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Key terminology in Islamic banking
We’ve covered the differences between Shariah-compliant, Islamic banking, and conventional banking you find across the globe. We will cover a few key terms that will aid you in understanding how this form of banking works….
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How to write a check
Within Saudi Arabia, quite a few banking institutes offer their customers a checkbook when they first open their accounts. Here is how you’ll write a check: Writing a check is a great way of keeping…
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Current Account vs. Savings Account
There are two main types of bank accounts: a current (or checking account depending on where you live) and savings accounts. Let’s take a look at current vs. savings accounts! Current Account The current account is…
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What is a credit score?
In the Kingdom of Saudi Arabia, if you have a credit card in your name, then your information (how often you make payments on time or late, personal details, purchase history) all get reported to…
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Basics 101: Needs vs. Wants
Looking at your needs vs wants is a helpful way of figuring out a better way to handle your spending and budget. Understanding the difference between needs and wants will help you manage your budget…
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Mada Card vs. Credit Card
One of the most significant differences between a mada card vs. credit card is how payment is handled. With a mada card, funds will withdraw immediately from your bank account when you make a purchase. When…
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What is buy now, pay later?
The option to buy an item you need now, without having to pay the full amount until later can come in handy. But how exactly do buy now, pay later (‘BNPL’) methods work? How it…
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How to read a bank statement
A bank statement shows the details of activity in a bank account over a set period of time. This is typically one month. Bank statements are generally issued as electronic account statements (aka ‘e-statements’). Alternatively,…
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What is a mada card?
When you open a bank account in Saudi Arabia, you are given a mada card. It acts as your gateway between the money sitting in your bank account and your everyday transactions. In other words,…
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What does it mean to be Shariah-Compliant?
At FataFeat, we plan on ensuring that we consider Islamic ethics and manners. This includes Shariah compliance when creating features for our users. Whether our users look at their everyday transactions, savings analysis, or learn…
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Why you should keep track of expenses
Knowing how much you are spending is an important aspect of financial literacy and money management. You must understand where exactly you are spending your money and your monthly expenses. Keeping track of your expenses…
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What are round-up savings?
For many of us, saving pocket money bit by bit was done by saving whatever change or amount we could spare. It would be put into a box or piggy bank. Now that most of…
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What are interest rates?
We’ll start by breaking down simple concepts that you will see all the time when it comes to money management. First up are interest rates. Interest rates are the percentage of X amount the money…
