Tag Archives: financial literacy

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

“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.”

 

 

On the Banking System and Financial Literacy in Mindanao

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MAKATI CITY (8 May) – As a financial literacy advocate and blogger, I was quite privileged to be invited last Friday (May 6) in the first forum on “The Flow of Deposits in the Mindanao Banking System: Exploring Alternatives” hosted by the Joint Ateneo Institute of Mindanao Economics (JAIME) held in Ateneo de Davao University, Davao City.

Covered by the British Broadcasting Corporation (BBC), the forum was attended by representatives from the Tokyo University, Department of Trade and Industry (DTI) – Region 11 Office, Mindanao Development Agency (MinDA), Mindanao Business Council, Landbank of the Philippines, Union Bank, Banco de Oro (BDO), Development Bank of the Philippines (DBP), Philippine National Bank (PNB), MMC, Davao City Chamber of Commerce and Industry, Ateneo de Manila University, Xavier University, various offices of Ateneo de Davao University (Academic Vice President Office, University Research Council, Finance Office, Al Qalam Institute for Islamic Identities and Dialogue in Southeast Asia, School of Business and Governance, and the Economics Department), rural banks, and microfinance institutions, among others.

Focused mainly on the constituents of Mindanao’s dualistic banking system, viz. (1) branches of the universal and commercial banks (UCBs) with head offices in the National Capital Region (NCR) and (2) branches and head offices of the locally-oriented thrift banks and rural and cooperative banks (TB-RCBs), the research presentation by JAIME Director, Dr. Germelino M. Bautista, attempted to answer the following questions:

(1) What is the overall performance of the dualistic banking system in Mindanao, and what are its trajectories?

(2) How different are the deposit mobilization capacities and loan provisioning roles of these banks and what do these differences imply for the banking system and economic development of Mindanao?

(3) What options are available to address the limitations in capacities and roles of the UCBs and TB-RCBs?

As Prof. Bautista argued, a vision or alternative future for the TB-RCBs of Mindanao might entail the following conditions:

(3.1) Improve the capacities of existing TB-RCBs, strengthen their local community orientations, and determine what can further promote the growth of rural and cooperative banks;

(3.2) Tap the currently underserved and unbanked population, and further expand the community-based microfinance operations of TB-RCBs to promote the livelihood of the self-employed and small businesses and eventually generate and mobilize savings from new client depositors;

(3.3) Establish more Islamic finance intermediaries and apply shari‘ah financial instruments that aim to generate higher incomes and mobilize savings in poor Muslim communities; and

(3.4) Mobilize deposits from both Muslim and non-Muslim cooperatives for their own rural cooperative and Islamic banks.

In the Q & A session, the following points came to the fore:

* There has been available money for loan in the banks and microfinance institutions, but the usual problem has been the failure of most borrowers to repay their respective loans.

* The local government units (LGUs) could do a lot in improving the flow of deposits in the banking system.

* Any success in encouraging the potential depositors to deposit their money to a commercial bank or a rural bank, as the case may be, is also reflective of our success in encouraging them to develop the habit of saving and later on, investing, as well as to cultivate their entrepreneurial mindset. In other words, financial literacy of the individual – the potential depositor and loan applicant – is a preliminary step in banking.

* There is considerable interest in knowing more about shari‘ah-compliant instruments for generating higher incomes and mobilizing savings.

As such, these points could be viable candidates as the next research agenda of the nascent Joint Ateneo Institute of Mindanao Economics or JAIME.