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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 track of the money in your current account as banks can provide you with a carbon copy checkbook that copies…
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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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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 used for daily expenses (i.e. buying lunch, gas money, and medicine from the pharmacy). With the current account, it 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 the credit bureau. The credit bureau in the Kingdom is called SIMAH. A credit score shows your current and past…
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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 and prioritize your spending. Needs are essential to living comfortably (for example shelter and food) but wants are often expenses…
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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 you use a credit card, you take a loan. Read more to learn about the key differences! Mada Card A…
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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 works Buy now, pay later payment services such as Tamara, Spotii, Telr, and Tabby allow you to do just that:…
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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, sent in the mail as paper documents. It is important to know how to read a bank statement correctly to…
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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, the mada card is the equivalent of a debit card. It can be used instead of giving cash to a…
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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 money management skills it will always be on our minds. As we are focused on providing services that assist young…
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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 is an easy way of having a better handle on your hard-earned money. To better understand your spending habits and…
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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 us deal with online banking and a digitized experience, having to save that money physically is a thing of the…
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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 you owe to a lender which increases on a daily/monthly/yearly basis. It is the additional amount of money you pay…
