Take two witnesses

Take two witnesses

“O you who have faith! When you contract a loan for a specified term, ...take as witness two witnesses from your men, and if there are not two men, then a man and two women —from those whom you approve as witnesses— so that if one of the two defaults the other will remind her.\\\\\\\" Qur’an 2:282) More »

MUSLIMANDMONEY.COM is . . .

MUSLIMANDMONEY.COM is . . .

NOT about greed. It is NOT about materialism. It is NOT even about money per se. More »

Write it down

Write it down

“O you who have faith! When you contract a loan for a specified term, write it down. Let a writer write between you with honesty, and let not the writer refuse to write as Allah has taught him.\\\\\\\" Qur’an 2:282) More »

What MUSLIMANDMONEY.COM is NOT

What MUSLIMANDMONEY.COM is NOT

It is NOT a dialogue between two equals (Muslim and money). It is rather a forum to declare the former’s mastership and the latter’s servanthood, and not the other way around. More »

MUSLIMANDMONEY.COM is . . .

MUSLIMANDMONEY.COM is . . .

It is about planning and action. It is about attitude and management. It is about prayer and productivity. It is about acquiring streams of lawful income. It is about self-esteem and financial freedom. It is about spiritual-physical equilibrium. It is about self-empowerment to empower others. More »

 

Short Course on Islamic Banking and Finance

Learn the basic concepts and theories of Islamic Banking and Finance with ADD-ALL’s new course: ISLAMIC BANKING AND FINANCE.

This introductory course is designed to provide you with the fundamentals of topics on development and issues relating to Islamic banking and finance. In addition, you will also get to learn the elements of Islamic contracts and its pillar principles. The module for this course is modeled from the practices in Kuala Lumpur, Malaysia which is known for its innovative approach in the development of Islamic Banking and Finance in Asia.

How to Scan a Scam

Q: I have a question regarding investment. What’s your idea about an investment [instrument] that will double your [invested] money after month, and every month it will continue to double? Is it allowed [in shari’ah] or not?

12 Financial Stories for Muslim Kids

It was then my daughter’s first summer vacation after graduation in elementary. Over lunch I was mentioning to her the articles I was planning to post at one of my blogs – www.MuslimandMoney.com – and also the book – ‘Muslim Couple and Money’ – I was currently writing then.

Curious enough, she asked, “Papa, do you have also plan to write ‘Muslim Kid and Money’ for us youngsters?”

Almost spontaneously, I replied, “Yes, I also want to… Can you help me in this project?” 

PSE Finds 60 Securities Compliant with Shariah

List-of-Shariah-compliant

January 10, 2018 | 12:13 am – THE Philippine Stock Exchange (PSE) found 60 securities to be compliant with the principles of Islamic finance as of the end December 2017, it said in a quarterly review posted on Tuesday.

The review period ending December saw three firms enter the list against the quarter prior, where the PSE tallied a total of 61 Shariah-compliant firms. This includes Ionics, Inc., Keppel Philippines Properties, Inc., and Philab Holdings Corp. 

Story #9: The Late-comer of Caravan

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In the darkness of night, from a very far distance, they heard a voice of a young man screaming. He was imploring and demanding help. His weak and scrawny camel had remained behind the caravan and lagged entirely. He finally, exhausted, stretched out and slept. He did what he could for moving his camel, but it was in vain. Helplessly standing beside the camel, he was yelling for help. Meanwhile, the Holy Prophet, who usually moved behind – in the end of the caravan so that a weak and helpless person who parted from the caravan, would not remain alone or helpless – heard the yelling voice of the young man. As the Prophet approached him, he asked: “Who are you?”

“I am Jabir.”

“Why were you kept waiting and wondering?” 

Story #8: The Black Market

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The family of Imam Ja-far al-Sadiq, a great grandson of Prophet Muhammad, increased in number. And so did the cost of living. The Imam decided to do trading to increase his income through investing capital so as to meet his family expenses. He arranged an amount of one thousand Dinars and told his servant Musaddif to take that amount of one thousand Dinars and get ready for a trade journey to Egypt.

Musaddif, with that money went and purchased a type of goods usually exported to Egypt. He went and joined with a caravan of traders who were taking the same type of merchandise to Egypt and left for Egypt. 

Story #7: Ascetic’s Advice

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The summer heat had become intensified. The sun rays beat down Madinah”s city, garden and farms around it. In such a critical weather condition, a man named Muhammad ibn Munkadar – identified himself as one of the ascetics, pious and anchorites – arrived in Madinah. His eyes cast over a corpulent man who had obviously come out to visit and inspect his farms at that time. Because of his fatness and tiredness, he was treading by his side with the help of a few persons, certainly his friends and relatives.

He thought: “Who is this man in this hot weather of the day leading a busy worldly life?” He came nearer to this person. To his surprise, he was Imam Muhammad ibn ‘Ali ibn al-Husayn (Imam al-Baqir)! 

Forthcoming Publication: “Muslim and Debt”

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As a sequel to “MUSLIM COUPLE AND MONEY: 8 PRACTICAL FINANCIAL TIPS FOR NEWLYWED MUSLIM COUPLE,” the following book will soon be published, insha’ Allah:
 
“MUSLIM AND DEBT: 5 PRACTICAL STEPS TO FREEDOM FROM DEBT” (MuslimandMoney.com, 2016, US$2.99)
 

Debt Management and Supplication

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A modified transcript of 20-minute presentation of the paper “Debt Management in Behavioral Economics and Personal Finance as Reflected in Sahifah al-Sajjadiyyah” at the 3rd International Conference on Thoughts on Human Sciences in Islam, Jakarta, Indonesia, November 16, 2016.)

Respected elders, distinguished scholars, and brothers and sisters in Islam as well as in humanity! Let me greet you all with the greetings of peace: Salamun ‘alaykum wa rahmatullahi wa barakatuh!

(I’m making this presentation while assuming that all these many seats are filled with both the jinn and human beings – both the sleeping and the awake. In this unholy hour when everybody wants to sleep, I am uniquely fortunate enough to be surrounded by two esteemed Mesbahs (alluding to Dr. Ali Mesbah and Dr. Mohammad Mesbahi as fellow presenters in the same plenary session). As we all know, mesbah in Arabic, Persian and other languages means ‘lamp’. Since I believe I’m illuminated enough by two lamps, I’m optimistic that you will not mistakenly see me as a pillow or blanket.)

At the outset, let me take this opportunity to extend my heartfelt gratitude to the conference organizers, particularly the Director of the Sadra International Institute, and generally to all the members of the steering committee down to the drivers and guides. This is my first to come to Indonesia, although I may look like an Indonesian or even more ‘Indonesian’ compared to some Indonesians. I come from Mindanao, the land of promise and the bastion of centuries-old struggle for self-determination in this part of the world.

Before laying down my paper’s Statement of the Problem, let me first make some introductory remarks about behavioral economics and personal finance as well as about homo economicus vis-à-vis homo islamicus. I shall also clarify the kind of ‘debt’ which is the concern of this paper. After giving you the Statement of the Problem, I shall address the four secondary questions one by one and finally make a conclusion. 

Story #6:– The Needy and the Wealthy

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As usual, the Prophet was sitting in his place in between his Companions. They formed a circle around him and it seemed to be as if the Prophet was a bezel of a ring in between them.

Suddenly one of the Muslims, a poor man dressed in rags, came in through the door. According to the Islamic tradition, regardless of his status, anyone who enters in an assembly should sit wherever he finds an empty place, not considering whether the particular place is suitable for his social status. Therefore, that man looked around, found a vacant place, went, and sat there.

Incidentally he settled down next to a rich and wealthy man. The rich man gathered the edges of his dress and shifted on to another side away from him.

The Holy Prophet was watching and observing the behavior of the wealthy person.

He turned towards him and said: “Are afraid that something of his poverty would transfer to you?”

“No, O Messenger of Allah!”

“Did you fear that some of your wealth might adhere to him?”

“No, O Messenger of Allah!”

“Perhaps…”

“No, O Messenger of Allah!”

“Then why did you draw yourself aside and shift away from him?”

“I confess that I committed an error and made a mistake. At present, in order to compensate my error and to expiate the sin, I am ready to grant half of my wealth to this Muslim brother towards whom I have shown disrespect.”

The man in rags replied: “But I am not ready to accept this offer.”

The Companions asked: “Why?”

The man said: “I fear that I may become arrogant and ill-treat one of my Muslim brothers in the same way that this man did towards me today.”

Source: Murtada Mutahhari, THE NARRATIVES OF THE VERACIOUS, Story 17.

Financial Lesson of the Story:

  1. Preservation of one’s self-esteem and personal integrity.

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