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Understanding jam’iya or social savings clubs
The Kingdom of Saudi Arabia conducted a study in 2018 that looked into consumers’ money habits. One of the interesting data showed how consumers mainly rely on banking institutes to save money, but the next…
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How to manage your child’s Ramadan allowance
As we approach the halfway mark for Ramadan, parents often find themselves navigating various aspects of the tradition, from fasting to prayers and charitable giving. However, Ramadan also presents an excellent opportunity to impart essential…
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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,…
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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…
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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…
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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…
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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…
