Making money without earning interest

sexysam

Surely any profit (or whatever else you like to call it) would be some form of interest,so realy what you are looking for is some way to "bend the rules".
I would say morally,that's not very good is it,especially since you say you are a devout muslim.

I do not want to bend any rules of the kind.

If you have any knowledge of Islam, you will find it very difficult to differentiate between what is defined "gained as interest " to that of a "gained in profit".
For example if I buy a car of you for £1000 and then sell it on for £1200, that is a profit that I have made on it. On the other hand if I had loaned you £1000 and ask back of you £1200, that would be defined as interest under Islamic law. From these two examples you see it is difficult to differntiate.

As for the username, its one I have had a long time because that is what a lot of the females usally use to tell me.Not proud of it, but its not my fault because of my looks...lol

DiggerUK

Sexy Sam,
If you are saving long term then gold would be compliant.

sexysam

Sexy Sam,
If you are saving long term then gold would be compliant.

The trouble with gold is that I have to pay 2.5% of the value as Zakat( charity to the poor and needy)on it every year

Masomnia

robpw2 wrote: »

the username doesnt exactly fit with the devout muslim bit .. ? lol

I know plenty of sexy muslims :rotfl:

DiggerUK

sexysam wrote: »

The trouble with gold is that I have to pay 2.5% of the value as Zakat( charity to the poor and needy)on it every year

I was aware of the obligation to give a portion of your income as alms.
Zakat was a new one on me.
Anybody want to know more have a read of this.
http://www.islamicity.com/mosque/Zakat/

Reaper

Voyager2002 wrote: »

Or if you really want a way to express your faith, finance the next terrorist attack.

What a stupid, offensive, ignorant thing to post. [STRIKE]I'm tempted to report it.[/STRIKE] Have reported it.

DiggerUK

Sexy Sam,
I don't normally recommend Gold ETF's, but they might be for you.

It is were you buy certificates that are backed on gold stored by the firm involved, this gold belongs to the firm, and always will.
As the value of gold go's up or down the value of your certificate tracks it.

You cannot take physical possession of this gold. It may not be liable to Zakat obligations. A question for Friday maybe?

mr_fishbulb

No offence to the people who are making suggestions about what may or may not count as interest, but if these have not been approved by an Islamic banking committee, then they may be against Sharia law.

FSA info on Islamic banking - http://www.fsa.gov.uk/pages/About/Media/notes/bn016.shtml

Islamic Bank of Britain info - http://www.islamic-bank.com/islamicbanklive/PressRelease1/1/Home/1/Home.jsp

sexysam

If you are really devout, then you should give away anything that you have that is in excess to your needs. There are plenty of people who lack the basic necessities of life, and many of them are muslims.

If you are not inclined to do this, try investing in extra wives. Or if you really want a way to express your faith, finance the next terrorist attack. (I am just a few hours' drive away from the latest Islamic insanity in Nigeria, and I get nervous every time I pass a mosque.)

Gee mate I am sorry if I offended you in anyway with my post.....but surely there is no need for this kind of response. As for giving money towards charity, I probally give more away in a year than you do in your lifetime, and not to only to Muslim but also non Muslims.I am not interested in investing in any extra wife, as I am happy with the one that I have had for 30 years.As for your other comment, I am not going to go that low,its not worth it with the likes of you.