Islamic Finance

Society and its priorities change with the seconds of the change in time. Whereas morality and integrity were of utmost significance at a time in an obscure past, the priority of society, today, is amassing heaps of wealth. One may question, why not? If, having more zeros after a figure in your bank statement, surely, means having a greater influence and a vaster dominion over the world, then why are you playing the guilty conscience card on us? Well, but, I say, wasn’t it us, in the first place, to form a direct proportion between wealth and influence in the world? You, seriously, cannot tell me that this is how it has been since time immemorial! About time we embarked on some insightful journey, wouldn’t you say?

If money was really directly proportional to influence, then the exemplary case of the second caliph of Islam, Umar ibn al-Khattab r. a., for instance, would be a scientific anomaly! It was in 637 AD that after a prolonged siege of Jerusalem, the Muslims finally took the city. While Heraclius, the Byzantine Emperor,

Money Saving Tips

Here are some money-saving tips that could save you from any future calamity involving money:

1. Open a Dedicated Savings Account

Like any first step towards the path of making some savings, opening your own for savings-only account is a must. Unlike your primary banking account which you use to deposit and withdraw money from, this dedicated savings account is strictly for money depositions only. For optimum benefits regarding interest rate, look for a bank which offers “higher-than-inflation” growth rate, which is something you might have to personally ask, if not endorsed to you.

2. Cut Out Unwanted Expenses

Be it a monthly service subscription you no longer see as beneficial to you or a habit that just drains your money, many are guilty about spending on something on a monthly basis that they can really live without. Part of keeping yourself free from unwanted expenses is by knowing which expenses are worth keeping from which are not and do the necessary steps in trimming those that are from the latter.

3. Be

Car Leasing

Leasing a car is not a simple case of paying a fee and doing as you please while the leasing operator foots the bill. Generally there are usually stipulations in the contract that going over an agreed mileage will lead to additional costs, or that maintenance costs beyond the general wear and tear of a car will not be paid for by the car leasing operator. This isn’t as bad as it sounds, details like that are agreed upon before starting the contract. If you were to buy the car up front, you would have a harder time selling a car that has a huge mileage on the clock for as much as without. The same goes for paying repair costs that are down to carelessness. Leasing is no different in this respect, taking care of the car you are leasing means it will cost you less money overall.

The loss in value of a car over a period of time is much more important when looking at a 2-3 year time period, typically this value is worked

Credit After Bankruptcy

1. Bankruptcy can appear on your FICO report for considerable amount of time

It’s implied that going into bankruptcy can cause your FICO assessment to quickly plunge. What’s more, it can stay on your credit score report for a longer time than you think.

2. You must really be more financially sound after your bankruptcy

Looking at this logically, you are in reality MORE reliable after your bankruptcy release than you were already. All things considered, you now have the monkey (your loan) off your back and you have a greater number of assets than you had before paying your bills.

3. After the release, each loan or debt you owe should return to $0 on your report

After your release, you have the privilege (ensured by government law) to have the balance of every debt to appear as $0 on your credit report. Actually, you have the privilege to question any cards that still demonstrate your old balance.

4. In some cases, you can still keep a credit card even after bankruptcy

Trust it or not, you can really keep at least one of your old credit cards after discharge.

Bankruptcy

There are several key people who are part of the bankruptcy process. The person who is in debt and needs to file bankruptcy is called the debtor, and those who are owed money are creditors. This could be individuals, banks, medical companies, or collection agencies, to name a few. A professional bankruptcy attorney can guide you through the process and ensure that your case is resolved without any trouble. Once your attorney helps you with your paperwork and files your case, everything will be reviewed by a court-appointed trustee. You will meet them at your 341 meeting, where they will verify the information you’ve provided and mediate between you and any of your creditors who attend. The trustee is responsible for investigating possible fraud and resolving your case in a timely manner.

First I always suggest to review your situation to decide if bankruptcy is truly the best option for you or if you can make some changes to get your budget back on track. If it’s time to pursue bankruptcy, finding a Bankruptcy Attorney that can help is your best bet as they can provide you with a list of the documents you’ll need to provide

Lessons Learned From Bankruptcy

Even if you know that bankruptcy is the right choice, it can be discouraging to think about the long-term consequences you’ll need to face after your case is resolved. Most people look back on their bankruptcy as something they never want to do again, but a situation they learned from. After dealing with your debt in this way, you’ll no doubt gain wisdom that will help you in the future or even help your loved ones avoid the struggles you’ve gone through.

Budgeting will be a part of your bankruptcy case and will become second nature after your debts are taken care of. A Bankruptcy Attorney can help as they discuss your case they can see how to best help your situation, you’ll leave with a comprehensive list of tasks and documents to complete. The next step before filing your case, you’ll need to take an online Credit Counseling Course. This class will not only help you decide if bankruptcy is the right choice for you, but a large focus of this class is also on budgeting. A second, post-filing class is also required, which will help you fine tune your budget further. When you first file bankruptcy,

Improve Credit Score After Bankruptcy

Most people don’t pay much attention to their credit score, which is easy to do when you’ve always been able to pay your bills on time and haven’t acquired much debt. But even the most responsible consumers can be hit with unforeseen circumstances such as a job loss or medical bills. Credit cards may be able to float the expenses for a while, but eventually the debt can mount up to a point where payments are no longer manageable. Missed or late payments can lower your credit score, but you may avoid bankruptcy, hoping to stop any further damage. However, sometimes bankruptcy is the correct choice, and there are things you can do to rebuild your credit score after filing.

If you have a pattern of late payments, filing bankruptcy can discharge many of your unsecured debts and put an end to those late payments. A bankruptcy will lower your credit score, but after you file, you’ll be given a “Discharge of Debtor” document that shows your debt has been forgiven. At this point, negative credit events stop, and you can begin establishing a positive credit history. First, you’ll need to request credit reports from the three

Financial Planning

The 5 reasons women need to plan differently are outlined below. They may not be applicable in every case, but women are more likely to experience these factors than men. With clarity, a well thought out and evolving financial plan, women can achieve financial confidence, independence and peace of mind.

  • Increased Longevity

Women are estimated to live 5 to 6 years longer than men. This increased longevity means that their retirement savings needs to last longer. During those extra years, they may incur even more expenses. Health concerns may surface or the need for skilled care may arise. All of this amounts to increased expenditures during your later years of life. Longevity that isn’t planned for can put a strain on retirement savings. Women should not plan on receiving or inheriting money from their spouse. With the declining availability of defined benefit pensions, people remaining unmarried or marriages ending in divorce, a monthly check from a spouse’s pension, may not be an option. Women need to plan for personal longevity because of this.

  • Break In Employment

It is not uncommon for a female to take a break from employment when children are being born

Habits That Can Drive You Into Poverty

1. PROCRASTINATION

The first habit is procrastination. It is said that procrastination is the thief of time. If you want to be successful, grab opportunities as soon as they come your way because you might never know when such opportunities will come your way again if you fail to do so. Also, endeavour to set realistic expectations. It is unrealistic to expect that success will come too easy and quick. Bear in mind that success takes time.

2. INDECISION

This is a state of being unable to make a choice between two or more opportunities. For example. One may be talented in sports and music but finds it difficult to choose which to pursue. Most times, people with this kind of dilemma may choose to pursue the two opportunities at the same time but end up being average persons. To be successful, you should choose to do one thing at a time for it is better to be a master of your game than a jack of all trades.

3. INABILITY TO ACQUIRE NEW IDEAS

Successful people make it a point of duty to always seek new ideas. They associate themselves with books

The Importance Of Financial Means

They say money can’t buy happiness. That is not entirely true. In today’s world in America and all around the globe, money is the predominate means to attain the necessities of life. Whether to buy food, pay for shelter, or just about everything associated with existing in today’s world all depends on the availability of having enough money to do so. In many instances the lack of financial means puts individuals in very stressful situations. We can conclude having the financial means could very well equate to a person being somewhat happy. This is because when one has financial support behind them the stress level should dissipate. Were not saying that this is true for all individuals but, having money puts a person in a capacity to be able to use that resource to reduce stress associated with not having enough money to pay for such essentials as housing, food, or medicine.

In our fast-paced world where the basic necessities of life are becoming more expensive than ever, one would think that all the technological and scientific marvels at our disposal would somehow reduce many of those costs. That is not the case today. In fact, in

Reasons for Budgeting

Some other information may help us to see a history or a pattern of our expenses. This information may cause us to make an adjustment for the better or consider a more reasonable path. The working budget can open these doors to us. I heard a statement on TV one day that said information is power. So weekly, monthly and sometimes daily budgeting is a real benefit. If you are married, the excuse that my wife or husband manages the money can be a detrimental. The whole family unit will suffer behind that kind of thinking. Budgets are for everyone. As for as the mental awareness of the budgeting, it’s just that, being aware of how much money is coming into our households. There is perhaps no better way to do this than to write it down. Society, has just got away from the ideal of putting pen to paper, for some reason. There are definitely many benefits to physically writing something down. One area were I found this extremely help is in making a budget. There is something about the mental activity of doing basic math that exercises our minds. It draws in our focus on what

Managing Money

Here are a few ideas we learned to help manage finances while transitioning in life that might minimize or eliminate some of those challenges:

1. Know The Numbers. First and foremost, look into all of your hard finances, including: calculating what you earn from all sources; knowing how much you spend and on what; researching what kind of debt, savings, and investments you have overall; determining your credit score; and examining the employer-provided benefits you might need to cover. After crunching the numbers, write the information down in one spot so you can refer to it at a moment’s notice.

2. Make Sacrifices. Even if you have substantial savings, find ways to cut back and reduce your cost of living. It is best to alter aspects of your lifestyle early, before a real need for money arises. You may actually find that you won’t want to go back to some of the excessive spending once you make more money.

3. Maintain an Investment Strategy. Create and maintain an investment strategy so you remain connected to wealth and abundance during your transition. Choose something meaningful to you, even if it is not a number one priority. If saving for

Control Your Bad Money Habits

This article contains some things you must consider if you want to be able to change your bad money habits.

  • Make a Decision

Changing your bad money habits would require you to first make a critical decision in your life whether you want to change your bad money habits or not. You cannot change your bad money habits without first resolving to do so. Taking charge and controlling your finances will afford you the power to reshape your life positively. Making the resolve in your heart to change your bad money habits is the first step, but it does not end there. What is more important is your decision to stay committed and determined every single day.

  • Managing your Money

You do not have to start living below your means before you can start taking charge of your financial situations. You do not have to start giving up your daily cup of coffee before you can assume control over your finances. All that is required from you is the ability to master the art of self-control and postpone pleasure and focus on the more important things. You must understand the art of getting into

Equipment Financing

t’s hard to believe, but 2014 is drawing to a close in a hurry, which means it’s time for many businesses to perform a review of their finances for the year and make a last-minute push for any big organizational goals they have. If you have been considering getting some new equipment for your company, beginning the financing process in these last couple months of the year could be beneficial for you. One such benefit comes through the Section 179 depreciation deduction. This deduction enables taxpayers to deduct certain types of property as expenses rather than forcing the taxpayer to deal with the cost of depreciation.

There are some limits to this deduction. Any deductions filed under Section 179 must be property that is tangible and depreciable, acquired for use “in the active conduct” of business. Common examples include real estate property, vehicles and business equipment, such as computers or medical equipment and technology. There is also a dollar limitation to the amount that you can claim under Section 179. The maximum one-time deduction you can take in a year is $500,000. By taking advantage of Section 179 benefits within the next couple months, you’ll be able

Reasons To Lease Equipment

1. Pay As You Use

Leasing highlights the utility value of the equipment. In other words, leasing provides the opportunity to pay for equipment as it is generating revenue for the company. No different than paying employees bi-weekly or monthly as opposed to pre-paying them for the next 2 or 3 years of work. Both are assets of the company, and it makes no sense to pre-pay for either.

2. Payments Are Fixed

In most cases, lease payments are fixed for the duration of the term. This has a major advantage over conventional bank loans or purchases from a credit where the interest rate are commonly based on a floating rate. Knowing in advance what the payments will be, facilitates ease of budgeting and reduces interest rate risk.

3. Longer Terms / Lower Payments

Many banking institutions will limit the term of a loan to 12or 24 months, at which time the rate and terms of the loan are re-negotiated. Based on the useful life of the equipment being leased, it is not uncommon the see fixed lease terms as long as 48 or 60 months. This in effect lowers the monthly payment

Steps To Follow When Leasing A Fleet

If you have business needs, you can buy a fleet of vehicles. Based on the number of cars you need, you can also lease a fleet. If you have no idea how to go about leasing a fleet, you can follow the easy steps that we have described below.

  • Head to the website of the manufacturer

First of all, you should go to the website of the manufacturer to check out different types of cars and their prices. Based on your needs, you can go for cars that are fuel-efficient or luxurious. In order to get a pretty good idea of what you should go for, you can build the vehicles in a virtual environment. This way you can get a better idea of the prices and the features of the vehicles. By comparing various models, you can get the right one.

  • Contact the manufacturer

You should get in touch with the manufacturer in order to know more about the fleet leasing. The manufacturer may refer you to a local dealer. However, what you need to do is ask him important questions in order to prepare yourself to meet the dealer. Once you have

Credit Cards and Bankruptcy

The inevitable trap of credit cards and the preying by banks on their victims may lead many to bankruptcy. There is no easy way out of financial situations when income simply does not match expenditure. We all want the latest and best things on the market and many acquire them through loans on those pieces of plastic. The facts are, however, that the interest charged may mean that repaying such loans quickly puts it out of reach of meeting it. Banks are not so honourable that they will surrender their biggest money earners, namely the credit cards. The ones who use them are ‘cash cows’ supplying their lenders with huge incomes and vast annual profits. It’s like gambling when one puts money in and gets little back in return.

In times past I too was hooked on credit and then some valuable lessons came to hand. The goods I was buying during sales, and so forth, were costing twice as much as they would if the same items were bought for cash. Not only that but much of the stuff filling my cupboards was unnecessary and likely would never be used. Banks and sales go together. One

Trade Finance

Without trade finance, there wouldn’t be Indian spices, clothes, or jewelry in the United States. Or Apple’s iPhones in China, much less any other international product at any respectable distance from its origin. In fact, according to Investopedia, the World Trade Organization (WTO) estimates that international world trade has expanded 80%-90% thanks to trade finance. For this to continue, companies need to include trade finance in their business development strategies.

Market penetration and market development are key parts of a business development strategy. Market development involves selling more of your service or product to repeat customers. While market penetration is about expanding your product or service to other cities and provinces, it can involve inland trade finance. As you may have to renegotiate local and provincial trade deals. For instance, let’s say you sell jewelry. A business from a neighboring city may purchase your jewelry and sell it to its customers. You have a long history with this client. And know that your product is selling quickly in your customers’ shop. In which case, you could propose selling the client more jewelry for a bulk price. After negotiating, the client agrees. However, despite the long, positive history

Structured Trade Finance

Structured trade finance (STF), a type of debt finance, is used as an alternative to conventional lending. This form of finance is utilized regularly in developing countries, as well as, in relation to cross border transactions. The objective is to encourage trade by making use of non-standard security. STF is generally used in high-value transactions in bilateral trading relationships. As a more complicated type of finance, STF is commonly related to commodity trading. Within the commodity sector, STF products are most prevalent. It is used by producers, processors, traders, as well as, end-users. These financial arrangements are tailored by banking organizations to meet the precise needs of the clients. STF products are primarily working capital financing, warehouse financing and pre-export financing. There are also some institutions that extend reserve-based lending, as well as, finance the conversion of raw materials into products, along with other customized finance products. In order to promote trading activities, STF products are extended across the supply chain.

STF structures are sponsored by limited recourse trade finance lines. The structure aims at offering better security mechanism and to act as an enhancement on the position of the borrower when viewed in isolation. Trade credit insurance,

Credit Union

If you are currently banking with one of the “big banks” and are not happy with their services there are numerous reasons to consider banking with a credit union. If you’re not quite convinced they can be the right path for your finances, here’s a breakdown of the benefits of banking with a credit union.

  • Personalized Customer service

Because credit unions are banks for the people by the people and have smaller memberships than the typical larger institutions, you are able to get customized personal service. It’s much more of an intimate relationship than you would have at a traditional bank. The credit union employees actually know you and are invested in your success as a member. That’s because their focus is on making every consumer interaction a personal one, void of lines, long phone waits, and canned responses.

  • Accessibility

Since they serve their local communities, most of the time branches are not available outside of their service area. To make up for that they sometimes reimburse members for ATM fees or offer a shared ATM network if members have to go out of network to have access to their money.

  • Structure