Topic

Modern Money

Interest, mortgages, investing, crypto, insurance and gambling. Short, honest answers for new Muslims.

Are memecoins haram?

Yes, most scholars say memecoins are haram to trade: coins with no real use, driven by hype, work like gambling. Pump-and-dumps make it worse.

Betting on your own weight loss is haram if everyone stakes money and winners take the losers' pot. One-sided rewards and charity pots are fine.

Are stock trading apps like Robinhood halal? The app is a tool; avoid cash interest, margin, share lending and options, and screen your stocks.

Muslims may take an interest loan only in a real emergency under the necessity rule, after qard hasan, mosque funds and zakat have run out.

Is travel insurance haram? Scholars differ, but required cover (like for a Schengen visa) is allowed, and takaful travel options exist.

Is it haram to win money on a game show? Usually not: sponsor-funded prizes with free entry are fine, but paid phone-in competitions are gambling.

Dividend purification means giving away the small haram share of dividends from screened stocks. Here's how to calculate it and where it goes.

Is leasing a car halal? A plain lease works like renting (ijara) and is generally allowed, but many PCP and HP deals are interest-bearing loans.

Islam encourages lending money to friends as a good deed: no interest, write the loan down, and give time to a friend who struggles to repay it.

No, it is not haram to be rich in Islam. Many Companions were wealthy; what matters is halal earning, zakat, gratitude and avoiding greed.

A workplace pension can be halal if you switch it to a Shariah fund. Keep the employer contribution and tax relief instead of opting out.

Crypto mining is halal for many scholars: paid work verifying transactions. Avoid haram coins, unpaid electricity and cloud mining scams.