On this week’s TMV Podcast, Salim speaks to Khurram Agha, founder and CEO of Aghaz Investments on Islamic finance, how to focus on values-based investments, and what Islam can teach us about money and wealth in our lives today.
To listen to the full podcast, click below:
First discussing what the difference is between money and wealth, Khurram Agha goes into detail about how the Muslim community today is severely lacking when it comes to financial literacy. “Money is useless in a lot of cases,” explains Agha, “however wealth is not”. He then goes on to cite examples from our own Islamic history, especially when it comes to the life of our Prophet Muhammed.
With the Prophet himself first lacking what we would today call monetary wealth, and then later being supported financially by Khadija when it came to supporting the growing movement of Islam, this example shows us that while money can be easily gained and lost, wealth – and investment – can be the backbone to changing our lives and society for the better.
Today, however, argues Agha, many Muslims are “associating worldly gains with their bank account numbers”, and cannot really comprehend how important it is to understand how to control, spend, and use finances.
There is a lack of financial literacy when it comes to the relationship of Muslims and money…financial literacy is however obligatory for all Muslims.”
Money, in general, explains Agha, is often a taboo topic within our communities – and people are often ashamed or wary of discussing financial issues with family, friends, or professionals. Even when it comes to issues like investments and interest, which are both serious topics within Islam, many Muslims choose to turn a blind eye to them rather than reach out and have a genuine discussion about it.
Agha further states that Islamic finance and a Shariah-compliant financial system are deeply needed within our communities today – without the taboos and stigmas that are usually (unnecessarily) attached to them.
This, in turn, is what helped him created Aghaz Investments – in that there needs to be a Shariah-compliant system in place where people can choose to do the right thing with their finances based on a values-based system.
I want people to manage their financial lives based on the values that are important to them.”
To listen to the rest of this fascinating conversation, click below: