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Tunisia

A Financial Matter

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I could do with some clarification on where I stand on this. At present I live with my parents but am in the process of buying my own place. I am fortunate to have a good income and can afford to do this on my own. I have also been left an inheritance from my grandmother, so I guess you could say I am financially comfortable. When we marry it is thought we will live in the new place, when we marry it is my expectation that our finances are then shared and although I will be bringing in more than my fiancée to the marriage in that way I see that what is mine shall also be his.

 

However, I would like to set aside money separate that would be solely for any children that we may have. To be held in trust for them until they are grown. What is the Islamic rules for this? Can I do this alone, as it would be my money I am using or would I need my husbands agreement to do so?

 

Many thanks.

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In Islam, the husband is responsible for providing for his wife and his family. You are not responsible for providing for him. Your money is your money. That doesn't mean you can't share your money but you aren't obliged to do so while the husband is responsible for providing.

 

Holding money in a trust would not be Islamic if it involves usury, i.e. putting it on a bank account that accumulates interest. 

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The money that you've earned and inherited is yours in general. However, in Islam there is a marriage contract and other mutual agreements. If there is a mutual agreement between husband and wife regarding wealth and other matters then this contract is binding. The money that you keep for yourself is yours regardless, but the wealth that you share belongs to both of you. However, everything depends on who it was stipulated in a mutual agreement or contract. 

 

The husband is obliged to provide food, accommodation, and clothing for the wife. Medical expenses and most utility costs are part of the husbands job, but if you make a contract or mutual agreement that both of you divide the costs maybe fifty percent each then the contract is binding. 

 

The husband is responsible, but this does not mean that the wife takes from the husband more that he can give. 

 

The husband can't pay Zakah to the wife, but the wife can and should give Zakah to the husband. Zakah is almsgiving that is payed from savings that lasted the entire year. Husband can't pay Zakah because it is already his obligation to spend on his family in the above three matters. The wife is not obliged to provide for the husband; therefore, she can give Zakah to him. It is recommended to give that to him (if he is needy) because it is better to start within the own household, before giving alms to others.

 

In conclusion, there is nothing wrong in what you are doing, but it is even highly recommended. I wished many Muslimas would behave like you.

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The husband is not responsible for every expenses the wife has. He is not responsible to pay her debts or luxury items. However, he should give her Zakah which is permissible in this case, because he is not obliged to cover her debts. 

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Nowadays it has become status symbol to live in mascot accommodation and people tries to show off over their false glory and richness. Especially if intention is to show off in front of neighbors then it would be questioned on the Day of Judgment because a person living in neighbor has very high priority rights on the other person.

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In Islam, the husband is responsible for providing for his wife and his family. You are not responsible for providing for him. Your money is your money. That doesn't mean you can't share your money but you aren't obliged to do so while the husband is responsible for providing.

 

Holding money in a trust would not be Islamic if it involves usury, i.e. putting it on a bank account that accumulates interest. 

How can I ensure my children's future security? Is there nothing in Islamic banks to offer a similar thing as a trust? What about property, is it acceptable to put money in property?

 

I would wish to share equally what we both have. It's every mans duty to care for a wife and provide for her. Some do this better than others and if the wife has money enough then I don't think it fair that she should also expect her husband to cover her costs. Mind you I'm fairly easy to keep as I don't have expensive tastes.

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The money that you've earned and inherited is yours in general. However, in Islam there is a marriage contract and other mutual agreements. If there is a mutual agreement between husband and wife regarding wealth and other matters then this contract is binding. The money that you keep for yourself is yours regardless, but the wealth that you share belongs to both of you. However, everything depends on who it was stipulated in a mutual agreement or contract. 

 

The husband is obliged to provide food, accommodation, and clothing for the wife. Medical expenses and most utility costs are part of the husbands job, but if you make a contract or mutual agreement that both of you divide the costs maybe fifty percent each then the contract is binding. 

 

The husband is responsible, but this does not mean that the wife takes from the husband more that he can give. 

 

The husband can't pay Zakah to the wife, but the wife can and should give Zakah to the husband. Zakah is almsgiving that is payed from savings that lasted the entire year. Husband can't pay Zakah because it is already his obligation to spend on his family in the above three matters. The wife is not obliged to provide for the husband; therefore, she can give Zakah to him. It is recommended to give that to him (if he is needy) because it is better to start within the own household, before giving alms to others.

 

In conclusion, there is nothing wrong in what you are doing, but it is even highly recommended. I wished many Muslimas would behave like you.

Thank you for this very informative post. I should have read it before I replied to Younes post. Is this marriage contract similar to what is known as a prenuptial agreement? Like to make clear what is to share and what is not? If so then I we would need to see a solicitor or something then. I already do give a percentage to charities, not because I am commanded to but I see it as my moral duty. I expect this to continue out of my own resources not from our shared resources. Any interest earned goes to charities because I do not see that as part of "my" money.

 

Really it's safeguarding the children I have not even had yet, lol, and making sure they have something to call on in the future. University, first home these come expensive. I hope to be blessed with lots of children so I must plan accordingly. We will need some legal advice on this I think. But thank you for your contribution it has raised some good points.

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Nowadays it has become status symbol to live in mascot accommodation and people tries to show off over their false glory and richness. Especially if intention is to show off in front of neighbors then it would be questioned on the Day of Judgment because a person living in neighbor has very high priority rights on the other person.

Sorry I'm not getting the meaning of your post. What is mascot accommodation? The house I am buying is a modest affair I had decided on this before my fiancée became my fiancée. As it is it will be big enough for our needs and maybe for two small children but one day we will need something bigger if our family grows, hopefully. Then we will get something more suitable. It has nothing to do with showing off, or false glory and richness. I am slightly offended by your implication and I hope you do not mean your words to sound as they come across.

 

Sometimes money can be a blessing as well as a curse. It is a necessary evil that we need to survive in this world. Or maybe not the money itself is an evil but the intention of the person who has it can be evil. I don't know if I am allowed to use a Bible quote here. If not pales a moderator to remove it. But it illustrates what Jesus taught about money.

 

Jesus said :

 

Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also.

 

The eye is the lamp of the body. If your eyes are good, your whole body will be full of light. But if your eyes are bad, your whole body will be full of darkness. If then the light within you is darkness, how great is that darkness!

 

No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and money.”

 

So, all we need in this life are simple things food, shelter and clothing to protect us from the elements. We come into the world with nothing and we go out the same way. If we have money then it is up to us to use it to the best advantage to as many people as possible. When family expenses are covered we should look to those less fortunate than ourselves and ask how our money can help them. Jesus also taught that we should not make a big deal out of charity but we should give in secret so only God does know, this is so we cannot be seen as boastful because everything we have is by the grace of God. At judgement we are all nothing, common man and kings are the same before man.

 

Sorry, if my post sounds like a lecture lol, must be the time of year. Pay no heed. I thank you for your post.

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How can I ensure my children's future security? Is there nothing in Islamic banks to offer a similar thing as a trust? What about property, is it acceptable to put money in property?

 

I would wish to share equally what we both have. It's every mans duty to care for a wife and provide for her. Some do this better than others and if the wife has money enough then I don't think it fair that she should also expect her husband to cover her costs. Mind you I'm fairly easy to keep as I don't have expensive tastes.

 

Yes, you can invest in property. Yes, there is probably such a thing as a trust in an Islamic bank. In that kind of trust, they invest your money in Islamically valid businesses. If the businesses make a profit, you make a profit. If the businesses make a loss, you make a loss. However, if you lend, i.e. give a loan with interest, the company has to pay you but if you invest, you profit/lose based on the businesses' performance. That's the difference between investing and lending money at interest. Lending money at interest is absolutely prohibited in Islam.

 

You can share everything if that's what you want from an Islamic perspective. All I am saying is that you wouldn't be required by Islamic Law to share your wealth with your husband. If you choose to do so, there is absolutely nothing wrong with it. You can cover your own costs if that's what you agree to. There's nothing wrong with it. 

 

I hope the above is clear. If not, just ask.

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Thank you Younes, fairly clear I think I get the idea. I will look into some Islamic banks, I'm not even sure where my fiancée banks the subject has never come up. Maybe he already uses one. We could also look into property. If I were to buy a house and rent it to someone until such a time as the capital may be required is this considered ok? If the rent was put into some kind of suitable trust for the children.

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Buying a house is okay, but not with a loan that has interest. Renting a house is okay. Using the rent proceeds to invest is okay.

 

"until such a time as the capital may be required is this considered ok?" 

 

I didn't quite get the above part.

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Tunisia, in terms of trust bonds and the like for kids and savings account the only thing that you need to be aware of is staying away from Riba (interest). If you choose to invest money for them and yourself also make sure it is ethical. Apart from that there is no restriction on how you do it.

 

If you can afford to buy a property without and interest based loan, then i agree thats the best investment as the rent could be put away for them and later the property could be sold for them or inherited by them to do as they wish with it.

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In Islam, the husband is responsible for providing for his wife and his family. You are not responsible for providing for him. Your money is your money. That doesn't mean you can't share your money but you aren't obliged to do so while the husband is responsible for providing.

 

Holding money in a trust would not be Islamic if it involves usury, i.e. putting it on a bank account that accumulates interest. 

 

I could be mistaken but I do believe that there are bank accounts for this purpose that don't have interest.  Look for banks with the name union

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Thank you peoples, I have checked out some Islamic banks in the uk where we live and they can meet our requirements. I will buy another property to rent, this I can do without a loan and the rent can be paid into an account in an Islamic bank. We can trust the bank to do what is right from an Islamic point of view. The capital sum will remain in the property, I think property is a good investment and I'm sure it will give any children we have some future financial security.

 

After we are married my husband can be responsible for supporting our family he does not need to support me. I see we can just pool our joint resources. If this comes about in the future, I hope it will but everyday there seem to be more obstacles put in our path which I hope we have the strength and fortitude to overcome.

 

I thank everyone who has offered advice on this thread, much of which has been useful to me.

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