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 . . .

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

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

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 . . .

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 »

 

12 Financial Stories for Muslim Kids

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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?”

“How?”

“In your spare time, read short stories and then select 12 stories you like most. And then I am going to edit the stories and give some annotations or explanations.”

“How should I select?”

“Do you mean the criteria for selection?”

“Yes.”

“You select the 12 stories whose moral lessons in personal financial literary and behavioral economics you like most.”

“Papa, what do you mean by ‘behavioral economics’?”

(Expectedly, she no longer asked about personal finance or financial literacy, as she has already some ideas about it due to our many earlier conversations – especially during meals.)

“Behavioral economics is simply a method of economic analysis that applies psychological insights why people make economic decisions – buying, selling, consuming products and services, etc. – the way they do.”

“Okay!”

Fast forward: the book in your hand is the said father-daughter joint project.

Why did I write this book, by the way?

I wrote this book because:

* Financial literacy must begin at childhood.

* Financial literacy is something that children do not learn in school, do they?

* Storytelling is one of the best ways to impart moral lessons to children. And who don’t want to be told by mother wonderful stories during bedtime?

So, is there any better way to impart this learning to our children than storytelling?

At the end of each story, there is a concise explanation of financial lessons the young reader can learn.

Among these lessons are:

* The importance of right attitude in assuring one’s financial success;

* How to manage expending;

* How much you save is not that important, but rather the cultivation of the habit of saving;

* It is not enough that extra money is saved; it must be invested as well;

* The greatest investment is investment in one’s own self – how to make yourself more productive and profitable.

Is the book solely intended for Muslim kids?

No.

The stories will be interesting not only to Muslim but also non-Muslim kids as well. It is “for Muslim kids” simply because most of the stories are in a Muslim cultural setting, but the moral lessons imparted in each story is universal and beneficial to all youngsters irrespective of religious affiliations or ideological persuasions.

In order to attract the attention and interest of the intended readers, this book uses children-friendly fonts and is written in an easy-to-understand language.

If you want your kid to be financial responsible someday, what are you waiting for?

Grab your copy of the book now!

Amazon Link: www.amazon.com/author/mansoorlimba

PSE Finds 60 Securities Compliant with Shariah

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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.

Four firms, meanwhile, were dropped from the list, namely Apex Mining Company, Inc., Asian Terminals, Inc., Philippine Estates Corp., and Philippine Realty and Holdings Corp.

The PSE tapped IdealRatings, Inc. to conduct the screening of the listed firms, as per the Accounting and Auditing Organization for Islamic Finance Institutions standards for Shariah compliance.

Under Islamic finance principles, firms must not enter into businesses engaged in conventional interest-based lending, financial institutions, insurance, mortgage and lease, derivatives, pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotels, gambling, casinos, music, cinema, and adult entertainment, among others. A 5% cap in investments is set should firms engage in such businesses. — Arra B. Francia 

Source: BusinessWorld Online

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?”

“O Messenger of Allah! The only reason was that my camel got exhausted.”

“Did you have a walking stick?”

“Yes.”

“Give it to me.”

The Holy Prophet took the stick and with its help made the camel move forward and kneel. Then he made his hands a stirrup and said to Jabir to “mount his camel.”

Jabir mounted the camel, and they made their way together while Jabir’s camel moved faster. Throughout the way, the Holy Prophet did not stop showing his kindness towards Jabir, whereas Jabir counted and realized that the Holy Prophet had prayed twenty-five times for the remission of his sins.

On the way, the Prophet asked Jabir: “How many children have been left from your father, Abdullah?”

“Seven girls and a boy, myself.”

“Has your father left any debts?”

“Yes.”

“Well, when you return to Madinah, make an arrangement with the creditors, and at the plucking season of the dates, inform me!”

“All right.”

“Did you marry?”

“Yes.”

“To whom?”

“To Mrs. so-and-so, daughter of so-and-so, one of the widows of Madinah.”

“Why didn’t you marry to a young girl of your age?”

“O Messenger of Allah, having so many young and inexperienced sisters, I didn’t marry to a young inexperienced woman. I preferred to choose a mature woman for marriage.”

“You did your best. How much did you buy this camel?”

“Five ounces of gold.”

“I’ll purchase it from you at this price. When you arrive in Madinah, come and take the money from me!”

The journey came to an end and they arrived in Madinah. Jabir brought the camel to submit to the Holy Prophet. He ordered Bilal to give Jabir five ounces of gold for the price of his camel, and in addition to that, three ounces more so that he may pay the debts of his father, Abdullah. He also returned back his camel.

Then the Prophet asked Jabir: “Did you make a contract with the creditors?”

Jabir: “No, O Messenger of Allah!”

“What your father has left is enough for his debts?”

“No, O Messenger of Allah!”

“Inform me at the plucking season of the dates!”

The season of harvest arrived. He informed the Messenger of Allah. The Holy Prophet came and settled all the debts and left enough for Jabir’s family.

Source: Murtada Mutahhari, THE NARRATIVES OF THE VERACIOUS, Story 34.

Financial Lessons of the Story:

  1. The need to settle one’s debt.
  2. Preservation of one’s self-esteem and personal integrity. Instead of just paying Jabir’s debt which will negatively affect his self-esteem, the Holy Prophet bought some items (camel and date fruits) from him so that he could settle his debt out of that money.
  3. Utilization of one’s energy and talent to earn for a living.
  4. To be self-reliant and not to rely on others even for a small thing.
  5. Looking for livelihood for one’s family in order not to depend on others is a form of worship (‘ibadah).
  6. The Leader is supposed to serve as a model by helping his follower to settle his debt.

****

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.

When the caravan was nearing Egypt, they met another caravan of traders coming out of Egypt. They inquired about the business circumstances in Egypt; they found out during the course of their discussion that the merchandises, which Musaddif and his Companions had brought, were not available and scarce in Egypt as well as in great demand.

The merchants, hearing this good news, decided not to sell their goods not less than one hundred percent profit. They arrived in Egypt; the situation didn’t differ. It was the same as they have been informed. As agreed previously, they created a black market and did not sell the goods. They doubled the cost and then sold the goods.

Musaddif returned to Madinah with a net profit of one thousand Dinars. He went happily and gladly to Imam al-Sadiq and put before him two bags, each containing one thousand Dinars.

The Imam asked: “What is this?”

He said: “One of the two bags is the capital which you gave me, and the other one – which is equal to the capital – is the net profit which is gained.”

The Imam said: “The profit is too high; tell me how did you gain so much profit?!”

The servant replied: “In fact, when we came to understand that the goods became scarce there, we pledged our words not to sell our goods not less than hundred percent profit of the capital and we did the same!

Imam al-Sadiq said: “Glory be to Allah! Did you do such a work?! Did you swear to create a black market among the Muslims?! Did you swear to sell the goods not less than the net profit equal to the capital?! No! No! No! I do not want such a business and such a benefit.”

Then the Imam picked up one of the bags and said: “This is my capital”, and he did not touch the other bag and said: “I have nothing to do with the other one.”

Then he added: “O Musaddif! To sword is easier than to do business lawfully.”

Source: Murtada Mutahhari, THE NARRATIVES OF THE VERACIOUS, Story 31.

Financial Lessons of the Story:

  1. Looking for livelihood for one’s family in order not to depend on others is a form of worship (‘ibadah).
  2. Investing in things that would further earn income.
  3. Moral principles must always guide the types of business one engages.

****

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)!

He thought: “Why does this noble man indulge in this world?! I must give him an advice and dissuade him from this way!” He came forward and greet the Imam.

Imam Muhammad al-Baqir, out of breath, sweating, returned his greetings.

He said: “Is it suitable for such an honorable personality like you to come out at this hour of the day and in such a hot weather in order to indulge in this world, particularly, with this stoutness which certainly makes you suffer much?”

He continued, “Who is informed of death? Who knows when he will die? The death might over come you right now; may Allah protect! For instance if death overtakes you in such a condition, what would be your destiny? It is not worthy of you to be after the world, endure so much pain, and suffer with this fat body in these hot days! No! No! It is not worthy of you!”

Imam al-Baqir, removing his hands from his men’s shoulders, leaning against the wall and said: “If death overtakes me just now, and I die, I will leave this world while I am performing my duties and worshiping Allah. Regarding this work, it is just like obedience and submission to Allah. You have imagined that worship is confined to invocation, prayers and supplication. I have to live and maintain my family. If I do not work nor endure pain, I will have to stretch out my hands towards you or people like you to help me out. I am working for livelihood so that I may not be in need of any person. I must be afraid of my death when I have committed sins, violated and disobeyed the Divine Commandments and not in such a state obedience to the Orders of Allah the Almighty Who has ordered me not to be burden to others, but rather, to gain my own daily bread.”

The ascetic said: “I made a big mistake! I thought that I would make an advice to guide others, but now, I have come to understand that I had been mistaken and that I was following a wrong way and was totally in need of advice myself.”

Source: Murtada Mutahhari, THE NARRATIVES OF THE VERACIOUS, Story 21.

Financial Lessons of the Story:

  1. To be self-reliant and not to rely on others even for a small thing.
  2. To engage in worship cannot be an excuse to abandon one’s physical necessities and social obligations.
  3. Both attachment to material things and abandonment of the good things in this world are condemnable in Islam.
  4. Looking for livelihood for one’s family in order not to depend on others is a form of worship (‘ibadah).

****

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.

Introduction

What is lacking in both behavioral economics and personal finance is the role of the soul or spirituality which is a central theme in a monotheistic worldview. In classical economics, as in related academic disciplines, the economic actor is assumed to be an unboundedly rational, will-powered and selfish agent in which rationality is defined in terms of material gain and profit, without taking into account a notion of spiritual dimension.

Behavioral economics comes to the fore to argue that psychological, social and emotional factors sometimes stand in the way of economic actor’s tendency for rationality in making an economic decision. Yet, there is still no recognition of any place for soul or morality, as psychology is assumed to be ‘the study of the mind’. (In Islam we call it ‘ilm al-nafs which means ‘study of the soul’.

Statement of the problem

This paper attempts to examine the case of debt management in behavioral economics and personal finance through the lenses of Sahifah al-Sajjadiyyah which is a classical Islamic text on supplications. It is argued that by advancing the concept of homo islamicus and asserting the role of the soul in explaining human behaviors, the monotheistic worldview of Islam can shed more lights on the roots of economic or financial decisions, such as incurring debt, that are to be made by an economic agent.

In particular, this paper endeavors to address the following questions:

  1. What is the definition of debt, in general, and consumerist debt, in particular?
  2. What is ‘debt’ in Islamic textual sources and history?
  3. What is Sahifah al-Sajjadiyyah and its Supplication 30 about?
  4. What is the description of ‘debt’ in Sahifah al-Sajjadiyyah Supplication 30 and its recommended steps or measures toward freedom from debt?

Debt

Islamic jurisprudence (fiqh) distinguishes dayn (debt) from qard (loan), considering the former broader in connotation and covers the latter in its conceptual umbrella. Dayn includes any kind of transaction such as ‘settlement of claim’ (sulh), leasing (ijarah), buying and selling, and the like. (See Manifestations of the All-merciful, p. 63)

In this paper, our concern is a broad type of debt we call ‘consumerist debt’.  When as we say ‘consumerist debt’ we mean that kind of debt which is motivated by consumerism understood in its negative sense. It is “the selfish and frivolous collecting of products or economic materialism.” Financial advisers would tell you, “You incur consumerist debt when you buy something you don’t need in order to impress people you don’t like with money that you don’t have!”

Debt in Islamic sources and history

Dayn (debt) is mentioned in Islamic sources (Qur’an, Traditions, Supplications, and Jurisprudence) and history in various ways.

In Chapter 33, verse 23, the Qur’an urges the faithful to fulfill their obligations and pledges including the repayment of debt. In Chapter 9, verse 60, it is mentioned that [obligatory] charities (zakāt) are meant, among others, “for [the freedom] of] the slaves and debtors.”

Meanwhile, there are traditions (ahadith) which indicate that debt sometimes stands in the way of spiritual progress. Some traditions condemn indifference in repaying one’s debt – and equates it with theft. There are also traditions that give warning for the spiritual consequences of habitual incurring of debt.

In supplications (ad‘iyyah) transmitted to us, there is an explicit prayer for the repayment of debt. A very good example is Sahifah al-Sajjadiyyah’s Supplication 30 (Imam Zayn al-‘Abidin’s supplication for help in repaying debt) which is the main concern of this paper. Another example is the famous daily supplication during the month of Ramadan, which includes this line: “O Allah, facilitate the payment of every indebted one!” There are also transmitted supplications one of whose benefits is the repayment of debt for one who recites them. Among these supplications are al-Mashlul, Yastashir, and al-Mujir.

Muslim schools of jurisprudence (fiqh) are unanimous in the ruling that the debtor who cannot pay his or her debts is one of the seven rightful recipients of zakat (alms-tax); therefore, he or she is given of the zakat to settle his or her debts. Also, when a Muslim dies, one of the four duties which need to be performed by his or her heirs is the payment of his or her debts.

Regarding debt in history, let me just cite two examples. As Imam Husayn made an encampment in the plains of Karbala’, he purchased the site for the would-be graves of him and the other martyrs so as not to be indebted to the owner after the tragedy. Earlier to that, when Muslim ibn ‘Aqil was asked to disclose his wishes before getting executed, the last of his three wishes is the selling of his coat of arm so as to pay for the piece of land where he had to be buried.

These two instances show prominent figures’ avoidance of incurring debt as much as possible and their firm resolution to repay once it is incurred.

In sum, debt has been an important topic in Islamic sources (Qur’an, hadith, supplication, and jurisprudence) and history.

Sahifah al-Sajjadiyyah and its Supplication 30

Literally means ‘the Book of Sajjad,’ Sahifah al-Sajjadiyyah is a collection of supplications composed by Prophet Muhammad’s great grandson, ‘Ali ibn al-Husayn (38 AH/658-9 CE – 95 AH/713-4 CE), known as Zayn al-‘Abidin (`the Adornment of the Worshippers’) and ‘Al-Sajjad’ (‘the one who constantly prostrates (sujud) in prayer’). Sahifah al-Sajjadiyyah includes fifty-four supplications which make the main body of the text and the additional supplications which make up the fourteen addenda (including the prayers for the days of the week) and the fifteen munajat or `whispered prayers’. It is the oldest extant prayer manual in Islamic sources and one of the most seminal works of Islamic spirituality of the early period of Islam.

Supplication 30 of the 54 main supplications is Imam al-Sajjad’s supplication for help in repaying debt.

Sahifah al-Sajjadiyyah’s description of debt

At the outset, Imam ‘Ali al-Sajjad thus supplicates:

“O God, bless Muhammad and his Household and release me from a debt which makes me lose face, confuse my mind, disrupts my thinking, and prolongs my occupation with attending to it! I seek refuge in Thee, my Lord, from worry and thought about debt, from the distraction and sleeplessness of debt; so bless Muhammad and his Household and give me refuge from it! I seek sanctuary in Thee, my Lord, from debt’s abasement in life and its ill effects after death, so bless Muhammad and his Household and give me sanctuary from it through a bountiful plenty or a continually arriving sufficiency!”

This initial part of the supplication is a window to Imam ‘Ali al-Sajjad’s description of debt and its potential maladies and repercussions upon the debtor. Among others, the Imam describes debt as: (1) something that may humiliate a person (debtor), (2) mentally disturb him, (3) emotionally burden him, and (4) a source of disgrace for him in this world and in the Hereafter.

Sahifah al-Sajjadiyyah’s steps or measures of freedom from debt

In this brief and specific supplication, certain steps or measures toward freedom from debt can be alluded to, and these are the following:

  1. Sincere supplications for repayment of debt

For any concern or problem of the believer – material or spiritual – he is supposed to extend his arms to the Source of Power and Knowledge, the Essence of Beauty and Grandeur. For relief from the burden of debt, one must sincerely pray and implore to his Lord and perform various acts of devotion.

  1. Having streams of lawful incomes

These parts of the supplication – “Give me sanctuary from it (debt) through a bountiful plenty or a continually arriving sufficiency,” “hold me back through Thy gentleness from squandering,” and “allow me to attain my provisions through lawful means” – may allude to having streams of lawful incomes as a very obvious step toward freedom from debt.

  1. Living below one’s means

This part of the supplication – “prevent me from extravagance and excess; put me on the course of … moderation” – may suggest an instruction to live below one’s means by maintaining moderation and avoiding extravagance and excess in spending.

  1. Avoiding Any Possession Causing Pride and Related Moral Vices

This segment of the supplication – “take away from me any possession which will bring forth pride in me, lead to insolence, or drag me in its heels to rebellion” – leads us to another very practical step to freedom from debt; that is, shunning any possession or item which belongs to the category of ‘wants’ rather than ‘needs’ and which usually causes pride and related moral vices to the owner.

  1. Spending for Wholesome Endeavors Including Charity

Elsewhere in the supplication, we read: “Put me on the course of generous spending…; teach me excellent distribution… direct my spending toward the gateways of devotion… O God, make me love the companionship of the poor and help me be their companion with excellent patience!”

These portions of the supplication direct us to a significant step toward freedom from debt and a way to ample sustenance; that is, to spend for wholesome endeavors of devotion including alms-giving and spending for charity. As we all know, Islamic sources affirm the unseen or spiritual connection between the giving of charity and increase in sustenance.

Conclusion

From the above discussion, the following conclusions can be drawn:

  1. Incurring of consumerist debt is just a symptom of the root of the problem, and that is greed which is one of the vices of the Power of Desire (al-quwwat al-shahwiyyah);
  2. Apart from being a symptom of a moral malady, incurring consumerist debt also brings about other things with equally dire spiritual consequences, viz. (a) personal humiliation, (b) mental disturbance, (c) emotional burden, and (d) disgrace in this world and in the Hereafter;
  3. As shown in our examination of Supplication 30 of Sahifah al-Sajjadiyyah, the supplications handed down to us are full of pristine ideological doctrines and practical guidelines.
  4. Supplication 30 of Sahifah al-Sajjadiyyah is not only a text of prayer for help for the repayment of debt but also contains practical steps or measures toward freedom from debt;
  5. A Muslim – that is, homo islamicus – is supposed to exemplify a kind of morality or lifestyle which is a manifestation of perfect regulation of the four powers or faculties (quwwat) of the soul, and the absence of the various vices of those powers, those of the Power of Desire in particular.
  6. Most important of all, the debt management laid down by Supplication 30 of Sahifah al-Sajjadiyyah exudes new conceptual insights into both behavioral economics and personal finance, and central to them are the concepts of homo islamicus and ‘Islamic rationality’ with the two distinct fundamental elements of a broader concept of success and time scale of the economic agent’s behavior.

Thank you! Terimah kasi banyak!

[MindaViews is the opinion section of MindaNews. Mansoor L. Limba, PhD in International Relations, is a writer, educator, blogger, chess trainer, and translator (from Persian into English and Filipino) with tens of written and translation works to his credit on such subjects as international politics, history, political philosophy,intra-faith and interfaith relations, cultural heritage, Islamic finance, jurisprudence (fiqh), theology (‘ilm al-kalam), Qur’anic sciences and exegesis (tafsir), hadith, ethics, and mysticism. He can be reached at mlimba@diplomats.com, or http://www.mlimba.com and http://www.muslimandmoney.com.]

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.

****

“Muslim Couple and Money” Published Today!

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PUBLISHED TODAY!

Mansoor Limba, MUSLIM COUPLE AND MONEY: 8 PRACTICAL FINANCIAL TIPS FOR NEWLYWED MUSLIM COUPLE (MuslimandMoney.com, 2016), $2.99.

Published in both Amazon.com and Smashwords.com platforms, the eBook is a personal finance guide that reveals 8 practical financial tips for newlywed Muslim couples to help them attain financial freedom and happy marriage.

This title is part of the Muslim and Money Book Series. The other titles are “Muslim Kid and Money: 12 Financial Stories for Muslim Children” and “Muslim and Debt: 5 Practical Steps to Freedom from Debt,” which will be published soon, insha’ Allah.

Get your copy now!

Muslim Couple and Money

Muslim Couple and Money: 8 Practical Financial Tips for Newlywed Muslim Couple

FORTHCOMING PUBLICATION

Mansoor Limba, MUSLIM COUPLE AND MONEY: 8 PRACTICAL FINANCIAL TIPS FOR NEWLYWED MUSLIM COUPLE (MuslimandMoney.com, 2016).

The book will be published next month (September 2016), insha’ Allah, through both Amazon.com and Smashwords.com platforms.

It is currently available as pre-release and sample pages can be downloaded free at Smashwords.com.

This title is part of the Muslim and Money Book Series. The other titles are “Muslim Kid and Money: 12 Financial Stories for Muslim Children” and “Muslim and Debt: 5 Practical Steps to Freedom from Debt.”