I’m looking for some advice on generating passive income. Due to my religious beliefs, I’m unable to earn or make any money off of interest (riba). This makes many traditional passive income avenues like savings accounts, CDs, or interest-bearing investments not viable for me.
I’ve been exploring other ways to create passive income streams but am a bit overwhelmed by all the options out there and would appreciate some guidance. Specifically, I’d love suggestions on opportunities that align with these principles, such as:
Halal investments that don’t involve interest.
Business models or side ventures that can generate income with minimal ongoing work.
Real estate options that avoid interest-based mortgages.
If anyone has experience with this, or knows of ethical and religiously compliant ways to generate passive income, I’d be very grateful for your insights…
Sorry for such disrespectful and unhelpful replies. There are definitely ways to profit passively without charging interest, but this forum isn’t very keen on religious tolerance.
Parker said: @Merlin
It does. Is there an explanation for why you shouldn’t?
Because the poor get poorer and the rich get richer. In Islam, doing business is wajib or allowed and encouraged in an honest way, similar to how our Prophet used to conduct business. But interest is seen as haram. Islam talks about wealth distribution among all classes.
Parker said: @Merlin
It does. Is there an explanation for why you shouldn’t?
Riba (interest) is haram because Allah has forbidden it. That’s the answer, but it’s also seen as exploitative gain. Look at how it ruins people who take out car loans, for example, or any with an exorbitant APR. It is also considered worse than zina (fornication/pre-marital intercourse).
The simple answer is that God has said what is forbidden and what isn’t. We can’t argue it or find loopholes. It may be ‘silly’ for someone who isn’t a Muslim since that reflects their bias against the religion.