3 Smart Eid Gift Ideas for Adults That Build Wealth

Eid is just around the corner and Muslims everywhere are on the hunt for gifts for their loved ones. This Eid let’s park the usual cash, clothes or beard oil related gifts.

Instead go for something that could help your loved one level up financially.  In this article we will cover 3 finance-savvy gift ideas for Eid to help you do just that.

1. Gold: A Timeless Alternative To Cash

This Eid, give every Muslim’s favourite rock (not diamonds, but gold). Unlike cash which quickly loses its buying power, gold tends to hold its value over time, making it a safe and stable investment which will stay just as valuable for years to come. And before your wallet starts protesting, we’re not here to tell you to blow your budget on gold. We know gold is very expensive right now, so what we’re suggesting is something small. For example, you could give them a nice minted 1g gold bullion bar for around £100 from the Royal Mint (it even comes in a nice package).

Gold is also a lot less liquid than cash, which is actually a good thing – it means that it won’t get randomly spent on whatever catches their eye. Your loved one can safely tuck it away, holding onto it until they really need it. You could even give your gold gift as jewellery, making it a more meaningful Eid gift that holds sentimental and monetary value.

For more on our thoughts on gold as an investment, check out our complete guide on investing in gold as a Muslim.

2. Subscriptions: Give Tools That Build Wealth

Subscriptions to newsletters or skill development courses can open doors to many a lucrative side hustle, or even facilitate a career change. Here are some of our recommendations:

i) FT.com subscription

The Financial Times is one of the world’s leading global business publications. They cover all of the latest business and economics news. What is really excellent however is their stocks coverage. They summarise all of the key financial metrics and related news for each stock in a user-friendly way.

You can also sometimes see stock buy/sell/hold recommendations from their sister publication, the Investors Chronicle. That is usually a separate paid service, but occasionally you can access a free report which can give you a useful take on a business. Another handy feature is the ability to set custom screens to help you find new investment ideas.

In our view this is a great resource for dedicated shares investors and one we recommend in our halal investing for busy professionals course.

ii) DataCamp

What better gift to give someone than giving them the tools to future proof their skills? Knowing how to code can open the door to many a lucrative side hustle or even facilitate a career change.

DataCamp is an online learning platform that helps people to build data skills online. They deliver learning through interactive exercises and giving you opportunities to practice and apply your skills. They have career tracks ranging from programmer to data scientist, which was named by the Harvard Business Review as the hottest job of the 21^st century. In short, this would be a great gift for someone looking to excel in the job market of the future.

iii) Udemy

Udemy is an online learning platform where people can access a wide variety of courses and resources to learn new skills, advance their careers, or pursue personal interests. 

3. Halal Investing And Economic Books: A Gift Of Knowledge

Help them learn valuable lessons that will last them a lifetime and serve them in this life and the next. It’s also a good way to introduce younger ones to core principles, like avoiding riba or giving to charity. There are many beginner-friendly books and guides out there to get your loved ones started on their halal investing journey.

If you’re interested in something related to managing money in the way of the Prophet, check out Prophetic Finance and Economics by Mufti Faraz Adam, our resident scholar.

You could also gift IFG’s very own Halal Investing for Beginners, which tackles how to start, grow and scale a halal investment portfolio.

Or, a classic which I personally recommend is One Up On Wall Street by Peter Lynch, where he explores how to use what you already know to make money in the market.

If you’d like more Islamic finance book recommendations, check out our article.

Summary

So there we have it. We hope these Eidi suggestions will be of benefit to you and your loved ones. If you’re interested in investing related gift ideas, we have written another article on the benefits of investing your Eidi and why they are an excellent opportunity to teach your children financial literacy.

Since we’re talking about gifts, we’ve got one for you. Sign up to our newsletter and get access to our free email course: The 5 Money Mistakes Keeping Muslims Poor (and How to Fix Them). It’s packed with practical tips to help you build better financial habits and grow your income the halal way.