Investing with Faith: Lessons in Wealth, Independence, and Giving Back
What I was taught about wealth when I was growing up came down to one simple lesson: saving your money is the key to financial success. Investing was not part of my parents’ generation’s lifestyle, especially as Muslims who wanted to avoid interest due to their religious obligations.
As an adult, I realized that saving isn’t how you build wealth. Practicing financial prudence by living within your means and setting aside money for your future is a great start, but just saving wasn’t getting me where I wanted to be. In fact, over time, I noticed that I ended up losing the value of the money that I saved due to inflation.
Of course, I’d heard plenty about investing and the stock market, but I assumed those pathways weren’t available to me as a Muslim. Mainstream financial advice rarely spoke to my circumstances, and Islamic financial resources were scarce.
I wanted to be a good steward of the wealth that I’d been blessed with, take care of my family, and help sustain my community—and I wanted to do it all in alignment with my faith values.
When I heard about Sharia-compliant funds, it was transformative. These funds are screened to align with the guidelines set forth by a body of Islamic scholars to ensure compliance with Islamic law, which is called Sharia. Sharia-compliant funds exclude companies that derive a majority of profit from prohibited products and practices such as alcohol or gambling. These values resonated deeply with me, offering a path to investing that felt not only permissible but profoundly ethical.
When my husband and I first began investing in these funds, we were a growing family with young children—we didn’t have a lot of disposable income. We would’ve rather had that money in our hands to spend. It wasn’t easy to set money aside, but we began with small contributions, investing what we could. Over time, we saw our investments grow, outpacing anything we could achieve with a savings account.
I now encourage the youth and young families that, even if their initial investment is modest, putting money into investments early in adulthood will lead to the most significant growth over time. The easiest way to build wealth from an early age is to automate your contributions to your investment account so that you don’t think about what you’re investing and don’t even have an opportunity to miss it in your wallet. Automating your investment contributions means removing the emotions and the temptation to spend your money elsewhere.
As I watched my portfolio grow, a question lingered: how many Muslims remain unaware of these opportunities? How many, like me, assume investing isn’t an option for them?
I wanted to share my new knowledge with my Muslim community, and as I learned more on my own financial journey, I decided to pursue my license to practice as a financial advisor. Financial advisors are required to pass an exam and apply for licensure in order to serve clients. For me, this process was a major departure from my previous academic and professional career—I studied chemistry in college and became a middle and high school educator teaching science and math. But I wanted to show others that financial knowledge can be a part of anyone’s life, no matter their background or their field of study.
Building wealth goes beyond personal security—it’s a means of achieving independence and uplifting communities.
For Muslim women and women in general, financial independence is a vital aspect of self-sufficiency, enabling us to protect ourselves and live by our values.
Wealth also empowers us to give back, fulfilling our Islamic duty to support charity and contribute to society. By thinking collectively, we can honor the rich history of Muslim women who used their resources to benefit their communities and inspire future generations.
I often remind my sisters of the hadith: “Whosoever would seek self-sufficiency, Allah will make him self-sufficient," (Al-Bukhari).
Khadijah bint Khuwaylid (RA*), the first wife of Prophet Muhammad (PBUH*), was an exceptional figure in Islamic history. She was a successful businesswoman known for her immense wealth and high standing in Meccan society, and she used her resources generously to support Islam and the Prophet's mission. Her wealth was not just a financial asset but also a means to support the truth, alleviate suffering during the harsh boycott, and uphold justice. This makes her an exemplary model of how material resources can be utilized for the greater good.
Fatima Al-Fihri is another figure from early Islamic history who exemplifies charity and generosity. She used her inherited wealth to build the University of al-Qarawiyyin and a mosque for her local community so they could pursue higher education while practicing Islam. Queen Zubaydah, wife of the Abbasid caliph Harun ar-Rashid, was also known for her generosity and intellect. She supported writers, poets, physicians, religious scholars, and the needy, regardless of their religion.
It’s time that we go back to our golden age and carry this legacy forward. Women understand the needs of women, and if we can all build wealth collectively, we can care for our sisters in times of trouble and uplift our sisters in times of joy.
Wealth is commonly linked to masculinity due to historical expectations of men taking on the role of financial decision-makers, both in the home and in the professional world. I used to shy away from anything to do with finances because I was intimidated by my lack of knowledge on the topic. However, the halal investing space has grown, and the resources are more accessible now than at any other time. There’s no reason for women to stay away from investing and growing their wealth.
The best way to begin your investing journey is by educating yourself about the process, including the associated risks and rewards. Follow reputable investment experts, read articles on investing, or consider taking a course to build your knowledge. For Muslims seeking Sharia-compliant investments, a stock screening tool can simplify the process. By entering the ticker symbol of a company you’re interested in, you can instantly check whether it aligns with Sharia guidelines. This tool removes the need for individuals to independently assess compliance, making halal investing more accessible and straightforward.
Even if a stock is Sharia-compliant, there may be investors who decide not to invest because of ethical concerns. Maybe you don’t want to invest in a company that has poor environmental practices, that is known for union-busting, that sells surveillance tools. Or maybe you want to prioritize companies with women or people of color in leadership. Whatever your values are, investing is an opportunity to put your money where your mouth is and invest according to what you believe in. And if you are not comfortable choosing halal stocks, then you can always invest in halal exchange-traded funds (ETFs) and mutual funds. For others seeking professional management, there are always Financial Advisors like myself.
The best time to begin investing is right now! I always advise clients to stay away from trying to time the market or make a large profit in a short period of time. Investing works best when you start early and maintain a long-term outlook, understanding that when we zoom out and look at the big picture, the stock market has historically trended upwards over time.
My journey into investing has been as much about self-discovery as it has been about financial growth. Embracing halal investing allowed me to align my actions with my beliefs, proving that financial success and faith can coexist. It gave me independence, confidence, and a sense of purpose in helping others embark on their own financial journeys.
Learning to invest helped me donate more generously to the organizations that matter most to me. It allowed me to provide support to my children, family members, and friends in their times of need. I was able to contribute to projects, individuals, and causes that are close to my heart, knowing that my investments made this possible. While investing is a journey, not a destination, it also enabled my husband and me to build a safety net for our old age—ensuring that we remain self-sufficient and not dependent on anyone.
When I look at my portfolio, it’s not just numbers—it’s a reflection of my commitment to my family, my values, and my community.
My hope is that more Muslim women realize their power to create change, not just for themselves but for future generations. Investing isn’t just about wealth; it’s about building a legacy rooted in faith, ethics, and shared prosperity.
Shafaq Kazi (BS Chemistry) began her career as a Course Counselor for a software company before transitioning to teaching high school Math and Science in U.S. schools. She later served as a Team Lead, managing Customer Care, Daily Operations, and Website & CRM Management.
Now a Financial Advisor at ShariaPortfolio, Shafaq is passionate about ethical and halal investing. She enjoys educating others, debunking myths about Sharia-compliant finance, and empowering women to invest. An analytical thinker and quick learner, Shafaq thrives on tackling challenges and adopting new tools and technologies.
Committed to personal, spiritual, and professional growth, Shafaq is actively expanding her skill set and inspiring others to take charge of their financial futures. She believes women bring invaluable qualities—like empathy, attention to detail, and strong risk assessment—to wealth management.
Recently, Shafaq relocated from Austin, TX to Houston, TX, where she enjoys spending time with her husband, adult children, and two beloved cats. Contact Shafaq at shafaq@shariaportfolio.com or schedule a free initial consultation here.
Disclaimer:
Investing in securities involves risk, and there is always the potential of losing money when you invest in securities. Halal compliant investments, diversification and asset allocation do not ensure a profit or protect against loss. This material is intended for informational purposes only and should not be construed as legal or tax advice, nor is it intended to replace the advice of a qualified attorney or tax advisor and does not constitute a solicitation or offer to sell securities or investment advisory services. SEC Registration does not imply a certain level of skill or training.
References:
RA: "Radi Allahu Anha"; translates to "May Allah be pleased with her"
PBUH: “Peace Be Upon Him”