How do Islamic values shape our approach to building wealth and taking risks?
Recently, I had a chance to sit down with Islamic economic expert, Almir Colan, for a conversation on the Islamic economy, the riba (interest-based) economy, and how it affects us.
One of the things as a result of the riba economy is the behavior it brought out in people. For example, people are on the constant lookout for what is easy, what is quick money without really thinking about how they are bringing value. We get into this in detail in the interview as to how this happened.
Another thing that stood out to me was how important taking initiative and embracing risk is as a practicing Muslim. This was a characteristic of the early Muslims, and it was not just limited to religious practices but was a way they approached everything in their lives.
They didn't sit on the sidelines, complaining and waiting for others to take initiative. Rather, they took the initiative, got out early to the marketplace, took risks in their business, and actively contributed to building a better world.
Allah swt describes this behavior as the forerunners and those that are brought close to Him (may Allah make us of those).
I hope you enjoy!
To your success,
Mifrah
Work With Me:
Interested in starting your own podcast? For a limited time, I am offering Free 1:1 Podcast Coaching Calls. So bring all your questions, ideas and let’s chat. Click here to book.
How Riba Affects our Lives and Building Real Wealth with Almir Colan
In this episode of the Muslim Life Hackers Podcast, host interviews Almir Colan, an expert in Islamic economics and finance. They discuss the concept of risk-taking in life and delve into the principles of the Islamic economy. Almir explains the issues with riba (interest) and its negative impact on society and economies, contrasting it with the ethical and productive nature of wealth creation in Islam. They explore the importance of initiative and being forerunners in various aspects of life.
TIMESTAMPS
00:23 Understanding Islamic Economics
04:13 Riba's Impact on Society
07:14 The Riba Mentality
10:53 Capitalism and Its Flaws
14:39 Islamic Perspective on Wealth and Contentment
21:38 The Islamic Economic Model
29:07 The Importance of Initiative
36:22 Practical Life Hacks and Book Recommendations
ABOUT GUEST
Almir Colan teaches and advises on Islamic finance, economy and management. He is the founder of Muslim Money Matters, an adviser to a number of institutions that provide Islamic finance, and a member of a working group at AAOIFI. Previously, Almir was a consultant lecturer for the Master of Islamic Banking and Finance Course at La Trobe University.
Subscribe to the Podcast:
Search for “Muslim Life Hackers” on your Podcast Player
Connect on Social:
