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Muslim’s Guide to Debt and Money Management

Posted by ibnabeeomar on January 5th, 2008 34 Comments Printer-Friendly

I would like to kick off a series of posts in the upcoming days (or weeks) regarding the issue of Muslims being in debt. I have found that this is an issue that afflicts many Muslims, including the seemingly wealthy, and is something that is not adequately addressed. This is due most likely, to a lack of knowledge on the issue, as well as a lack of awareness of the problem itself.

It’s my hope that this series of posts will make Muslim more aware of how to handle money/finances, and fulfill two main purposes: 1) To help Muslims currently in debt to get out, and 2) to warn Muslims from getting on the path to debt in the first place. If you don’t think it applies to you, think again. Have you ever met anyone that planned on being in debt (aside from maybe a house or car)?

I also hope that in the end this can serve as a forum for Muslims to anonymously share their stories about debt, good or bad, so that we can draw benefit from it. I believe part of the reason this issue is not discussed openly is due to the reprehensibility of the sin of interest, and people are therefore too ashamed to even open the door. What this leads to though, is people dealing with riba/debts, and no foreseeable strategy to break free from the cycle.

The outline of the posts coming is as follows,

  • I. Debt Perception

    • A) Consumer culture’s view of debt

    • B) Islamic View of Debt

  • II. Americans in Debt

    • A) Average debt of a household

    • B) Bankruptcy

    • C) Who benefits from all this debt?

  • III. Why Are Muslims in Debt?

    • A) Lack of education on money

    • B) Material gains (House, car, consumer debts)

    • C) The credit building myth

  • IV. Debt Freedom

    • A) Importance of Being debt free

      • 1) Secular

      • 2) Religious

    • B) Debt Programs

      • 1) Financial counseling

      • 2) Debt consolidation

    • C) Snowball strategy

    • D) Avoiding credit card interest

    • E) Budget your money

  • V. Halal Alternatives?

    • A) Credit cards

    • B) Car buying

    • C) house buying

  • VI. Wealth Building

    • A) Savings

    • B) Investing

    • C) Retirement

    • D) Education for Kids

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