Category Archives: Personal Finance

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?” 

Story #9: The Late-comer of Caravan

MuslimKid&MoneyCover

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

MuslimKid&MoneyCover

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

MuslimKid&MoneyCover

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”

muslimanddebt2

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

presentation-title-limba-mansoor-2

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

MuslimKid&MoneyCover

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!

MuslimCouple&MoneyCover3

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.”

 

 

Ramadan and Personal Finance

Ramadan&PersonalFinance

The corpus of hadith has a lot of transmitted supplications recited every after the daily prayers during the month of Ramadan. One of these supplications is a short yet concise one whose English translation is as follows:

In the Name of Allah; the All-beneficent, the All-merciful.
O Allah, gladden the people of the graves,
O Allah, enrich every poor person,
O Allah, satisfy every hungry one,
O Allah, clothe every unclothed one,
O Allah, help every debtor pay his debts,
O Allah, relieve every distressed one,
O Allah, return every traveler (to his home),
O Allah release every prisoner,
O Allah, correct every wrong in the affairs of the Muslims,
O Allah, cure every sick one,
O Allah, ease our poverty by Your wealth,
O Allah, change our evil state to a good one through Your excellent state,
O Allah, relieve us of our debts, and help us against poverty.
Surely You have power over all things.

What draws our attention in this brief supplication is the fact that contrary to the common notion, most of the things asked for have something to do with material or physical welfare. Most interesting to note is the emphasis on the repayment of debt both at the beginning and the end of supplication.

This, once again, shows the multi-dimensional nature of fasting in Ramadan, and among its benefits are the lessons in personal finance that can be derived from it.