Sally White 
The world is a very diverse place; you have thousands of cultures and religions all over the world that view society differently. It is these rich perspectives that bring a lot of colour to the planet since they make each collective and individual experience unique, adding to a plethora of the many stories of mankind. Even in the world of business, transactions are also not exempt from the influence of culture and religion, and this is where halal investment comes into play.
“Halal” is a term in Islam that means “lawful.” You might know it for its connection to food, particularly pork, which is forbidden to be eaten by Muslims. But this term is also used in business, particularly in investing. There are many key differences between halal investment and the traditional investment we all know, and in this article, that’s exactly what we’re about to find out.
Principles and Ethics: traditional investment involves the return of profit when investors give their money to certain stocks and expect a percentage of return. It is more in line with financial metrics and views investments as more of a business concept and profit maker. While halal investment integrates principles from Sharia law and the ethical standards thought to Muslims in the Quran.
Interests and Returns: debts in the business world often involve interest rates that can vary from company to company. While not required, many businesses follow this to avoid losses in their profits just in case payments are ignored, plus traditionally, they would like to maximise as much profit as possible. In halal investment, however, this is strictly prohibited. That’s why many Muslims tend to avoid trade-type business investments because of tariff fees that carry interests.
Asset Restrictions: businessmen are typically free to invest in whatever they want, so long as that type of commerce is not illegal or shady. If the business venture is in accordance with the law, then anyone is free to get these markets, although sometimes this becomes susceptible to exploitation. However, in halal investment, there are several restrictions; investments in assets that are considered “haram” (unlawful) by Sharia law are not allowed; these include alcohol, gambling, and pork.
Compliance and Transparency: since sharia law is very stringent in upholding the truth, accounts are required to strictly adhere to ethical transparency. Regular audits are often held, and consistent reports are given to investors and stockholders on how the profit flows in the company. While conventional investments do not strictly adhere to such principles since the main point of investment is to maximise the flow of profit.
Conclusion,
Understanding other cultures is essential in today’s world. With the ever-growing diversity in the business realm, it’s good to be informed. This is to ensure we remain ethical in our approaches to our goals and be successful. If you are curious what it would take to achieve success, even in business, then here are some 10 steps you might want to follow.
