Rank: Hello Joined: 10/17/2009 Posts: 6
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I have Kenya Shillings Five Million lying around.
I want ideas on how to invest it. I being a staunch muslim cannot buy stocks,cannot trade in stocks,deal in anything that has interest and insurance.
Advise? Plots? Business?
Myself
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Rank: Member Joined: 11/2/2006 Posts: 519
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@ myself
Please explain to some of us who don't understand the Muslim belief as regards investments,interest etc. because I believe you're also affected by inflation. How do you counter against inflation?
Q2. Is it ok to add margins on your goods so as to make profits in business?
Please forgive my ignorance.
Bright and interesting people talk about ideas.
Those of average intelligence talk about things.
Stupid people talk about other people.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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How does investing in stocks earn interest?May be investing in banking stocks as the profits from which dividend is paid would partly come from interest?
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Rank: Member Joined: 8/29/2008 Posts: 571
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I think business or a residential house /apartment would do.
Ali Baba
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Rank: Veteran Joined: 10/6/2007 Posts: 1,177 Location: Nairobi - Kenya
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Buy a matatu.. When you run so fast to get somewhere,you miss the fun of getting there... Life is not a race,so take it slowly.... When you hear what I say, you will not understand. When you see what I do, you will not comprehend
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Rank: Member Joined: 2/1/2007 Posts: 112 Location: Nairobi
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@myself. You can invest in offshore sharia compliant products which are secure and have impressive performance. In other words the products are HALAL. Drop me a mail @ franklin@wananchi.com or Call 4441123/4442285 and ask for Edward. Feel the fear but do it anyway. It's amazing what you can achieve when you get rid of fear.
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Rank: Hello Joined: 10/17/2009 Posts: 6
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@mdosi...thanks but i still feel there is interest involved in all those investments...
@chaka and mtaalam....example you buy stocks of carbacid or safaricom - all their businesses involve interest and insurance activities and buy buying their shares i am contributing to helping them do that....
all our busineeses run atleast 70% on cas...we buy on cash and sell on cash...there are times when selling is done on credit but all our purchases are cash...
margins / profits is not interest as you have worked hard for it to earn that money....
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Rank: Elder Joined: 8/1/2008 Posts: 1,432 Location: Marsabit
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@Myself Eh,didnt know that about muslims(the stocks part)... What about if you buy a house and earn from the rent then?with 5m you can get yourself one.. I must say,your religion is pretty tough! Advice is what we ask for when we already know the answer but wish we didn't.. Nevermind what haters say, ignore them til they fade away - Just live your life
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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@myself,sio kwa ubaya,but do you buy gas cylinders or electricity? Si both providers earn interest on your payments? In any case,try land. Best investment by miles in Kenya. Currently... www.mjengakenya.blogspot.comSehemu ndio nyumba
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Rank: Veteran Joined: 10/6/2007 Posts: 1,177 Location: Nairobi - Kenya
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ama you make donations... honestly,i dont know how to help you.. When you run so fast to get somewhere,you miss the fun of getting there... Life is not a race,so take it slowly.... When you hear what I say, you will not understand. When you see what I do, you will not comprehend
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Rank: Chief Joined: 1/3/2007 Posts: 18,107 Location: Nairobi
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Why not sharia-compliant products? Arent they 'vetted' by muslim mullahs? Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 6/25/2009 Posts: 42
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i nid an investor in a project we are undertaking.....who knows,u might like it.give me a call on 0722756579.
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Rank: Member Joined: 6/23/2007 Posts: 11
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jus giv th dallas to mi. i'll put them into thoroughly gd use
lethargy bordering on sloth remains the cornerstone of our investment style..
-w. buffet-
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Rank: Veteran Joined: 2/25/2009 Posts: 973
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@ myself I agree with leona and mainat; a house eg. sides of embakasi going for approx. 4.3-5m plus land eg. in ruiru is a good investment right now. @ Mainat I'm not an expert but I presume it applies to how myself has obtained the money. Things may come to those who wait,but only what’s left behind by those that hustle.
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Rank: Member Joined: 7/6/2008 Posts: 22 Location: in Kenya
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I think offshore Investment is better. I am in the Middle East and the banks down here are offering lots of 'Sharia Compliant' products from 'Sharia Compliant Mutual Funds' of various types to 'Murabaha / Musharaka/ Tawaruk' and the likes. So u have lots of places to invest. But remember this does not guarantee u a cool return. there are always ups and downs. I believe one of the Islamic ruling is that 'There should be NO GUARANTEING of profits' It's believed that a business can go up or down and as such u must share the two as and when they happen...hakuna kusema nataka faida pekee!!! No way..u must b ready to share the Pleasure and the Pain which ever happen. Remember these products are called 'Sharia Compliant' not bcse the bankers want them named so lakini it's from a committee of 'SHEIKHS' (who are also appointed by the banks) that are well known in the Islamic world. the shaikhs sit and audit the transactions involved deeply and then decide on whether they comply with the Islamic sharia. So u should not fear them they are well supported by the 'Ulamas'.
BUT WHY go all that way when u have lots of 'HALAL' things to invet into? You have real estate ...ama is it haram? Find a good plot somewhere and start construction. If u have enough time then go into Biashara like a supermarket etc. If u r interested in construction then lets join hands,come up with something cool 'Sharia Compliant' and offer it to our fellow Kenyans...Pls reply here...if u r interested.
DONT'T SAVE WHAT IS LEFT AFTER SPENDING; SPEND WHAT IS LEFT AFTER SAVING.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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Buying a house may be out of bounds because the developer may have borrowed cash from a non sharia compliant bank........
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Rank: Hello Joined: 10/17/2009 Posts: 6
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hi,
i am already working with my parents but would not like to expand in their business.
i would like you to give me ideas on what business to go into.
more of something to import in container loads and sell off in one week. payment can come later. i can import from anywhere. i have all the facilities available to import goods in container loads. just need the ideas.
@ all. thanks. buying a plot crossed my mind but again its a hassle taking care of a plot for soo many years
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Rank: Chief Joined: 1/3/2007 Posts: 18,107 Location: Nairobi
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If sharia forbids 'guaranteed' returns,then rent is haram because it is 'fixed' & agreed upon. it does not vary according to 'use'... if I go on safari for 15 days a month,I still pay for 30 days... Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,107 Location: Nairobi
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http://www.bloomberg.com...87&sid=aMNCQAnrk1ok
Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 7/29/2008 Posts: 170
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i think the interest issue is just a matter of defination. i once visited gulf african bank n their explanation on interest free mortgages was just the same as a normal mortgage the only difference is that they load a margin on the amount borrowed but do not call it interest. (to me its one and the same thing)
@ myself.... an innocent question,,,,,,r u sure the 5M has never ever passed through an interest bound path??? i highly doubt whether that would be practical.....
anyway a house/rental flats would pass 4 me.........
Its just me
whatever choice you make in life make sure that you can live with it.
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