“The funny thing about faith-based mutual funds is, well, that there’s anything called a faith-based mutual fund. For one thing, Scripture is full of exhortations against accumulating wealth. The New Testament, especially, repeatedly reminds followers of Christ that earthly wealth means nothing in heaven. “It is easier for a camel to go through the eye of a needle than a rich man to enter the Kingdom of God,” says Jesus. Also, it seems quixotic to apply a religious framework to something as material as the markets. What, after all, does God have to do with mammon? Nevertheless, faith-based funds have grown to nearly $17 billion from $500 million over the past decade, according to Morningstar, which tracks market data.”
You may also like
About the author
As a virtual mosque, we strive to provide a safe space for learning and discussion. We would like to invite our readers to join this process. Everyone has a reflection to share, expertise on a specific topic, or a new idea. We hope, by opening up submissions from guest authors, that we can highlight the work of new, talented writers in our virtual community.
Could you kindly clarify what you mean? Do you mean to say that you would consider accumulating wealth in itself to be reprehensible in the Shariah?
There are countless shuyukh in our day and and age who are living the sunnah and would not agree with this outlook. And these shuyukh are definitely aware of all the ahadith, i.e. Prophet (saw) dua regarding the poor and the hadith about one with wealth taking longer on the day of Qiyama…..
Their view is that in this day and age, there is “la haraj”, rather it is recommended for religious Muslims to accumulate wealth as long as one uses as the guiding principle: The wealth does not own me; I own the wealth.
Ma’shallah, a great article bro
Salams Brother Mustafa, if you click the link it will take you to a Newseek article, I think your question is addressed to the Shaykh however the article wasn’t written by him. On the article website you can email the author.
As salaamu ‘alaykum ya Mustafa,
I think, and correct me if I am wrong, your question is based on a bit of confusion about the post.
The statement quoted above is just the opening of the article from Newsweek. It is not the statement of any Muslim author of this website. Did you read the article?
Allaah knows best.
Assalamu alaikum Shaykh,
My apologies and my mistake. But in the future, could I recommend that you kindly put in quotations ” “, quotes that do not reflect your view/is cut and pasted from an article and that you provide a citation in your blogpost rather than just a link.
Someone stupid like me 🙂 reading your post in a hurry could think that it is your viewpoint, and mashaAllah, may Allah increase your stature in the dunya and akhirah, you are an influential person – people hear what you say. I for one, wouldn’t want people to think that what has been cut and paste from newsweek is your view.
The paragraph the Shaykh has pasted is already in quotations.
I have amman stock WHOO HOO! go amana!