| Retirement saving is different under halal guidelines | Writer : 관리자(@) Date : 17.07.10 Hits : 1404 |
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Advisory might want to study the rules governing retirements investment under Islamic guideline to help this growing and often population.
Advisors might want to bone up on the rules governing retirement inbestment under Islamic Guideline - particularly since many American Muslims are following those religious guidedlines within their retirement portfolios.
the New York TImes reports those guidelines screen out plenty of what otherwise might be considered acceptable investment: "companies and fund,"the report says, ? "that trade in a host of forbidden goods and services," termed haram.
Among those forbiddem categories are alcohol, tobacco, porkproducts, "immoral" media or entertainment (pornography) and quite a long list of others things.
the guideline aalso rule out companies that have too much debt on their balance sheets, conventional banking and insurance stocks (because of the interest they charge on loans- also forbidden, unless the interest is minimal- 5% or less- and any dividend earned on that interest are donated to charity), annuities and short selling (regarded as gambling and thus considered haram).
But before retirement advisors dismiss the sector-admittedly small here in the U.S. with Muslims making up only about 1% of the population- they need to consider that even here in the U.S its growing.
While most Islamic financial assets are held in Malaysia, the United Arab Emirates and bahrain, the report says, Islamic investors in the U.S/ who are approaching retirement are no less in need of retirement savings and planning.
Observant Muslims in the U.S., a 2009 Gallup poll found, are slightly more likely than non-muslim to be in professional careers and a 2011 Pew Research Center study found that they're just as other Americans to have incomes topping $100,000.
And considering that one of the early Islamic texts on which Islamic saving and investing is based comes from a hadith ( a collection of the prophet Muhammad's sayings) in which he warned that "one who is prudent in spending will not be dependent on others" later in life, its particulatly apt for retirement savings.
In fact, for a Muslim to keep his finances compliant with Shariah (Islamic Law), the rules are complex.
However, while it may be a challenge to outsiders, there is a growing number of Islamic products available in financial markets (sukuks-shariah compliance bonds; mutual fundds; indexes that list compliant companies), as well as organization that can help Muslim achieve their financial goals while following their religious principles.
original -> http://www.benefitspro.com/2017/07/03/retirement-saving-is-different-under-halal-guideline
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