Marital Finances

[hangingout]

Assalamualaikum,

So as the man, my income goes towards providing for myself and my wife. And any spare money I have at the end of each month, I try to invest in the best way possible, to maximise the amount of money we will have in the future, whether for an early retirement, or to make our kids lives better.

As for my wife, her income goes to whatever she wants. However, she isn’t very financially literate, and just puts all of her spare money into her savings account.

I’ve spoken to her in the past about different ways she could invest her money in a better way, so that in the future we, as a family, will be better off. She has told me that she doesn’t really know about any of that, and that she will just put it all in her savings account for now.

So I’m wondering what the ruling is on being a sort of financial advisor for her, and telling her how to manage her savings, by putting it in a shariah compliant S&P to maximise the return on her savings. I believe this is a better alternative to her savings sitting dormant in a savings account, suffering from inflation.

Would it be permissible, if she were to agree? Or is it just completely prohibited for a man to involve himself in any way, with the wife’s finances?

 

[daisies89]

@hangingout You can advise her but that’s about it. Her money is hers. Send her some basic things to read and see if she develops an interest in it

 

[chargfox]

@hangingout You do need to advise her that interest gathered in savings account is Riba, and that is a major sin.

 

[isop777]

@chargfox While I get your point, these general savings account often have a rate of 1.2% or something which in the grand scheme of things is insignificant depending on how much u have in them. Unless she’s got over a 100 grand sitting in there, she’s earning practically nothing.

 

[cinemike]

@isop777 I’m sorry but brother any percent of interest is a dangerous slope and earning any interest is just as great of a sin regardless of the amount of interest earned. Please look into the rulings of interest earning saving accounts in Islam and inshallah at least you can protect your family from the harms of riba. In regards to investing, you can advise her and help her invest in halal stocks or sharia etfs but it’s her choice in the end and also her responsibility to avoid any riba whatsoever. May Allah guide me and you to halal wealth. Ameen

 

[chargfox]

@isop777 It is still haraam. Read the ayat about Riba in Surah Baqarah and elsewhere.

Additionally, since you aren't making much money out of it, then it makes even less sense to get interest.

 

[katypeach]

@hangingout Allah knows best but given it is to accumulate wealth in a halal way I would think it to be permissible.

The flip side would be (although maybe an unlikely scenario) but if your wife went into debt or was unintentionally involved in Riba (as sometimes interest can be paid without knowing) would you not also want to advice her for the sake of Allah?

 

[megalovaniac]

@hangingout it depends on your relationship with her. if she trusts you and she trusts you with her money, I see no issue with investing it for her benefit