DebtFreeMuslims Podcast

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

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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/

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.