Episode 34 - Dua for Getting Out of Debt

This episode is a special sneak peek into the half-day Debt Free Muslims workshop we have been conducting in various Islamic centers and MSA's across North America.

To host one in your community, please email adam@qalaminstitute.org

In this episode we cover a special dua that the Prophet (s) taught to one of the companions who was struggling with debt.

You can find the dua here: http://sunnah.com/bukhari/80/66

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Episode 33 - Marriage & Money with AbdelRahman Murphy

AbdelRahman Murphy is an Imam and instructor with Qalam Institute. He's a photography, coffee, and cat enthusiast. He holds a Master's in Mental Health Counseling, and is renown for his youth work through his organization Roots.

In this episode we cover

*The relationship between secular marital counseling and Islamic counseling, and spirituality in the field of mental health

*Love conquers all… except financial issues

*How we model financial behavior in marriage, and the role of culture, and dealing with uncomfortable questions while in the “in love” phase

*What about when the wife makes more money than the husband

*How to bring up finances before marriage, and a look at pre-marital counseling

*Cultural taboos around pre-marital counseling

*What financial questions to ask before marriage

*Discussing debt before marriage

*Compatibility and financial habits

*How to handle life situations like a new mom leaving her career/income

*How should couples handle disagreements over money

*Emotional attachment to money

Connect with AbdelRahman Murphy

Facebook: http://facebook.com/abdelrahmanm
Twitter: http://twitter.com/@abdelrahmanm
Instagram: http://instagram.com/abdelrahmanm
Snapchat: http://snapchat.com/add/abdelrahmanm

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

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You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

Episode 32 (1st episode of Season 3!)

Guest: Carl Richards

Carl Richards is a Certified Financial Planner and the creator of the weekly Sketch Guy column in the New York Times and is a columnist for Morningstar Advisor.

Carl has also been featured on Marketplace Money, The Leonard Lopate Show, Oprah.com and Forbes.com. In addition, Carl has become a frequent keynote speaker at financial planning conferences and visual learning events around the world.
Through his simple sketches, Carl makes complex financial concepts easy to understand. His sketches also serve as the foundation for his two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money (Portfolio/Penguin). Carl’s art appeared in a solo show at the Kimball Art Center, in Park City, Utah. Other showings include The Parson’s Gallery in New York, The Shultz Museum, and an exhibit at the Mansion House in London. His commissioned work is on display in businesses and educational institutions across the country. He lives with his family in Park City, Utah.

In this episode we cover:

(2:50) Balancing fear with the uncertainty of the real world

(6:33) Why immigrant parents want their kids to become doctors and our advice to college students in selecting a major

(12:05) Fear and greed through the lens of investing

(15:15) What you should do for investing instead of 'buy low, sell high'

(16:00) How to identify your goals for a financial plan in an easy and stress-free way

(18:55) Long term financial planning for college students, and not ending up as a financial statistic. Carl also tells us the difference between students who graduate with debt and those who don't

(21:10) 3-step process to filter all the financial advice given by friends and experts alike

(27:05) Happiness, priorities, mindfulness, and consumption

(31:15) Financial planning - process vs. plan and handling important but not urgent financial goals

(34:50) Dealing with emotions and mitigating their impact in financial decisions

(36:50) The power of positive thinking, fake it til you make it, vision boards, buying Bentleys, and the most dangerous personal finance book ever

(41:30) The 3 things everyone needs to pay attention to

(42:10) Carl turns the tables to ask about how to balance Islamic teachings about debt and interest in a modern American context

Connect with Carl Richards:

1. Tweet at him and tell him something you learned from this podcast: http://twitter.com/@behaviorgap

2. Sign up for his newsletter at http://behaviorgap.com

3. Sketch Guy column at the New York Times: http://www.nytimes.com/interactive/your-money/carl-richards-gallery.html

Get his books here:

Behavior Gap: http://amzn.to/2dbwbNt

One Page Financial Plan: http://amzn.to/2dDPefi

***

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Usman Mughni is a Marriage & Family Therapist and holds a Master's of Science degreein Marriage and Family Therapy 
from Northern Illinois University and a B.S. in Psychology from the University of Maryland, along with a degree in diagnostic medical imaging. 

He worked as a therapist at Alexian Brothers Behavioral Health Hospital in the Center for Addiction Medicine.  Usman has experience providing counseling to individuals, couples, and families at Northern Illinois University's Family Therapy Clinic along with experience working with individuals, couples, and families struggling with chemical dependency and mental health diagnoses and running psychoeducational group therapy at Centegra Specialty Hospital's partial hospitalization and intensive  utpatient programs.  

Usman enjoys working with couples to help bring tranquility back into their marriage and providing premarital counseling to couples who hope to have a successful marriage at a time when divorce seems to be on the rise. Usman also works with individuals and their families struggling with addiction along with other mental and emotional struggles they may be having. His counseling site is http://www.peacefulyou.org/.

In this episode, Usman Mughni speaks about:

- The many problems (including financial) that lead to divorce

- In-laws dictating finances or other aspects of a couples life

- What causes fights in a marriage and how to handle them

- The common stigma that surrounds counseling

Connect with Peaceful You:
- Facebook: https://www.facebook.com/PeacefulY0U
- Twitter: https://twitter.com/peacefulyouinc
- Website: http://www.peacefulyou.org/

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.
iTunes Link: http://bit.ly/dfmpodcast
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You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

In this episode, brother Saeed Sheikh shares his debt free story with us. We talk about the following:

• How common is it for college students to get into credit card debt without realizing it
• The ways we rationalize purchases
• Behavioral and spiritual changes during his debt free journey

Saeed's article on his debt free journey can be found here: http://debtfreemuslims.com/reflections-my-journey-to-debt-freedom/

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

• iTunes Link: http://bit.ly/dfmpodcast
• Stitcher Radio: http://bit.ly/dfmstitcher
• Android (RSS): http://bit.ly/dfmpodcastrss

You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

• How he got $90,000 of student loan debt from going to Harvard Business School
• Maintaining the drive/motivation on getting a second job
• The lowest point of trying to pay off his debt and how he worked through it
• Struggles of selling items you own and even getting extra roommates and how that changed his perception on materialism

Joe is the author of the following books (both available on Amazon):

• No More Harvard Debt: A Mission to Destroy $90k of Student Debt in Ten Months (http://amzn.com/B008L5LZS2)
• Destroy Student Debt: A Combat Guide to Freedom (http://amzn.com/B00929U3RU)

Joe also runs a blog at http://nomoreharvarddebt.com/

Really excited about this episode as we interview brother Hamzah Ghia and how he graduated both his undergrad and got his Masters degree completely debt free!

Hamzah is currently the Qur'an teacher at Masjid Hamzah in Houston, Texas.

Some of the topics we cover:

• What his process was in going to college without student loans
• His scholarship application process while was in high school
• The benefits of hard work and how that carries over into your professional career

This episode features an interview with Ron Lieber. Since 2008, He has been the “Your Money” columnist for The New York Times, where his columns about student loans won the 2011 Loeb award, business journalism’s highest honor, in the personal finance category.

He is also the author of the newly released book, The Opposite of Spoiled. 

Some of the topics we cover:

*What makes kids spoiled?

*Should you tell your kids how much money you make?

*How social media has affected money conversations with kids

*Using money as a tool to teach your kids values

Links

Purchase The Opposite of Spoiled: http://amzn.to/1KK1F15

Ron's Facebook Community that helped with this book: https://www.facebook.com/ronlieberauthor

Follow Ron on Twitter: https://twitter.com/ronlieber

--

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

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Ramadan is season of fundraising

Negatives of fundraising system and need for financial stability - particularly how it affects things like juma

Even as we seek financial stability, individual giving is still 80% of philanthropy in the US. Are we set up to sustain our institutions?

How being in debt affects our ability to give and contribute

Making it a goal to donate large amounts - make dua to be able to do it

Monthly increase of sadaqah envelope

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About Joe Bradford:

Joe is traditionally and academically trained in the Islamic sciences. He holds a graduate degree in Islamic law from the University of Medina. He likes steak, star gazing, corny about pages, and long walks in the park. He has way too many kids. He currently works in finance and is an adviser to institutions and private individuals.

In this episode we discuss:

• The obligation of paying Zakat
• What every Muslim should know about the minimum requirements of paying Zakat
• What is a Nisab?
• Zakat & Debt (house, student loans, etc)
• Paying Zakat on gold
• Paying Zakat on investments (401k, Roth IRA, etc)

Connect with Joe Bradford:

• Website: JoeBradford.net
• Twitter: https://twitter.com/joebradfordnet
• Facebook: https://www.facebook.com/Bradford.Joe

Further resources:

• 20 Questions on Zakat
• Essential Information on Zakat

--

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

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Debt Free Muslim Podcast Episode 16

This episode is brought to you by MuslimMatters.org – Because Muslims matter.

About Mufti Menk:

Ismail Musa Menk was born in Harare, Zimbabwe. He was tutored by his father who is a well known scholar and Da’ee.

He completed his hifz and recitation courses at an early age and learnt the Arabic and Urdu languages whilst studying Shariah under his father. At the same time he attended an Academic College in Harare where he completed his secondary secular education. He then attained a degree in Shariah from the University of Madinah and later specialised in Iftaa at Darul Uloom Kantharia in Gujarat.

This episode covers:

-The race behind materialism is a never ending game of trying to play catch-up. 

-Not having the means to own something but still striving to get it only enters you into a dangerous cycle of incurring debt. 

-We are taught as Muslims to be happy with what Allah has blessed us with and be content with it.

-Tailor your life according to your budget. 

-Buying what you cannot afford will only be a constant burden on your shoulders and a distress of the mind.

-Be mindful of your salary and spend accordingly, not purchasing a car, house, furniture etc., that is out of your range. 

-Certainly, we should aim for the skies, but don’t pretend as if you are in the heavens when you’re not yet above the ground.

-When you constantly strive for materialistic gain, this disease can spread to other parts of your life as well.

-More money does not solve your problems. 

-Wealth does not spoil you. It gives you the opportunity to show others who you always were inside.

-Distinguish between the wants and needs and budget carefully.

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Connect With Mufti Menk:

Homepage: http://www.muftimenk.co.za/

Facebook:  https://www.facebook.com/muftimenk

Twitter: https://twitter.com/muftimenk

--

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You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

Debt Free Muslim Podcast Episode 14

This episode is brought to you by MuslimMatters.org – Because Muslims matter.

We're excited to have Shaanaan Dawda as our guest today. An Atlanta Native, Shannaan Dawda was born at Grady Memorial Hospital in 1986. Although a proud Grady baby and Southerner, his parents moved from Accra, Ghana to Georgia in the spring of 1982 to experience a different way of life. Growing up in a household that valued education, hard work and perseverance, Shannaan graduated from Georgia Southern University 2009 Cum Laude with degrees in Accounting and Finance. From there, he began working for the U.S. Army Corps of Engineers in Savannah, GA before moving back to Atlanta in 2012 to work for Frazier and Deeter CPA Firm. He officially passed all parts of his Certified Public Accountant (CPA) exam in February of 2013 and soon afterwards founded True Financial LLC. True Financial was founded in order to empower people to regain financial control of their lives by providing the necessary coaching and tools to help them become financially self-sufficient. In September of 2013 Shannaan was trained by Dave Ramsey to be an even better financial coach. Shannaan is actively involved in the community through organizations such as Alpha Phi Alpha, Atlanta Muslim Young Professionals, and Camp Horizon. He currently resides in Atlanta.

This episode covers:

- How he got started with True Financial

- Joy of getting yourself out of debt and now helping other people

- What is your advice on getting people out of debt?

- Why do budgets get a bad name?

- Importance of small wins in finances

- The many challenges facing Muslims and debt

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Connect With True Financial:

Facebook - https://www.facebook.com/pages/True-Financial

Twitter - https://twitter.com/True_Financial

Homepage - http://truefinancialcoaches.com/

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If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

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Debt Free Muslim Podcast Episode 13

This episode is brought to you by MuslimMatters.org – Because Muslims matter.

We're excited to have Rachel Cruze as our guest. She is the co-author (along with her dad, Dave Ramsey) of the #1 New York Times bestseller - Smart Money Smart Kids.

Buy the book - http://amzn.to/1kj5uRf

This episode covers:

-Giving your kids a strong foundation.

-How to be a good steward of wealth.

-Deceptiveness of debt.

-Student loans

-Scholarships

-Entitlement mentality - particularly with education.

-Humility and gratitude

-Jealousy, contentment, and the impact of Social Media.

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Connect With Rachel Cruze:

Facebook - https://www.facebook.com/rachelramseycruze

Twitter - https://twitter.com/rachelcruze

Instagram - http://instagram.com/rachelcruze

Smart Money Smart Kids Book - https://www.smartmoneysmartkids.com/

Homepage: http://www.rachelcruze.com/

--

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This episode is brought to you by Muslim Matters - because Muslims matter.

In this episode, we discuss the Smart Conference that was hosted by Dave Ramsey and his team on March 29th in Dallas, TX.

References in this podcast:

Hadith on inheritance: http://sunnah.com/urn/1270250

Hadith about kissing children: http://sunnah.com/muslim/43/86\

Hadith on upper hand and lower hand: http://sunnah.com/tirmidhi/36/40

Books:

Smart Money Smart Kids: http://amzn.to/1s90XBc

Total Money Makeover: http://amzn.to/1dtX9cE

Love and Respect: http://amzn.to/1l5ayYY

Strong Fathers Strong Daughters: http://amzn.to/1l5aFUn

Strong Mothers Strong Sons: http://amzn.to/1kRc8Mk

Why Omar hates Rich Dad Poor Dad:

http://www.johntreed.com/Kiyosaki.html

http://www.thesimpledollar.com/deconstructing-robert-kiyosaki/

http://www.thesimpledollar.com/review-rich-dad-poor-dad/

***

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You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

This episode is brought to you by Muslim Matters - because Muslims matter.

Who is Monem Salam?

Monem Salam, Director at Saturna Capital Corporation, President and Fund Manager of Saturna Sdn Bhd was born in Pakistan in 1972. Raised in Texas, Mr. Salam received his degrees from the University of Texas: BA (Austin) and MBA (Dallas). He worked as Chief Investment Officer for ITG & Associates (Dallas) until 1999, then as a representative with Morgan Stanley (Dallas) until joining Saturna Capital Corporation in June 2003. He served as Director of Islamic Investing and deputy portfolio manager to the Amana Mutual Funds Trust until moving to Kuala Lumpur in 2012 to oversee Saturna's Malaysian subsidiary. Mr. Salam speaks at Islamic finance/investment conferences worldwide, is co-author of "A Muslim's Guide to Investing and Personal Finance," contributes articles to leading Islamic finance magazines, and has authored a chapter on Islamic Investing in "Contemporary Islamic Finance." In 2008, he was named one of Institutional Investor Magazine's 20 Rising Stars of Mutual Funds.

In this episode, we discuss:

• How to get into a habit of saving money
• Advice about savings from the Qur'an and Hadith
• The different types of savings accounts for retirement (401k, traditional IRA, Roth IRA, Mutual Funds, etc)
• What makes a savings/investment account sharia-compliant
• Why is it important to invest in a permissible manner?
• Investing and saving while having debt
• How to teach your kids to save money
• Advice on how to live a riba-free life

Links

• Saturna
• Khutbah on Financial Stewardship
• References to savings in the Qur'an: 18:82, 12:46-49

***

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

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Purchase Android App from Amazon app store: http://bit.ly/debtfreemuslimsandroid

You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

Debt Free Muslims Episode 10

Sponsored by MuslimMatters.org

Entrepreneurship with Shomail Malik.

In this episode we cover:

-Shomail's journey from probably med school to entrepreneurship

-Importance of good work ethic

-Having mentors and role models

-Importance of good time management to develop side income

-Getting started with your own business

Resources:

http://shomailmalik.com

http://strategicrealtyllc.com

http://restuniversity.com

 --

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

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Purchase Android App from Amazon app store: http://bit.ly/debtfreemuslimsandroid

You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

Ayesha Ahmad is currently a student at George Mason University in Fairfax, VA and will be graduating this Summer. She is also the founder of Simply Scrumptious by Ayesha.

In this episode we discuss:

• How she graduated Debt-Free and her main motivation for doing so
• What challenges she faced
• Advice for high school students now on how to graduate without taking any student loans
• Whether working throughout college enhanced her resume or not
• How to take advantage of scholarships and AP courses

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

iTunes Link: http://bit.ly/dfmpodcast

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Purchase Android App from Amazon app store: http://bit.ly/debtfreemuslimsandroid

You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

Debt Free Muslim Podcast Episode 8

This episode is brought to you by MuslimMatters.org – Because Muslims matter.

Jerry Hionis holds a PhD from Temple University located in Philadelphia, PA. His primary research is in conflict theory with an emphasis on civil conflicts and Warlord-like competition. Other research interests include game theory, economic development, Islamic economic theory and history, political theory and African economics. He is also a professor at Temple University.

In this podcast we discuss:

• How Dr. Jerry Hionis got into his field of Economics
• How does Economics affect us individually?
• Information on Islamic microeconomics
• The differences between economics and personal finance
• Economics of Warlords and conflicts
• The history economics of interest and usury in Judeo-Christian and Islam
• The types of riba/usury
• The history of Islamic economics

Links in the podcast:

• Jerry Hionis
• Past and Current Academic Research by Jerry Hionis
• Twitter
• Facebook

***

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

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You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

 Debt Free Muslim Podcast Episode 7

This episode is brought to you by MuslimMatters.org – Because Muslims matter.

Shaykh DeLorenzo is a member of the Sharia board for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). He is considered a leading authority on Islamic finance in the United States. He has translated over twenty books from Arabic, Persian, and Urdu for publication, including a three-volume Compendium of Legal Rulings on the Operations of Islamic Banks. Shaykh DeLorenzo has also been a pioneer in internet education with a course entitled "Principles of Islamic Investing." He is a member of Shari’ah boards of several Islamic financial institutions in the United States and abroad, including Dow Jones Islamic Markets and Guidance Financial Group. Shaykh DeLorenzo has served as secretary of the Fiqh Council of North America and was also an advisor on Islamic education to the government of Pakistan. Following a university education in the United States, Shaykh DeLorenzo studied the classical Shari’ah Sciences with scholars in Pakistan.

In this podcast we discuss:

• How Shaykh Yusuf got involved in the Islamic finance field. 
• Challenges faced in providing shari'ah compliant home financing
• What's the next step for Islamic home financing in the US, and the need for more competition. 
• Benefits of Islamic home financing over conventional financing (Islamic institutions don't go after your assets in cases of deficiency)
• Islamic finance companies will be transparent when the people begin to demand it
• Shaykh Yusuf's thoughts on student loans. 
• What's needed for us to have a viable student loans solution. 
• The importance of home ownership in the US
• The importance of setting financial goals for yourself. 

--

Shaykh Nomaan Baig 

Institute of Knowledge: http://instituteofknowledge.com/

***

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You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook – A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

Debt Free Muslims Podcast Episode 6

http://debtfreemuslims.com/episode6

This episode is brought to you by MuslimMatters.org - Because Muslims matter. 

Our guest for this episode is Mufti Abdullah Nana. He graduated with honors from UC Berkeley with a degree in Business and Economics. After accomplishing his academic goals, Abdullah Nana went on to pursue the higher Islamic Sciences in South Africa and attained a Masters-equivalent degree in Islamic Theology. Thereafter, he was specially selected to enter a legal verdicts and jurisprudential course where he graduated with Honors here as well. Abdullah Nana is a widely-accepted research scholar in the fields of Halal and Islamic Finance. He has written and translated several publications and research papers on these subjects as well. Particular to the subject of Halal, Abdullah Nana has traveled throughout North America, England, New Zealand, Australia, and South Africa to understand the standards and practices used in the Halal Industry.

In this episode we cover: 

-Mufti Abdullah's background and getting into studying Islamic Finance. 

-Challenges facing Islamic Finance in the US

-Shortage of Islamic Finance scholars

-The need to understand auditing and regulations

-The need for alternatives to existing finance models, and understanding that solutions are multi-faceted and everyone plays a role. 

-How to deal with confusion and feelings of being overwhelmed when looking at all the difference of opinion about Islamic finance

-Putting other finance items on the radar such as estate planning and insurance. 

-Islamic Insurance (Takaful) and understanding the basic objections to traditional insurance models. 

-Utilizing waqf [endowment] in the takaful models. 

-The concept of gharar [uncertainty] as it pertains to Islamic finance contracts

-The biggest roadblock to implementing Islamic insurance alternatives is surprisingly simply a lack of demand. 

-The need to cure apathy with the Muslim community in regards to finance issues. 

Links: 

Lek Nana Family: http://en.wikipedia.org/wiki/Lek_Nana

Huffington Post: Imams Learning Islamic Finance - http://www.huffingtonpost.com/2011/07/22/imams-learning-islamic-fi_n_906299.html

Halal Advocates: http://www.halaladvocates.org/

Harvard Islamic Finance Seminar: http://ifp.law.harvard.edu/login/conference

Straightway Ethical: http://www.straightwayethical.com/

Follow Mufti Abdullah Nana on Twitter - https://twitter.com/MuftiAbdullah

***

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DebtFreeMuslims.com Podcast Episode 5

This episode is brought to you by MuslimMatters.org - Because Muslims matter.

Our guest for this episode is Zuhair Shaath, Youth Director at the Clear Lake Islamic Center.

In this episode we cover:

• His path to becoming a youth director
• Why do high school grads choose their major?
• How to explore scholarships while in college
• Having a work ethic - especially from a young age
• Parental/community reactions towards making Islamic work a full-time job
• Advice to those who are working 9-5 jobs and the importance of doing that work

References from Podcast

• http://www.themasjid.org/clic-leadership/
• Hartford Seminary

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes.

ITunes Link: http://bit.ly/dfmpodcast

Stitcher Radio: http://bit.ly/dfmstitcher

Android (RSS): http://bit.ly/dfmpodcastrss

You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook - A Practical Guide to Debt and Personal Finance for Muslims. 

DebtFreeMuslims.com Podcast Episode 4

This episode is brought to you by MuslimMatters.org - Because Muslims matter. 

Our guest for this episode is Shaykh Mirza Yawar Baig. 

In this episode we cover: 

-Financial issues affecting Muslims in America vs. globally 

-Understanding the concept of rizq (sustenance) in Islam and misconceptions surrounding it

-The importance of good parenting

-Wants vs. Needs, identifying needs in regards to things like education

-Self-Worth that our children need

-The mindset needed to be debt-free

-The entitlement attitude 

-The true meaning of sabr

-What holds people back from seeking scholarships

-Countering destructive negative attitudes from early on

-The effects of laziness and a safety net

-Role of Barakah and Tawakkul and it's relationship with sabr

-The Tahajjud litmus test

References from Podcast

Shaykh Mirza Yawar Baig online:

-http://www.yawarbaig.org

-http://www.yawarbaig.com

-Standard Bearers Academy: http://www.standardbearersacademy.com/

-Fajr Reminders Podcast

-Twitter - https://twitter.com/shaikhyawar

Books 

-Shaykh Yawar Baig's Books on Amazon: http://amzn.to/NrkIXD

-Leadership Lessons from the Life of Rasoolullah (s) - http://www.yawarbaig.org/yawarbaig/my-books/leadership-lessons

-Outliers by Malcolm Gladwell - http://amzn.to/1cOYk61

Lecture Videos Referenced:

-Rizq: Obtained or Ordained - http://www.youtube.com/watch?v=UEEEvsI9xwg

-Parenting by Sh. Mirza  Yawar Baig - http://www.youtube.com/watch?v=Y27I8xEVNhc

-Raising a Child - http://www.youtube.com/watch?v=9hNsVtMRFLg&noredirect=1

--  

If you enjoyed this podcast, please take a minute to share with a friend and RATE and SUBSCRIBE in iTunes. 

ITunes Link: http://bit.ly/dfmpodcast

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You can also visit our website and sign up for the email list to be notified of new episodes, articles, and get our FREE ebook - A Practical Guide to Debt and Personal Finance for Muslims: http://debtfreemuslims.com/get-our-free-ebook/

This episode is brought to you by MuslimMatters.org - because Muslims matter. 

This episode covers:

A Continuous Charity - Aimed at providing interest free student loans to students. 

Education is a need, but very few people are actually working for interest-free relief for students. 

Organization started with focusing on helping just one student to see if it was viable, and prove it to the community. 

The challenge of getting people to pay you back. 

How they went about raising funds to get the project started and award interest free student loans. 

How merit plays a role in addition to financial need. 

Challenges of scaling and growing this project. 

Viewing your education as an investment. 

The standard formula of 4 years high school, 4 years college just doesn't work anymore. 

Advice to students who feel there is no choice but to take out high amounts of student loans. 

Links:

A Continuous Charity Homepage: http://continuouscharity.org/

A Continuous Charity Facebook: https://www.facebook.com/acontinuouscharity

Donate to A Continuous Charity: http://continuouscharity.org/donate/donate-now.html

Episode 002

This episode is sponsored by MuslimMatters.org – because Muslims matter.

Imam Omar Suleiman is the kind-hearted, friendly giant from New Orleans, Louisiana. Born and raised in America, Shaykh Omar has a unique way of relating to a western audience though his character has gained the love of people of all ages and backgrounds.

Imam Omar has two Bachelors degrees in Islamic Studies and in accounting, a Masters degree in Islamic Finance, and is currently pursuing a Phd in Islamic History from the Islamic University of Malaysia.

Imam Omar also is a strong advocate of community service, interfaith dialogue, and social justice. He served as the field coordinator of ICNA Relief in Hurricane Katrina and also co founded the east Jefferson clergy interfaith council. In 2010, the Mayor and City Council of New Orleans awarded him for “Outstanding Civic Achievement”. He is a current member of the ICNA Shariah Council.

In this episode we discuss:

·         How important it is to not only eat permissible meat, but the income you use to purchase that meat should be permissible as well?

·         Our passive attitudes with regards to finances versus doing other impermissible things in our lives

·         How serious it is to be involved with interest (usury)?

·         What is the impact of usury/interest on society?

·         What does someone do if they get laid off and they need to take out credit cards to get by?

·         How to do you deal with having credit cards? Are redeeming points off of a credit card considered interest (usury)?

Links

Imam Omar Suleiman on Twitter: https://twitter.com/omarsuleiman504
Imam Omar Suleiman on Facebook: https://www.facebook.com/imamomarsuleiman
ILM Flix (redirects to Islamic Learning Foundation): http://ilmflix.com
Income being impermissible: http://sunnah.com/muslim/12/83
The sin of usury (interest/Riba): http://sunnah.com/urn/1265920

Please support the podcast by sharing it with a friend who might find the information useful.

Don’t forgot to subscribe in iTunes and rate the podcast!

Visit http://debtfreemuslims.com to get your free eBook on Practical Personal Finance for Muslims.

Check out this episode!

Episode 001

Mufti Ikram ul Haq is a well-known scholar who specialized in Islamic jurisprudence. He currently serves as the resident Imam of Masjid Al-Islam (Rhobe Island, USA) and as Mufti at Darul-Ifta of Rhode Island, where he delivers weekly lectures, holds classes, provides Shari`ah counseling, responds to request for fatwas, etc.

Mufti Ikram ul Haq also completed an intensive course on Islamic Banking and Finance from the Center for Islamic Economics (Karachi, Pakistan). He has licenses (ijazah) in Prophetic traditions (hadith) from multiple world-reknowned Hadith scholars.

In this episode we discuss: 

Why the debate over Islamic mortgages is aactually a cause for optimism.

The difference between conventional financing and Islamic financing. 

Understanding the basic models of finance - ijarah, murabahah, musharakah. 

Are some Islamic companies violating the Islamic prohibition of having "2 sales in 1" with a lease to own contract? 

Can a bank sell me a house at markup before they actually take ownership of the house? This is in reference to a prohibition against selling something you do not own. 

Learn why Islamic banks favor the musharakah model over the other models. 

Should Islamic banks who finance through co-ownership share in the costs of home maintenance, property taxes, insurance and other expenses? 

If you sell your home at a profit, should the Islamic bank get an increased profit? 

Should the Islamic bank share in the loss of a house if the value goes down, or foreclose on you?

What should you look for when picking an Islamic finance company? How do you weed out the deceptive companies from the legitimate ones? 

Links:

Mufti Ikram's Website: http://askamufti.com

Mufti Ikram on Twitter: https://twitter.com/AskaMufti

AAOIFI (Auditing organization for Islamic financial institutions)- http://www.aaoifi.com/

Straightway Ethical Advisory: http://www.straightwayethical.com/

Please support the podcast by sharing it with a friend who might find the information useful. 

Don't forget to subscribe in iTunes and rate the podcast!

Visit http://debtfreemuslims.com to get your free ebook on Practical Personal Finance for Muslims.