Open the Door to a Wealthier Life: An Islamic Perspective on Personal Finances and Investing by Farhan Khalid is in a nutshell a crash course on finance basics to live a more satisfying life wealth wise. Khalid is a Chicagoan business analyst with a MBA. He has authored other books on finance and some children’s books. Khalid is also a designer of creative Muslim apparel at Zazzle; ForksandSpoons.
His book Open the Door to a Wealthier Life is a self-help financial book composed of eight chapters without taking into account the front and back matter of the book. Each chapter goes into concise detail about what you need to know to master finance terms and wealth. Khalid also gives many pointers based on his personal experience so the reader can watch out for curve balls.
His book sets itself apart from other books on finance out there which try to bag you with the ‘get rich quick’ scheme tagline. As a matter of fact, part of his book description goes as this:
What you will learn:
– How to develop the right mindset
– How to enhance your skills
– How to maximize your income
– How to minimize your expenses
– What investment choices are available
– Why to even bother investing your money
– The difference between various investments
– Which investments are considered halal and which are not
– How to get started in investing on your own with minimal cash
– How to finance a home without paying interest
– How to prepare for retirement
A wealth of information awaits. Are you ready to open the door?
What I found more useful is the Islamic Funds section. I say this because I come from a finance and accounting background. So, a lot of the information wasn’t new to me. Moreover, the book explains concisely the available funds in the Islamic world to invest in; short and long-terms. In addition, it gives us options for more volatile and safer Islamic Funds out there and how to get started with halal investing. It’s a well-researched finance book that non-finance savvy readers—Muslims and non-Muslims— will greatly benefit from. I recommend it, and I pray the book becomes a source of great charity for the author. Aameen.
I also liked many other things in the book such as the gratitude spirit of the author and his assertion about the power of dua. Having said that, the book is not preachy at all. It’s just the subtle notes I picked up while reading. My favorite quote from the book is, “Maybe you’ve heard the saying: “Have an attitude of gratitude.” It might sound clichéd, but it holds merit. If you sincerely thank someone for giving you a gift or helping you out, you can be pretty confident that he will be willing to do so again in the future. If you thank God for all He has given you, will He not also give you more?”
Support the author and the ummah because 50% of the royalties from the sale of Open the Door to a Wealthier Life is donated to Islamic Relief USA. Islamic Relief has been providing humanitarian relief and aid throughout the world for people of all races and religions for over twenty years.