@dolomite1 [sup]this.[/sup] I done this the hard way. I had the money for a 4 bed house in London (cash) that I made from trading. Instead of sticking to the plan I continued trading it. The house sold and prices elsewhere rocketed.
I then stayed in a position of rent stuck in the middle. Last year I bought all cash and now can do what I want. The peace of mind of not having to change rentals, pay a mortgage, having reduced outgoings and security in my home is the best feeling alhamdulillah.
Btw I’m a full time market traders for over 4 years and I’m telling you don’t invest in stocks or crypto till you’ve secured the home for you and your family.
@annevdw54 Personally think anything but option 3 would be daft. Having a property in asset is worth more than any other asset and rents always increase so if you have the cash, it would be foolish not to. Dunno what HCOL stands for but don’t need to spend all $1.6M on a house. Spend a portion of it, build up your savings again and start investment. That’s what personally I’d do.
@annevdw54 are you intentionally leaving out the stocks part of options 2?
as my comment here indicates, almost all publicly traded stocks have interest on their balance sheet, and investing in them is an issue of dispute amongst scholars.
@leftydad Generally no company that has interest on its balance sheet.
It isn't an obligation to invest in a publicly traded company, given the severity of the fact that Riba is worse than fornication by orders of magnitude, and is an act of having war waged upon you by Allah and his messenger as per the Quran.
Now some people believe investing in equity doesn't mean you are complicit in the financial day to day operations of the company, but that is also another point of dispute.
"We have left out nine tenths of Halal from fear of Riba" - Umar Ibn Al Khattab
Now I do wonder what our 2nd Righteous Caliph would say about owning a fraction of an enterprise that takes loans blatantly and registers them into its balance-sheet.
@unknown404 This is inaccurate and an emotional argument. This isn't how fiqh works. I've studied Islam for 15 years and have degrees in fiqh for reference.
OP - Use Shariah compliance apps to see which stocks are compliant or not; Zoya, Mussafa, etc.
Don't forget to use their purification calculator as well.
This is besides the original discussion of what you should do with your money. I would suggest option 3 as well. You can use a Shariah-compliant home financing company as well.
@milos Why do you assume my knowledge of fiqh is relevant?
I am not giving you my fatwas. I am unqualified.
I am relaying to you the fatwas of the most knowledgeable contemporary scholars like Sheikh Al-Albani and Ibn Uthaymeen.
We are 2B in numbers but because we are complacent with the status quo, we have yet to create an alternative paradigm despite the inception of the Islamic finance industry being over 5 decades ago.
@unknown404 Shaykh Albani and Ibn Uthaymeen are knowledgeable but thousands of contemporary scholars along with world-renowned Islamic finance groups have passed fatawa that investing in stocks is permitted WITH certain conditions. It is a conditional ruling. For this reason, the scholars you mentioned hold a minority opinion (I'm not sure what their actual fatwa is, I'm just going on whatever you mentioned).
There is no blanket fatwa for either, halal or haraam, regarding stocks.
This isn't a platform to go back and forth on, so I will leave this discussion here. I urge you to study Fatawa and other works of scholars other than just the Salafi scholars.
@unknown404 Well from your paradigm, stocks are essentially entirely haram since all publicly traded companies have conventional debt on their balance sheets at some point in time. Given that this is the case, do you invest in commodities? Cryptos? Sukuk ETFs?
@leftydad Brother, I sense some underlying passive aggression.
I am not trying to convince you of my stance, nor am I issuing fatwas as I am unqualified.
I am merely relaying to you the fatwas of the most knowledgeable contemporary scholars (i.e. Ibn Uthaymeen and Al-Albani)
Investing in a publicly traded company is not an obligation that will result in death if you miss out.
You can invest in commodities, sukkuks that comply with the shariah, you can pool capital to buy realestate, or you can invest in private companies with people that share your values or venture out on your own as an entrepreneur.
