Tag Archives: debt
Why I’m Currently Writing a Book about Shari‘ah-compliant Investing in the Stock Market
I was a typical guy. I was also a typical guy like you or most of you. On financial matters, I thought I had a ‘strong’ tawakkul (reliance on God).
Immediately after graduation from college with a bachelor’s degree in Islamic Studies Major in Islamic History, I was immediately hired by the university, thanks to having graduated as magna cum laude and the 1994 top graduate in the entire Mindanao State University System (with eight campuses across Mindanao).
“Muslim and Debt” Now Published!
Mansoor Limba, “Muslim and Debt: 5 Practical Steps to Freedom from Debt” (ElziStyle.com, 2020).
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. What constitutes a ‘rational’ economic behavior? What is the core element of psychological and behavioral aspects of an economic decision-making? Is it the ‘mind’? How about the notion of a ‘soul’? What is the ultimate goal of managing our personal finance? It is mere financial freedom?
Forthcoming Publication: “Muslim and Debt”
Debt Management and Supplication
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.
Muslim Couple and Money
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
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.
Hadith on Debt as Grief and Humiliation
“Beware of debt, for surely it causes grief during the night and humiliation during the day.”
(Mizan al-Hikmah, vol. 2, p. 958)