Studying Islamic Finance

السلام والازدهار العدالة المجتمعي
You are visiting a blog associated with an online noncredit course studying the topic of Islamic Finance, moderated by John Wiley Spiers. Feel free to participate in our discussion, and if you are interested in taking the course visit http://www.johnspiers.com/Islamic_Finance/Welcome.html

Wednesday, November 28, 2012

Jihad For Fun and Profit

The proper sense of "jihad" is self-improvement, and of course in line with the revelations in scripture. On this point both Christians and Moslems can agree.

Since Christianity has the same requirements as Islam when it comes to finance, bringing my personal affairs in compliance with revelation is my own personal "jihad."  As I reorder my affairs, so many opportunities open up.

I've gotten rid of my credit cards, and closed my IRA accounts.  I've zeroed out my savings accounts, just using the debit card.  Now, the very act of closing credit cards comes with the warning this will "hurt my credit report."  That is rather funny, because my credit is good with those that matter (business and personal associates), and what they really mean is it will hurt my ability to be entrapped in the debtor's prison of usury.  It is like warning me if I stop eating poison I might get healthy.

As I cut usury out of my finances, I find myself reordering things so that I might pay no interest.  I had a great frequent flier program associated with my credit card.  After getting rid of it, I realized there were nothing "free" associated with frequent flier miles, even with paying down the balance to zero there are fees, and there are tickets from "consolidators" that can be 70% off, but no FF miles.  And cash talks even better to these people.  The alternative lifestyle can be fun.

But it is the potential for peace and prosperity inherent in the system, that I am most concerned with.  As I develop "Islamic finance options" of course I am also studying this from the Christian perspective. So far I see no real differences.

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