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How technology is transforming financial literacy for young Muslims
In today’s digital age, technology has revolutionized various aspects of our lives, including how we manage our finances. For young Muslims seeking to gain financial literacy and make sound financial decisions, fintech platforms are proving to be invaluable tools. This post explores the role of fintech in empowering the younger generation during Ramadan and beyond,…
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Ramadan Reset: 30 days to financial wellness
Ramadan is not only a time for spiritual reflection and devotion but also an opportunity for personal growth and improvement in various aspects of life, including finances. As we embark on this holy month, let’s commit to a Ramadan reset—a journey towards financial wellness. Over the next 30 days, we’ll explore practical tips and challenges…
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Financial planning tips: Preparing for Umrah during Ramadan
Embarking on the spiritual journey of Umrah during the upcoming sacred month of Ramadan is a deeply rewarding experience. However, proper financial planning is crucial to ensure a smooth and fulfilling pilgrimage without unnecessary financial strain. In this post, we’ll talk about practical financial tips and strategies to help young Saudis prepare financially for Umrah…
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Fulfilling financial obligations: understanding zakat and sadaqah
As young Saudis embark on their journey towards financial independence and prosperity, it’s essential to not only focus on personal financial goals but also fulfill their Islamic obligations of Zakat and Sadaqah. In this post, we’ll delve into the significance of Zakat and Sadaqah in Islam, their role in shaping a balanced financial life, and…
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Understanding tawarruq: a simple guide
In the realm of Islamic finance, the term ‘tawarruq’ holds significance as a financial arrangement designed to meet the principles of Shariah law. For those unfamiliar with Islamic finance, the concept may seem complex, but in simple terms, tawarruq is a structured transaction that enables individuals to access liquidity without violating Islamic prohibitions on riba…
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Takaful vs. Conventional Insurance
In the world of finance, insurance plays a crucial role in safeguarding individuals and their assets. For young minds, understanding the basis of insurance can be a stepping stone to financial literacy. Two prominent concepts in the insurance realm are Takaful and Conventional (Western) Insurance. Takaful – What’s that? Imagine a group of friends who…
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What is a will?
Life is full of surprises, and none of us can predict what the future holds. While it might seem like something only grown-ups worry about, understanding the concept of a will and Islamic rules of inheritance is important for everyone. So, what is a will, why should you care, and how does it relate to…
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What is profit and loss sharing?
Finance is a fundamental aspect of our lives, and understanding different financial systems is essential for making informed decisions. Islamic finance is a unique and ethical approach to managing money, and one of its core principles is the concept of profit and loss sharing (PLS). In this post, we will explore what PLS is and…
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What is takaful?
Insurance is a widely accepted concept that provides financial protection in case of unforeseen events. However, for Muslim individuals and communities, conventional insurance may raise concerns due to its non-compliance with Islamic principles, such as avoiding interest (riba) and uncertainty (gharar). To address these concerns, an alternative insurance model known as “Takaful” has emerged. In…
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Harnessing the Islamic New Year to cultivate good financial habits
As the Islamic New Year begins, it presents the perfect opportunity to reflect on our financial behaviors and make positive changes. The Islamic calendar is not only a time for a spiritual reset, but also an occasion to set goals and build good financial habits. We will explore practical ways in which we all can…
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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. Here are a few key types: Murabaha: A form of sale where the cost of the goods sold and the…
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An Islamic bank vs. a Conventional bank
The common practices of an Islamic bank and a Conventional bank came into existence along with the foundation of Islam. However, the establishment of formal Islamic finance occurred only in the 20th century. Nowadays, the Islamic finance sector grows at 15%-25% per year, while Islamic financial institutions oversee over $2 trillion. Presently, Islamic banking has been…
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Picking charities to give your Zakat to!
We think it is extremely admirable how the entire Muslim Ummah comes together during the month of Ramadan to aid the vulnerable members of our community. Although giving Zakat is a pillar of Islam, it is still extremely inspiring to see how generous Muslims are across the globe with their Zakat but also Sadaqah. They…
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Using Ramadan to set good habits and goals
We would like to wish you and your loved ones Ramadan Kareem! May the holy month of Ramadan shower you with the best blessings and bring you eternal joy. As we’ve entered the holy month of Ramadan we thought it would be good to provide a few useful tips to set good habits. Ramadan is…
