historical norms. So then what is the solution to this, the solution to this is changing the mindset that we have, as we talk about income. So when we talk about income, you don't want to just focus on one source of income, which is the job that you have, which is you as an employee, right, everyone can become an employee. And that's what we're indoctrinated to do go to

00:51:21--> 00:51:56

university get a job you become an employee, but we end up neglecting the other three ways that we can generate income. And just for the for disclosure, this concept of Cashflow Quadrant, it's actually something taken from Robert Kiyosaki, the author of Rich Dad, Poor Dad, yeah, he has a book called Cashflow Quadrant, this is taken from him. So I don't want people to think that I came up with this concept. So now he says that after you become an employee, and you've gained some basic skills, and you've saved up a little bit of money, you started dabbling with the other things, you start dabbling with other things. So you put in a little bit of money and investing, and you get

00:51:56--> 00:52:35

your money to work for you, you get your money to work for you. And as your money works for you, you're generating income off of that money, and it continuously grows. And then you want to focus on being self employed. What does self employment actually look like? So on the side, on your, on your weekends, free time that you have, you're actually running a side hustle? What is that side hustle based upon two simple things. Allah subhanaw taala has given everyone in this room a talent. Some of us are more creative, we know graphic design, we know how to draw, we know how to paint, we're very artistic, some of us are amazing at language, we can naturally read something and point out all of

00:52:35--> 00:53:16

the mistakes, we express ourselves very well, we can speech right. Others are very good at math, our natural accountants, and you can do you know taxes on the side, at the most basic of levels. So whatever it is, Allah subhanaw taala has given you that talent. Then the second thing you want to focus on is how do you become an expert in your talent? How do you become an expert in your talent? So Malcolm Gladwell, a famous author, he has this theory that if you spend 10,000 hours doing any one thing or reading about any one subject, you will become from the top 5%. in that field, you will become from the top 5% in that field. So you've identified your passion and what you're good at. And

00:53:16--> 00:53:55

then you become an expert. By doing 10,000 hours of work and research in that field, you come become to the top 5%. And then you market yourself, you go into Kijiji you go onto Fiverr, or any other online platform, and you offer your services, you build your portfolio, you build your repertoire, you build your client base, now that you're this expert, it also gives you the ability to launch your own business. And you get high school students and university students that are just starting off in that field. And you employ them, you're getting contracts, they're doing the majority of the work, you're paying them their salary, and you're just mentoring them through the process. So it's

00:53:55--> 00:54:33

not as if you don't have to do any work. But your workload is minimized. Because as you mentioned them through the process, they will do the majority of the work, and you're increasing their skill level and increasing the skill set of the Muhammad sallallahu alayhi wasallam. And that becomes another source of income for you, all of your sources of income you want to put into investing, as your investments grow, then that money comes back into you. Now, when you think of investments, there are investments that require large amounts of money, like investing in real estate. So you already have one house Alhamdulillah you want to invest in more real estate, but it requires a lot

00:54:33--> 00:55:00

of capital, it requires a lot of capital. So are there other alternatives to real estate? Yes, there are investing in the stock market. Now, when you invest in the stock market, there are things that you need to keep in mind. You have to filter them for Sharia compliance. And when you're filtering for Sharia compliance, there's two things that you're looking at a qualitative filtering and a quantitative filtering. And I want to give a disclaimer from

00:55:00--> 00:55:40

Now that when we talk about quantitative filtering, it actually does very get very complicated. But I provide a solution in the slide thereafter. So you may get lost on the slide, don't worry, that's perfectly normal. But there's a solution right after. So when we talk about qualitative filtering, what we want to talk about, we know as Muslims, there are certain jobs that we cannot get engaged in. And similarly, there are certain things that we as Muslims cannot get engaged in. So we will establish the principle, everything is halal, except for those few things that Allah subhanaw taala has specified as haram. So any company that you want in terms of its business in terms of its

00:55:40--> 00:56:26

service that it provides, you're allowed to invest in, except for these few things. So alcohol and marijuana related tobacco related pork related products, conventional financial services, like banking, and insurance, weapons and defense, entertainment, meaning things like gambling, media, and adult content. As Muslims, we can't invest in these things. Everything else, Allah subhanaw taala has made permissible for you. So when we talk about qualitative screening, this is what we're referring to, in terms of stocks and shares. Now, quantitative screening, we're talking about three main things. Number one is leveraged compliance, which is the level of debt that a company has,

00:56:27--> 00:57:10

there's a standard known as the yo fi standard, and this is the world standard for Sharia compliance. And these rules are actually taken from them. So they mentioned that the company that you invest in after its qualitative screening is past minutes halaal, business or service, now you look at their financials, and the first thing that you look at is their level of debt. So the level of debt in comparison to the value of the company should be less than 1/3, less than 33%. So they are allowed to have debt, but it shouldn't go beyond 33%. Now, why are they discouraging companies that have debt? Because the higher the level of debt in the company, the more likely they are to

00:57:10--> 00:58:02

default, the more likely they are to default? So to protect your investment, their condition? Is their number two, is their cash compliance, the level of liquidity of their assets. Now, why is this important? We mentioned that it has to be less than 49%. In Islam, when you exchange cash, it has to be hand in hand amount for amount. So I have $50, I give you $50, you give me $50? Back, that's how it works. A business that is sitting on very high accounts receivable and cash, then it becomes worrisome that are you falling into riba that are you investing $25 But getting like $20 in accounts receivable and cash back. So they say that their accounts receivable and the liquidity of their

00:58:02--> 00:58:51

assets needs to be less than 50%. And then last but not least, haram income. Now in an ideal case scenario, when you invest in the company, it should have 0% Haram income. But the reality of the situation is there are very, very few companies that are actually like that. So how much haram Can we tolerate? In order for the company and investment still to be halal? It is 5% According to free, so there's a 5% leeway, that if they have some sort of haram income, then there's leeway of up to 5% of you still being allowed to invest in them. Now I want to use a company as an example that we're all familiar with the company, Apple, who can tell me, where does Apple generate their income from?

00:58:52--> 00:58:54

Where does Apple generate income from

00:58:55--> 00:58:57

their iPhones? Excellent. What else?

00:58:58--> 00:59:03

Let's go through the whole list. What does Apple provide? iPads? Excellent. What else?

00:59:05--> 00:59:12

Sorry, the computers. So the IMAX and the the the iBooks? Their computers? What else?

00:59:13--> 00:59:18

Storage Cloud Storage. Excellent. What else? air pods? Excellent. What else?

00:59:19--> 00:59:22

Sorry, the App Store. Excellent. What else?

00:59:23--> 00:59:25

Streaming? What are the stream?

00:59:27--> 00:59:59

And Apple Music, right? Those are things that often get overlooked. Apple TV and Apple Music and the App Store. So when we think of Apple, we're often thinking of, you know, the the hardware products like the iPads, like the iPhones and so on and so forth. But there's a large portion of their income that is coming from their cloud storage from their Apple TV from their Apple Music from the App Store. And we know for a fact that not everything on Apple TV is Hello not everything in Apple Music is not everything on the App Store is headed. So now when we're talking

01:00:00--> 01:00:33

In talking about companies that have multiple products and multiple services, and this is the direction that most companies are now going in, what is the what is the amount that we can tolerate? It is 5%. So this is what the last thing is referring to. So now let's simplify this. Qualitative, you're looking at what products and services they're offering, they have to be highly quantitative, you're looking at their books, and their financials and their accounting. And these are the things that have to be met, the vast majority of us don't know how to do the second part. So what is the easy way out? I'll tell you that in a second. But I want to share with you this slide that talks

01:00:33--> 01:01:16

about the other standards that are out there. So what we share this i o fee, which is the general standard, what you're seeing on the screen, are the other standards that are out there. So you have the Dow Jones Islamic index, the FTSI, Sharia, Indonesia, Malaysia, the s&p 500, shehryar, they all have their separate categories. And they will all have different numbers in terms of liquidity of their assets, their debt to equity ratio. The reason why I want to share this slide, is to show you that our fic is very accommodating, that our fic is very flexible, and you'll find people that have different opinions, and we want to be tolerant and respectful of those opinions as well. So these

01:01:16--> 01:01:58

are leaders in the world leaders within the Islamic Ummah, that are scholars in Islam, they have differed amongst themselves. And as long as we're within this realm of difference, we are safe. What if we follow opinions outside of this realm, then that is something that is very, very dangerous. Now, what are the easy way out? There are two apps, I have no vested interest in either of them. I'm not a consultant for either of them. And I'm sharing this just for educational purposes. The first one is soya. It's available on Google and on Apple. And you have shakey Joe Bradford, someone who I'm going to be referring to later on as a [???]tier advisor for them. So what they do is you put in

01:01:58--> 01:02:02

a company's name, and they tell you are they shariah compliant or not?

01:02:03--> 01:02:49

Same thing with Islamically, they do the exact same service. Now both of these services have a free service and a paid service. The paid service is more up to date, and has more options for you. But the free service is still pretty good. It's still pretty good. So if you're interested in investing, and you want to know that is this stock Sharia compliant or not, you put in their ticker symbol or you put in their name, and it will let you know if it is Sharia compliant or not. So this is the easy way out. Now, you have gotten an understanding of what Sharia compliant investing in stocks looks like. What I want to take you to a step further in is what they call an ETF. And halaal ETF is

01:02:49--> 01:03:35

an electronically traded fund that takes a group of stocks and puts them together. And this diversifies your portfolio diversifies your investments. Why is diversity important? Because diversity, it will help minimize the risk in your portfolio. So for those of you that have been following the stock market, since February of 2021, technology related stocks have been plummeting, absolutely getting hammered and destroyed. Google, Amazon, Facebook, all of them getting hammered. What has been going up all the commodities, so oil, gold, wheat, nickel, all of these are skyrocketing right now. So you can imagine you get excited, yeah, I'm gonna invest in Facebook, not

01:03:35--> 01:04:14

to say that Facebook is halal or anything, I'm just giving an example. I'm an investor in Facebook, or Google or Apple or any of these companies, and you're going to make a lot of money. But if you got in from February 2121, till now, you'd actually be losing money. So how do you mitigate the risk, you get a few commodities, you get some tech stocks, you get some service providers, and you diversify your portfolio. Now you're probably thinking who has time to do that. And that is the solution over here, that you have portfolio managers that are actually going to do this for you for a fee. Now, there's one Canadian provider and there's for us providers are for us solutions rather

01:04:14--> 01:04:58

than coming from two different providers. You have ws H ER, which is the ticker symbol, which is the wealth simple Shadia ETF and then you have halaal H LL, which is run by Wahid investments, and then you have Shediac portfolio. These are your options and I want to briefly talk about the different ones that I've shared. So ws HR is an international investment. They look at international companies and choose the best of them buy and sell when they deem it is right halaal does the same thing except it's an American version of it. SP us follows the s&p 500 So the 500 largest companies in the United States, it chooses the halaal ones from amongst them and puts it inside the ETF SP Ari the

01:04:58--> 01:05:00

Shalya portfolio really

01:05:00--> 01:05:44

state funds. So those of us that are interested in buying a house, eventually, this gets you invested in real estate with or without a large amount of capital. And then SBS k is sokoke, or the equivalent of Islamic bonds. And I use that term very, very loosely, because it's the closest thing that I can compare it to. Now, as you're investing in these funds, they mitigate the risk of by diversity, they're actively managed, meaning that they buy and sell regularly, so that you don't have to, and then the fee is built in within these ETFs. The fee is built in within these ETFs. So all you need to do is open up an investing account, whether it be with your bank, and self directed,

01:05:44--> 01:06:28

or whether it be online like Questrade, or international brokers or any other platform that you use. And these are halal options, these are halal options that you can use. Now do understand that for the Canadian one, there are no tax consequences. Because anything that you earn, you'll just pay the regular income tax if it's a non regulated account, and we'll talk about that after. But for the American ones, there is a withholding tax, so 15%, on the profits that you earn in your capital gains, and 15% on the dividends that you earned. Let's talk about these two concepts very quickly. Capital gains is that you want to buy a stock when it's low, and sell when it's high. That profit

01:06:28--> 01:07:11

that you make by buying low and selling high is known as capital gains. A dividend is when a company makes a large amount of profit. And they want to share that profit with all of the shareholders. That profit is known as a dividend. So the company sharing his profit with you is this dividend. So the American ETFs if you were to buy low and sell high, there is a withholding tax in non registered accounts. And likewise, if they issue a dividend, which the share portfolio wants to do on a monthly basis, there's a 15% withholding tax. So if you make $100, you're only going to receive $85, because of that withholding tax, and you want to be talking about the different types of accounts. So if

01:07:11--> 01:07:15

this, that part went over your head, inshallah we can explain it shortly.

01:07:16--> 01:07:58

So now, these are the different types of accounts that are available to you as Canadian citizens. Some of them are contingent on your age, others are contingent upon your employment, and others are contingent upon physical ability. So starting off with the TFSA, this is the Tax Free Savings Account. And for me, this is my favorite type of investment account. Because if you were to put money in this into this account, any income that is generated within this account, you can withdraw tax free and SubhanAllah. Over this past decade, we've seen fellow you know, Muslims, mashallah Tabata Cola, that have done very, very well, putting in the minimum amount, investing smartly and

01:07:58--> 01:08:48

strategically and ended up becoming millionaires, they withdraw that money, it's completely tax free, then you have the RRSP, the Registered Retirement Savings Plan. This is contingent upon you declaring your income tax and how much money you made. And it will be either a certain amount, a maximum of about 29,000, that you can put into this every year, or 18% or 18%. And I have a different slide that talks about this shortly. And then based upon this, when you contribute to this account, you can actually offset some of your income tax. So for example, you've earned $60,000. Now that you've contributed to your RSP, let's say $10,000, you reduce $10,000. From your 60, you're

01:08:48--> 01:09:34

only paying tax on $50,000. And that's one of the benefits of this account. A second benefit out of all of the accounts. This is the only one that the United States government recognizes why is that important? Because if you invest in US companies or in US ETFs, there is no withholding tax in this account, they will not deduct the 15% whereas in your TFSA, your RSP and your RDSP they will be deducting that amount, the RSP, the Registered Education Savings Plan, inshallah the young ones amongst us become parents one day, those that are married and are having kids soon in sha Allah, this is ideal for you. Because the benefit of this is that when you put money into this account, the

01:09:34--> 01:09:59

Government of Canada matches 20% up to a maximum of $500. So if you put in $2,500, the Government of Canada matches $500. So it's free money basically, every single time. And same thing you grow it as high as you can, and then your child will use it for educational purposes your child will use it for educational purposes. And then last but not least, the Registered Disability

01:10:00--> 01:10:40

savings plan. So may Allah subhanaw taala, protect and bless all of you here and your families and your children, your progeny, Allahumma Amin, but if someone is born with a disability, then government of Canada will match up to 300%, up to 300%, meaning if you put in $1, they will put in $300 $100.03, hundreds up to that amount to help the person with disabilities try to come at par in terms of the disadvantages that they may have in society. And that is the last type of account. And just so you know, as we mentioned, we're going to be sharing these slides with you. So if you're not able to copy this down or digest all of it, then it will be with you as well. Now, let's quickly

01:10:40--> 01:11:30

compare these accounts, the TFSA, it actually has an allocation that is given to every person that is over 18 every year. So if you just turned 18, in 2022, you're only allowed to invest $6,000 into that account, if you invest more than that, you're going to be penalized. Whereas those of us that were already 18 in 2009, then we are allowed to invest at 1500, we're allowed to invest at 1500. And then every year this number increases. So as you turn 18, this year, you're out and about 6000 Next year, you'll be allowed to invest 12,000, or whatever the Government of Canada raises that number to then the RRSP, we mentioned that this is contingent on the income that you declare whichever amount

01:11:30--> 01:11:57

is lower, that is what you will declare on. So 29,210 or 18%. That is how much you can contribute every year to offset your income tax. At the age of 71, you have to close this account, this account has to be closed at that time. And then it is assumed that when you withdraw at that age, because you're not going to be employed, then you will be at a lower income tax bracket and you will have tax savings at that time.

01:11:59--> 01:12:44

And then the RSP we already mentioned that annually, you can put up $2,500 up to a total of $50,000 per child, and the Government of Canada will match $500 per year up until they turn 18 Up until they turn 18. So this is just a quick comparison between the accounts. Now let's talk about taxation. This is what we were talking about. So in your TFSA, you're only going to be taxed upon the US dividends that you have. So the US government will withhold 15% the RRSP you will only be taxed when you withdraw money from that account. So as you withdraw money from that account, that is when you get taxed. But again, it is assumed that because you're older and you're no longer working, you'll

01:12:44--> 01:13:26

be at a lower tax bracket and then you have the unregistered account. And this is you know the ideal case scenario that mashallah Tabata Allah, you've become so wealthy and so rich, that you've maximized your TFSA you've maximized your RSP and your RSP is four, and you still want to invest your money, then you invest in an unregistered or non registered account. But that has the worst form of taxation. And that is why we always leave that as the last resort. So in there, you're taxed on your Canadian dividends, your US dividends, your capital gains, you're taxed on all of it. So those are just some of the differences in terms of taxation. Now, for those of you that are over 18

01:13:26--> 01:14:13

and employed, you have choices to make, should I put my money in my TFSA? Should I put my money in my RSP? What should I do? This is just a brief roadmap that is created for you. And again, you can go through this roadmap during your own time, when you go through the slides inshallah. Then we get to the cryptocurrency the topic of the hour. You know, if you invested $10,000 into cryptocurrency in 2010, you would have approximately $400 million if you were in Bitcoin 400 million from a $10,000 investment. So cryptocurrency has been a topic of discussion for some time now. Now when we look at cryptocurrency, what do we need to look at in terms of it being valid, there are a minimum of three

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things that we need to look at in terms of it being colored. And again, I will give this disclaimer that some of these things may not make sense to us. But there's an easy way out that I will show you there's an easy way out that I'll show you. So number one, the cryptocurrency that is halal has to serve a function. And the two functions that are mainstream are as a currency that people use as a medium of exchange to buy and sell. And predominantly that's what Bitcoin is. Or number two, it serves as a smart contract that you build upon. So some of you may be familiar with NF T's non fungible tokens. And Aetherium is the main cryptocurrency that that is built upon, and those smart

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contracts, so it serves a technological function. So if it serves as a currency or technological function, or in other great

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function that is the first thing that you look at in order for it to be valid. If it is not serving a function, then it is potentially haram.

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Number two, it has to be non inflationary. What does that mean? Meaning that there should only be a limited amount of that cryptocurrency or that cryptocurrency has a strategy where they're actually burning their cryptocurrency to keep the inflation levels low. So Bitcoin, there's only 21 million Bitcoin that exists in the world altogether. And that will eventually be released over time. Right now there's only about 18 million in circulation, but the highest it will ever reach is 21 million. And that is what we mean by non inflationary. If you look at Aetherium, they have a burn rate, and Aetherium will burn their cryptocurrency to make sure that there's a limited amount in circulation.

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And then last but not least, making sure it's not a Ponzi scheme. And this is like the biggest of them that every day someone is launching a new currency. And they're like, invest in my currency. And if you find someone else to invest in my currency as well, I'm going to give you a cut as well. And we saw this there was a famous scam that happened with a coin called Habibi coin, and people lost lots of lots of money based upon it, and ended up being a Ponzi scheme at the end. So these are the minimum three criteria that needs to be met in order for a cryptocurrency to be to be considered Hello. Now what is the easy way out? The easy way out is a website called Islamic finance guru. If

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you go to Islamic finance guru online, look at the cryptocurrency section, the regularly updating it they're giving you the 50 largest cryptocurrencies by market cap, and they let you know if it is halal or not if it is halal or not. So you see Bitcoin over here is considered halal. Whereas if you look at number three, which is tether, they see it's a gray area. And as you go down this list, you'll see that some of them are actually haram. Some of them are actually hold on. So if you want to get involved in cryptocurrency, then you have to find out if it's halal. This is the easy way out Islamic finance guru backslash crypto. Now, what are resources that you can access if you want to

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learn more about Islamic finance literacy, you have shaky job, Rushford, he has his own website, his own YouTube channel, Instagram, Twitter and Facebook, constantly posting about Islamic finance, you know, mostly follows Adam based out of the UK, he's done some phenomenal work in this field. He is more of an academic. So he has a website. But he posts a lot of his stuff on LinkedIn, you don't find stuff on Facebook or Instagram or Twitter as much. And he does have some videos that are posted on YouTube. And then last but not least, is a Canadian resource called Money mentors, particularly for youth. They mentor youth in terms of how to budget and save how to be strategic in your

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investing. But keep in mind that it is a non Muslim resource. Now, why is that important? Because when it comes to the investing side, they will encourage taking bonds and interest bearing investments. And likewise, they will encourage taking loans that have interest on them. So always keep that in mind. But the resource as a whole is a great resource. And with that we come to the conclusion. If we were to summarize what we've taken today, number one, never ever prioritize your dunya over your Acura and don't ever compromise on your principles. There is a reason why Allah subhanaw taala made things haram because it's dangerous for our dunya and akhira. So if Allah has

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made something haram, stay as far away as possible. Number two, budget and save while you are young. While you're young, you want to fly shoes, the flies, clothes, the bags, the purses, whatever it is. But I'm telling you, if you were to take those $1,000 that you might spend on the person invest that money, you will thank yourself 10 years from now. Because on average, it'll take about 10 years to double your money through your investments on average. So if you can double your money every year, then that is going to be a huge sorry, every 10 years that is going to be huge. So start investing early and start investing often. Number four, I want to emphasize continue learning, continue

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learning. You know, there was a conference that Warren Buffett went to one of the world's richest billionaires, and he was asked by university students that if I have $10,000, where should I invest it? He responded by saying invested in your education. So invest in your own financial literacy, right? Go to courses, do things online, read books about this and just continue to learn. And just as important as this is surround yourself with great people. People that have Taqwa of Allah subhanho wa Taala and people that are financially literate, hang around them, let them encourage you. Let them mentor you. Your social circle should be like this as well. People that are motivated

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To Be Rich for the sake of Allah subhanahu wa Tada people that are motivated to be rich for the sake of Allah subhana wa Tada. And last but not least, remember Allah subhana wa Tada and Allah subhanho wa Taala will remember you mean that as you try to stay halal, Allah subhanaw taala will continue to place Baraka in your wealth. And in times of adversity, if you continue to give in times of prosperity, if you continue to give sadaqa then if a time of adversity were to come to you, then Allah subhana wa Tada will take care of you as well. And a standard disclaimer that this presentation is for informational educational purposes only. It is not to be considered financial

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advice. Always consult a professional and he had said that it's correct. It's from Allah subhanaw taala alone, and all praises due to him. Anything that I've said that is incorrect is from myself and she thought and I seek forgiveness from Allah subhanho wa Taala and from you. And I conclude by asking Allah subhanaw taala to bless our wealth for us to increase this in our risk to remove any impediments that may be there in our risk to make our wealth a proof for us, and not a proof against us, and to make us of those that are entered into Jenna through the gates of giving sadaqa as well as all the other gates, Allah whom I mean, Allah Who Tada Adam was SallAllahu wasallam erotica in

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the Vienna Muhammad wa ala alihi wa sahbihi Hmeymim and it opened up the floor for questions, comments and concerns that you may have in Sharma