I subscribed to this podcast thinking it would provide a good opportunity to learn about how to manage and invest money in an Islamic manner, that is: what to invest in, what to stay away from, etc. All of the tips, however, are geared towards an un Islamic financial system. Take the compounding example for instance. You mention that it can apply to non-interest bearing investments, but give no example of how that is possible in the actual podcast.”
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What if i sell Index Accounts to people for retirement. So they receive compound interest and when they are older / 65, and of problems occer like health or house issues, they can pull it from the account. Or they can pull the whole thing after 10-20 years.
I make money off commission, not the interest. All of their interest goes for their future savings.
Is this haraam?
To me i didn’t understand it. Kindly please give a yes/no reply, is compounding (compound interest/compound investment) halal or haram. If it has both then what is halal and what is haram. Kindly please clarify this please.