Islamic financial planning is an essential component of wealth mastery. The business performance highly depends on Islamic practice as Islam is a comprehensive, integrative and holistic religion that governs all aspects of life. It is a religion that focuses on major and minor life issues. It cares for personal, social, spiritual and materialistic subjects. Islam relates this worldly life to the Hereafter.

Islam also encourages Muslims to spend their money carefully. There is no reason to spend it too much but they should at least cover the basic necessities of their families. In Islam, if a husband has money but doesn’t want to spend on his wife or children, she has the right to ask for a divorce.

It is especially vital for every Muslim to plan his finances as it will secure him and his family’s well-being. Planning for death should be taken into account while planning finances. A Muslim should prepare himself for the next world as if he is dying tomorrow. This does not mean to forget his world; A Muslim should work to improve all his living as if he is living forever. With all in mind, it is vital to master the techniques of building a strong financial foundation.

Financial Planning is practically a discipline of wealth management that applies to the unique needs and concerns of each individual. As a Muslim, one should care about financial planning, as after death it is possible that he will leave debts or children to the trusted one. Starters, who manage their expenses, save and invest 10% – 20% of their pre-tax income. In an ideal situation, this could be achieved by investing in a pension scheme with the employer. This should become a habit because it is less likely to find oneself in financial difficulties later in life if dealt with financial planning earlier in the career. This will also ensure that no problems in the family will arise due to financial issues.

It is essential to discuss finances with the spouse. They should know about debts and net worth of their partner. Knowing family financial situation will enable them to understand the stress, and both spouses should be co-signers of the long-term plan and decision in order to become wealthy Muslims. It is also important to review and adjust finances with the spouse constantly, as well as discuss new options of investment. Many Muslims lifestyle constitutes of a lot of work and no play which is detrimental to their health and wealth. Only working routine is unhealthy and detains people from making necessary decisions to become wealthy Muslims. Needless to say that if one continues implementing their investment program, it’s important to monitor their portfolio on an ongoing basis and ensure it is appropriate.

Islam does not tolerate selective concentration of wealth. To prevent it, Islam restricts cumulative exploitation of resources, thereby prohibiting the concept of interest in finance. Islam further prohibits any kind of exploitation through tricks to create unnatural inflation in the market. This means that Muslims aren’t allowed to scam people in exchange of money or other materials.

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Killing innocent people because of petty differences is just plain old brutal. I personally just get disgusted by the thought of taking a human life just for the sake of worthless pieces of paper we call money.Pakistan –KARACHI, a bomb blast; pieces of human body shredded to dust; bikers shooting random innocent people just for the heck of it. That’s what all you hear nowadays when you turn on any news channel on TV. These target killings have been a rising form of violence and have contributed to instability and insecurity all over Pakistan.

Such incidents have become unacceptably frequent in Karachi, Pakistan’s largest cicty and major financial hub. The police has failed to do anything about it. We are sitting in our living rooms enjoying hot cocoa on these cold winter nights while in Karachi, a family is probably being torn to pieces. The word doomsday can’t even begin to describe what it’s like for the families and friends of victims of such sporadic incidents of violence.

For most of the part, target killings in Karachi have been is because of political, religious and ethnic motives. Now we’ll talk about some of the possible causes that might be the reason of these killings, especially in Karachi. Karachi, being an industrial center, has attracted migrants from all parts of Pakistan. This metropolitan city has become the most multicultural place in Pakistan, serving as a home to Biharis, Punjabis, Pukhtuns, Muhajirs and many more ethnic communities. I personally believe that the theory of clash of these civilizations come into effect over here.

It’s just not possible for a so much diverse group of people to live together in peace. Furthermore, religious extremism just adds fuel to the fire. This religious extremism has manifested itself in the form of a long term Shia-Sunni conflict that has now spread to the rest of the country as well. Also, the failure of the Pakistani government in controlling the situation is a matter of great shame for local rulers. Political instability accounts to that. Best examples include the never-ending feud between the the Awami National Party that is largely supported by Pathan immigrants and the Mutahida Qaumi Movement, which consists of Urdu-speaking Muhajirs.

Now the inevitable question arises: What can we do to resolve this dilemma? Well, I think handing control of the city to the army for a little while won’t do any harm, not here anyways considering its situation. Yes, that might sound like a little dictator-biased to you, but we are running out of options. Steps must be taken or else we lose our biggest city and financial capital to these lowlifes forever.

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Many Muslims and Pakistani citizens have been in the front line to criticize the activities that are performed by Americans in Pakistan. In the process of Americans trying to suppress militia forces and other terrorist groups, so many people have lost their lives. This has made many people across the globe take the American’s activities in a manner that is not welcoming. In fact, rebellious ideas have continued to be expressed from all corners of the world.

Most people have continued to have negative perceptions of Americans and all the activities they conduct in Pakistan. There is a feeling that the America’s intentions are not good. This is because the Pakistan government and the Islamic religions perceive their actions as efforts to kill the Muslims in the name of fighting terrorism. However, in a real sense, the Americans are helping to fight the terror groups that have continued to not only bring havoc and fear among the Pakistan people but also the entire world.

One thing the Pakistan government has to ask itself is how it is possible that the Americans would have ill intentions but at the same time provide the Pakistan government with financial support. One thing that is very evident is that the Americans would not assist the Pakistan government and their citizens if it has all along had negative intentions. The Pakistan nation should therefore start to look at these issues from different angles and appreciate the fact that they have been assisted to rise economically, politically, and socially.

The Pakistan government has been loaned a lot of money for the purpose of developing industrial sectors which are the backbone of many of the countries. Many industries and firms that were very productive failed to operate because of the terror attacks that lead to the closing down of these industries. Through suppressing the effect of terror influences in the region, it was possible to establish the industrial sectors but finance was at a great setback. The American government donated a huge amount of cash for the purpose of renovating these industries.

Large donations have also been awarded to the Pakistan government to boost educational sectors. The schools that had been closed have opened again and are now in operation. Learning facilities have been bought with the cash that had been donated to specifically fund education in all levels of learning institutions. The bright students as well as the needy are given scholarships to advance their education. Some of the cash that has been donated has been injected into construction.

The health sector in Pakistan has also realized a significant improvement. The American government should be allowed to build more centers for offering medical assistance. The cash donated has been used to purchase the equipment for administering treatment to the sick. Research centers have also been established through the cash that has been donated to the government to facilitate study in various medical fields. The Pakistan government has also received large amounts of cash to ensure the funding of the restructuring process of the government for proper administration and governance. The Americans should therefore not be seen as a threat to Pakistan.

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The world is moving towards the worst financial mislay and the last year’s recession is also due to wrong policies. It causes the bankruptcy of millions of people in the world. The economic crack down affects everyone serving in any field. The most effectual one is the middle class and lower class people. The foremost reason of this crunch is the financial systems. They offers loan and asked you to return it with some profit or interest. They secured their lendings as well.

The problem started when it’s time to return. They need profit at any case whatever, the financial condition of the borrower at that time, either the loan adds any financial benefit to him or not. In case of lose; still you have to return the loan with profit/interest. Such miserable conditions end to bankruptcy of the borrower.

The substitute way of this dilemma is a system which shares not only profits but loses as well. Financial systems whose mission is not only profit maximization but also to contribute in the society and to develop a welfare society as the image given by the Islam.

Over the last few decades, Muslims are trying to construct a banking system based on the Shari’ah laws and give an ideal system to the world. It’s not only based on the commercial basis but also to help the society in the positive manner. The best financial system is given by Islam that works for the mankind welfare. The current Islamic system also working on Shari’ah rules, and offer loans on the basis of both profit and loss sharing. The share of profit as well as loss made the Islamic banking to be trustworthy. They have different modes of financing. These modes have their own set of principles, philosophy and conditions which made them to use as a Islamic modes because they are coherent with the Islamic laws and Shari’aa.

Musharikah financing, the word arises from the Arabic word means “sharing”. In the business concept it deals with the sharing of profit and loss. Like in the joint venture all the partners will share the profit and loss in the proportion of their investments. IJARAH is the LEASING mode, Mudarabah financing In this mode of financing, in which the investment is solely from the Islamic bank. The full money is being given by the bank. Murabahah is in the Islamic Fiqh refers to a particular kind of sale, and this mode deals with selling.
Hence Islam offers the best Islamic financial system which not only eliminates interest but also solve all the financial problems.

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