Category Archives: Financial Literacy

Top 8 facts about Islamic Finance

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There has always been a demand among Muslims for financial products and services that conform to Shariah (Islamic Law). The development of viable alternatives to conventional finance increasingly enables Muslims with the estimated 1.6 billion Muslims worldwide, it’s ripe for growth potential to participate in the financial world without violating their Islamic principles and without bearing the economic penalty that comes from non-participation, especially with the recent growth of oil prices. Here are the following facts about Islamic Finance.

 

Islamic banking can be considered banking with a conscience. Islamic banks each have a Shariah board made up of Shariah scholars as well as financial experts who are responsible for determining what activities are and are not Shariah-compliant. 1

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Islamic banking is based on two main financial principles. Firstly, investment is to be made in the private sector through interest-free financing. Secondly, the development of financial instruments is to be done on the basis of profit and loss sharing as well as sharing risks. 2

 

Islamic laws strictly prohibit investments connected with gambling, liquor or tobacco.

Islamic banks must conform to Sharia law and, as a result, to the following six principles:

  • They must not allow predetermined loan repayments to become interest (riba) – the receipt and payment of interest is strictly prohibited.
  • The sharing of profits and losses must be at the heart of the Islamic banking system.
  • All financial transactions must be asset-backed. In other words, making money out of money isn’t acceptable in Islamic finance.

 

Speculative behaviour is forbidden (and so options and futures are prohibited in Islamic finance). 4

 

The word riba in Islamic law means an addition over and above principal. So riba is the addition in the amount of the principal amount of a loan according to the time for which it’s loaned and the amount of the loan. In other words, it’s the equivalent of interest, but financial systems based on Sharia law strive to eliminate the payment and receipt of interest in all forms. 5

A range of modern interpretations apply as to why riba is forbidden, although they’re strictly secondary to the religious underpinnings.

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hawala can be a bill of exchange, cheque, draft or promissory note. Hawala is a mechanism that can be used in order to set up international accounts by book transfer. To a large extent, this approach removes the need to transfer physical cash. Technically, debtors pass on the responsibility of payment of their debt to a third party who owes the former a debt; hence, the responsibility of payment is shifted to a third party. This arrangement is unique because no form of financial instrument is exchanged; the transaction takes place entirely on the honour system (a system based on trust, honour and honesty). Trust and the extensive use of connections such as family relations are the components that make it completely different from other remittance systems.6

 

Islamic banks are strictly forbidden to charge interest. Instead, the concept of profit and loss sharing comes into play. Islamic banks don’t charge interest but instead participate in the yield that results in the use of funds. Depositors also share in the bank’s profits, which are determined in accordance with an agreed ratio. Hence, a partnership exists between the Islamic bank and its depositors and also between the bank and its investment clients. 7

Islamic banks can’t make money with money, because under Sharia law money is only a medium of exchange – a way of defining the value of something – and it has no value in itself. Therefore, money isn’t allowed to generate more money by being put in a bank or lent to someone else.

 

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When a Western bank or finance house invests in a project, the investor (the bank or finance house) is assured of a predetermined rate of interest and the investee bears all risk. The investor receives a predetermined return regardless of whether the project succeeds or fails.

This situation doesn’t apply in Islamic banking, which promotes risk-sharing between an investor and an investee: the unjust distribution of risk that occurs in Western banking is prohibited. In Islamic banking, the investor and the investee share the results of the project in an equitable way. Where a project makes a profit, both parties share in this profit in predetermined proportions. On the flip side, if a project makes a loss, the investor bears the loss by way of no repayments, with the investee bearing the loss by receiving no wage or salary. 8

 

 

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As the Islamic finance market begins to experience full-grown, investors and banks are demanding new products and new structures that are complaint with Shariah principles. But while the products must be often syndicated with Shariah scholars, English and American financial lawyers are finding ways of making Islamic products work. This syndication allows the Muslims who recognize Shariah law to use and benefit from the Shariah-compliant financial tools at Western banks or companies.  Although there have been innovative initiations by Islamic financial institutions in several fields, like information technology, industrial projects, and even providing insurance against political risk, the industry still needs more innovative and sophisticated financial instruments taking advantage of western financial experience to streamline and standardize Shariah-compliant products.

 

Source: ArabInsightOrg

 

 

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David Isaiah Angway is a Registered Financial Planner, Chartered Wealth Advisor and a financial consultant for IT-BPO-Banking, HealthCare Industry and Manpower Agencies. He is a conference speaker and was featured multiple times in ABS-CBN News Channel show called On the money, Bloomberg TV Philippines First Up. He also writes for BusinessMirror, Rappler.com, and MoneySense magazine. He is a licensed nurse and a former Senior Fraud Specialist of the largest bank in the world, JP Morgan Chase & Co. He is the CEO and founder of WinLongTerm Financial Consultancy, that helps organizations retain their top key employees such young urban and educated millennial (Gen Y). It sets and achieves their long-term financial goals by empowering them through behavioral finance.

 

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What does hypnosis have to do with personal finance?

Guest post by Savipra Gorospe

It may seem far off from each other. However, managing your finances is more of psychological in nature. You see, we have two minds. First, we have the Conscious mind wherein our waking hours and awareness belongs. It’s the realm of reason and decision. The second one is called the Subconscious mind. It’s the realm of emotion and where every bit of our memory is stored. Our mind can be resembled to an iceberg. Our conscious mind only accounts for 14.28% while the chunk of 85.72% belongs to our subconscious. When making a decision, your conscious mind is a mere flea compared to the gargantuan within. Most of the time, our decisions are based on emotion then justify it with reason afterwards.

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We’re not logical as we would like to think, we’re psycho-logical beings after all. One such thing that our subconscious affects our life is when we try to stop smoking. Consciously, we may decide to quit, but then find ourselves reverting back to the same old routine. It also applies to going to the gym or stopping procrastinating. (Because there is what we call the CRITICAL FACTOR of the conscious mind. It’s meant to preserve the status quo, it promotes homeostasis so that we do not accept any suggestions given to us right away. One way, it’s good, but it also gives conflict when we introduce self-enhancing belief to a self-limiting one.)

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In personal finance, such as expand in, we consciously know it’s for the better of our future, however we give in to the urges and impulses governed by the subconscious. Being hypnotized is basically being conditioned in such a way that our map of the world encompasses a particular scope of belief. Such as our upbringing, if we’re led to believe that there is only the rat race, it will be our way of living. Most families succumbed to this mindset because this is the map of the world that prevailed during the old industry. However, today, technological advances are popping up here and there, but the mindset fails to catch up. When a client comes to me for hypnosis, they are already hypnotized. What I merely do is to dispel the limiting belief system that their parents, environment, upbringing, and life experience has led them to believe.

 

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This applies in our finances as well. Old habits die hard. That’s why a lot of people earn more than enough money but when you ask them about their financial foundation, they aren’t even protected. How do we propose a solution in developing and cultivating our subconscious mind to make lasting changes with our finances? Let’s go back to the subconscious and conscious mind. When we educate people about managing their finances, if you teach them one time, would be like pouring water to a bucket. Teach them a lot of times, the bucket can only fill so much. The water is not the problem, but the bucket. The size of the bucket must expand in order to contain larger amounts of water. How do we expand? How do we make lasting changes within our subconscious? To the very core of our belief system especially with our personal finance strategy?

 

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Savipra Gorospe is an International Certified Hypnotherapist specializing in conversational hypnosis, Philippine Regulatory Commission (PRC) Licensed Psycho metrician, and an active Affiliate Member of the Psychological Association of the Philippines (PAP) under the Assessment Division. He has been in the field of personality profiling for 7 years with expertise in Lie spotting, Micro expressions, and MBTI. He is also a Marketing Director and Financial Educator at International Marketing Group, an organization that advocates financial literacy to families. For more information, visit his website at www.savipra.com.

 

 

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JOY in talking about money

smiling-woman-paying-bills

Guest post by Avic Tatlonghari owner of littlegreatjoys

For a long time, I made myself believe that I did not need much help on managing finances. After all, I was pretty good at it – paying all my bills, living within my means (or so I thought) and saving a little here and there.

How wrong I was! I need help as much as everybody else does. It does not matter whether one has an advanced degree in finance or one is totally clueless about financial jargon. We all need that kind of help. Most specially when one is married.

Money is one of the causes of breakdown in many kinds of relationships. And marriage, having children, moving from two incomes to one, or having two incomes and yet not being on the same page when it comes to financial decisions, would all lead to some degree of tension. And if one is not careful, it will slowly steal away the joy in the relationship and one ends up wondering what has gone wrong.

And so every year, Pido and I set up a date to talk about our financial goals and plans. He loves to call it our Financial Conference so we would take it a little more seriously. We usually do it after the weeklong prayer and fasting. We want to make sure that we have individually prayed about our concerns on finances before consulting each other. We want to make sure that we are clearly reminded of some fundamentals before we lay out our financial plans.

During the long train ride from Saitama to Tokyo and then to Chiba prefecture (to see the beautiful newborn of the Gomezes), we did the Tatlonghari kind of FinCon.

We agreed to do the following:

Believe

 

1. To believe that God has been providing all our needs and that He has been faithful and will always be faithful in doing so.

We have so many financial aspirations. We want to have a lot of money. We want to buy so many things. We want to be ready for retirement. And we have a lot of needs. And so before all these crowd our hearts with ideas on how to reach all these financial goals, we wanted to make sure that our hearts are in the right place. We wanted to be in a position of gratitude, not in a position of entitlement. We wanted to remind ourselves that everything we have is from the Lord. Everything we have is a gift. And all the things we do not have are not enough reasons for us to think that God failed to provide. We pointed our hearts back to the great provider.

 

 

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2. To trust God as our source.

It does not really matter if we have a lot or very little. Trusting God and seeing Him as our source say a lot about our relationship with the Lord. When we trust Him as the source, not our income, not our employers, not our host country that provides employment opportunities, not our spouse, not ourselves, we are putting our finances in the realm where faith works. Trusting Him has allowed me to dream of owning properties we would not be able to have given our single income and burgeoning needs. It has allowed me not to put pressure on my husband to go home and bring as much money as he could because I wanted a lifestyle he could not afford. It has allowed me to have a certain kind of peace that things are going to be provided for anyway and I can do my part in the best way I can and watch God move.

 

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3. To put God first.

I love reading financial books that do not only provide tools to help manage our finances, but also put premium on giving our tithes faithfully and being generous to others as prerequisites to having financial freedom and peace. And so even before we started talking about the things we needed to do this year to meet our financial targets, we reminded ourselves to be accountable to each other when it comes to giving our tithes. We also decided to pray about being generous in our giving, specially in planting seeds in good soil. In the past, we have supported a few missionaries in small ways because we felt that we wanted to be a part of what God was doing in the nations they were trying to reach. We prayed to be blessed so we could bless our extended families and those God wants us to bless.

 

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4. To be good stewards of resources entrusted to us.

It was a big step of faith when we jumped from being a two income family to a single income one, more than three years ago. We were not prepared for it. I often wished we had heeded the advice of living within the income of my husband only and saving my income during the early years of our marriage. We now give that same advice to new couples. The issue is not really about whether the wife/mother wants to work after having kids. The choice to stay home or be a working mom is neither good nor bad. I think the greater issue is whether she has to work because there is no other choice, because the lifestyle that the family has chosen to live and enjoy would require both people working so many hours a week to bring home more bucks. And so as good stewards we learned to embrace how to use certain tools to live within our means. Pido and I talked about changing our mindset about being debt-free; agreed to write down our goals and be very careful with writing and following our budget; planned how to reach our target emergency fund this year; put a deadline to pay all kinds of debt including mortgage in the next two years; talked about investment we could make and the types of insurance we should prioritize; decided to scale down our lifestyle and postpone our dream trip we have been planning to make when we turn 40 next year; emphasized the need to set aside money for celebrations most specially anniversaries because they are important to our marriage; and committed to doing each other’s role with excellence so we could reach our target.

We still need a lot of help and practice in this area. We still need to learn from our mentors who have gone ahead of us and have made wise financial decisions. We still need to read a lot of books and re-visit the way we budget, spend and save. We still need to work hard in order to have the seed money for our dream business and investments. We still have to learn how to communicate better, fight less, and work together as a team so we would make decisions according to what God wants us to do with the resources He entrusted to us. We will still need to keep asking for forgiveness and to give our sincere and immediate “I forgive you” when one of us makes mistakes and a silly financial decision.

Talking about money with one’s spouse does not not only bring both of you on the same page as you manage your resources; it also makes you fall in love with the other person more and more as you listen to his/her faith, fears, dreams, secret prayers, disappointment, frustrations, and regrets. Talking about money gives you a chance to rediscover the other person and makes you see that it is really not just about the money. It is also about remembering two types of very important covenants- the covenant God has with us and the covenant of marriage to this other person God has given us.

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God is our provider. We just need to take time to remember. And maybe, talk about it a little more often until we get to a place where we can trust God completely, surrender our fears and doubts; give thanks despite lack and loss; and bask in the promise that He will be there for all our future needs, in His perfect ways and in His time.

Originally posted 

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Avic Castillo-Tatlonghari is the blessed wife of Pido, a trying hard stay-at-home mom of Adana and a Filipino trying to live to the fullest, discovering all my little great joys, here in Japan. She would loved to hear from you. You can reach her through her  e-mail at avictatlonghari@yahoo.com

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More than Enough

Image courtesy of SpaceAnswers
This is an excerpt from the book More Than Enough of Dave Ramsey
Out of core values, vision is born. Vision is put into working clothes and becomes goals. Shared goals gives you unity with those who are on the journey with you. Values, vision and unity repair broken hope and build your hope into the fuel that fires the rocket of intensity. The rocket intensity is kept between the ditches by accountability and support. The pilot of the rocket ensuring that intensity stays on vision’s course is diligence. His co pilot and navigator are work and discipline. Patience that is born of power has at its center intensity, hope, vision and diligence. You can have real patience without first having those thing and when you have it relationships built and you add yet more unity. Contentment is your vision, gives you different kind of intensity definitely fuels patience, diligence, and unity while born of all those things. Giving is the result of values the vision they bring. Unity is increased by giving cause relationships are affected. You always have hope when pouring your life into something that matter. Part of the great misunderstanding is that somehow giving is the act of someone who isn’t intense or diligent when in fact the opposite is true. Patience and contentment rise to a whole new level of understanding when they bring on giving, which then in turn feeds you much of each of those.
Money is all about your behavior
that’s why money won’t solve
your money problems. – David Angway


David Isaiah Angway is a Financial Evangelist

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Financial Coach VS Financial Adviser

Graph courtesy of Financial Mentor
Today you will know the big gap between the two. You might be confuse with the term but coaching process and giving financial advice is like a night and day.
Financial Advisers want to take care or manage the funds that you already accumulated while Financial coaches help you to be accountable and build your wealth your own way thru your knowledge and skills set.

This is the principle  financial advice is like giving a man a fish and expect  he will be  hungry again in an hour. If you teach him to catch a fish you do him a good turn and that is the impact of financial coaching process.

Financial coaching is driven by goals of the client, coaches help people develop skills and behaviors they can improve upon independently. The benefits of financial coaching are improves financial capability and increase savings.  According to center for financial security, coached clients are more likely to have a financial goal and be more confident in their ability to achieve that goal compared to those who do not work with a coach. You are in control of your finances because you are smarter and have skills in making a better informed decisions

Financial advice  focuses on your portfolio by providing specific securities and investment advice. The financial adviser business model is all about managing the money you already have. You give them control of your assets and they do the work for you. (Todd, financial coach, owner of the Financial Mentor  Website)
Investopedia defined financial adviser as professional who helps individuals manage their finances by providing advice on money issues such as investments, insurance, mortgages, college savings, estate planning, taxes and retirement, depending on what the client requests. Some financial advisors are paid a flat fee for their advice, while others earn commissions from the investments they sell to their clients. Fee-only arrangements are widely regarded to be better for the client.

Traditional Financial Advice will always fail you – and the Statistics Prove It
In a changing world and economy if you will follow the  old advice of your friend who is not well verse financially you might end up retiring without dignity. Not all advice will be good to you and not all financial products will be suitable to your needs.  

In a research based study the issue with retirement shows that 2 out of 100 can retire very well and live comfortably. Imagine yourself believing those money myths that you have now and I can guarantee that it will cost you a lot. Financial coaches and financial advisers can help you make sound financial decisions but you have to choose whether you will be the authority or not.

Getting personal

1.      What do you think is superior for you and why?
2.      Who do you prefer to have a collaboration when it comes to your wealth habit?
3.      Why do you need financial adviser and financial coach in your life?
4.      What particular character would you like to see from your financial coach and financial adviser?


David Isaiah Angway is a Financial Evangelist

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Do you have a Masters degree in Financial Procrastination?





Have you ever tried to plan in doing a lot of things before but it seems like you have this struggle with laziness? Haha. I was one of those people before. I am still a work in progress till now especially when I am so distracted and never focus on my goals.
Breaking up with a bad habit especially in finances is like breaking up to a bad girlfriend that consumes your time, effort, energy and money. Sooner or later you will realize that it is totally worth it.
There are habits in our life that we need to admit and we need to let go so we can experience growth. We need to graduate from the following habits.
1. You got tons of excuses why you don’t have savings or investment account.
“Time is gold” whoever said those words knew exactly the value of it. In this lifetime you will earn millions but you have limited time. Get serious with your finances and start now in changing your habits and behavior. Excuses will make you weak. Pride will bring you down.
2. You have so many extra curricular activities and you put the savings and investment as the last of your priorities.
Our ability to discriminate things from the highly important goals will give us an advantage from other people. There’s no problem in going for a long vacation, buying a new car, getting a new gadget or treating your friends to a bar. But remember to manage your finances first or else  activities will manage your finances? What would you choose?
3. You made a promise at the start of the year that you will start investing but till now you never even started choosing what kind of investment you will enter.
How many years you’ve been planning for this to start? Stop thinking about it! Like what the company NIKE said “Just do it”. Do your due diligence. Research, ask, save, invest and do it again and again till you get used to it. Momentum will overflow. Many successful people are known because of what they did not because on what they know.
4. You just plan to have your budget then fail to apply it.
Putting it in a paper is like the the first step but it will take series of action before you achieve your goals. Putting it in paper will not make you win.  Finishing it thru compounding action will make a difference.
5. You planned to pay for all the debts that you have but fail to pay even the minimum of your credit card that you owe.
Let us admit, there is a global pandemic about debt mismanagement. If there’s a medicine for procrastination in paying debt i think many will subscribe or have a lifetime maintenance with it just to simply cure that part. Commitment is something that needs to be enhance. Your ability to discipline yourself and pay for your debt and save money will free you from financial procrastination
6. You are still wondering how come your money don’t last till the next pay day.
Yes it happened again? You  failed to do your assignment. Have some written vision and goals.  Do the budget. Write it down or put it in an app so you can monitor your progress. Seeing whether your growing or not will give you an idea where to make necessary adjustments.
7. You keep on buying in E-commerce thinking that you will earn because of the discount that you are getting.
What you have is a Wrong mindset! The site design was to simply earn from people with the kind of mentality that you have.
Buying in an e-commerce site will not give you savings but will encourage you to get more items and pay more resulting to a rewarding program into your brain called buying endorphins while your pocket or bank account  is having a lot of pain.
Forming those habits is not an overnight process and changing it will take time too. You might be in a season of pruning right now where you need to unlearn a lot of crazy beliefs inside your head. You should graduate from that procrastination by simply doing baby steps after baby steps. 
Pro 22:3 A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.

David Isaiah Angway is a Financial Evangelist



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Filed under Behavioral Finance, Financial Coach, Financial Literacy, Freedom, Understand Us, Victory Over Finance, You Can Make It

Tips on how to save money easily

How to save money

I was once a part of the majority of Filipino who had a problem when it comes to saving my disposable income. Many people right now is experiencing a lot of difficulties keeping up with their savings account .I once heard that  some Filipinos are good spenders but very bad money savers .So if you are experiencing trouble saving money I have some tips for you on how you can be on the right track.

Tip # 1. Write down your goals and focus on it– As a human being we keep being swayed by many things, let us all admit we are always prone to distraction. Knowing where you are right now and understanding the reason behind why you are in that position will help us immediately to create an action. If you want to buy a house or a car someday make it as a goal and motivation. Money without a name is waste money.

Tip # 2. Change the formula– I have been doing this since last year and it truly works. When you got your salary either on the 15th or on the 30th of the month because that’s the normal payday we got here in the Phil. I would recommend you to follow this formula. Salary minus 30% (10% for Tithes + 20% savings) is equals to expenses. Right now, Filipinos usually follow this formula: Salary minus expenses is like earning but not saving.

Tip # 3. Budget– It is not enough that you take out the 30% and let the 70% of your money go down the drain.I am encouraging you to learn how to plan, write it down, analyze where your money is going plus look where to cut cost and put your savings in a really good investment vehicle which can beat the inflation . If you were addicted to food and expensive coffee learn how to minimize it so you can save some money and not just impress everybody. Stick to the plan but always make some necessary adjustments.

Tip # 4. Join a community of savers, investors, and financial mentors – Like the old saying goes “Tell me who your friends are and I will tell you who you are” . If you are determined on saving money and you want to succeed on your financial goals I would rather mingle with a group of people who can assist me instead of me spending my hard earned money just to please a lot of people that I really don’t like. The idea of going out on a Friday night  with a friend is good but if it will stops you from reaching your goals then better leave it behind or drop it.

There are  lot of ways in saving money but starting from the basic will simply help us avoid wrong financial decisions in the future.

Proverbs 13:11 Wealth gained quickly will dwindle away, but the one who gathers it little by little will become rich.

Your finances will be in a bad situationif you don't stop chilling with the wrong people (17)

David Isaiah Angway is a RFP and a financial consultant for IT-BPO-Banking, HealthCare Industry and Manpower Agencies. He is a conference speaker and was featured in ANC On the money, Bloomberg TV Philippines. He is also columnist at BusinessMirror, Rappler, and MoneySense magazine. He is a licensed nurse and a former Senior Fraud Specialist of the largest bank in the world, JP Morgan Chase & Co.

He is the CEO and founder of WinLongTerm Financial Consultancy, helping young urban and educated millennial (Gen Y). It sets and achieves their long-term financial goals by empowering them through behavioral finance.

For more information and concerns subscribe to winlongterm.com Facebook page or contact me at david@winlongterm.com, here’s also my mobile number 0925-787-7796

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Why do you need to be Financially Literate

It will empower you to get what you need and what you want. You can dream and it will happen, just imagine that! Look at those Rich people they can play golf and go to Disneyland anytime they WANT.

Time for us to change the future of the next Filipinos. Do it for yourself and for them. Don’t be selfish, c’mon bless other people with what you have. Those who are faithful with small things will be given more . We are designed to be lender and not just a borrower. We were program to be excellent and great not only as a nation but God’s will for us is prosper as a nation and not forever slave Jeremiah 29:11

We are here to maximize what God gave us. Life is full of joy and challenges. Money is important from the very beginning but the more we know the purpose of it, we can easily make a decision especially when it comes to preparing for the retirement stage. Most of the Filipino parents right now who are now retired  are relying on their kids and it is a really bad training and it will be a terrible cycle. Time to stop that now especially to our generation.

When the time You get  back to the Lord you will be able to pass this legacy to your kids or love ones. In reality most of the time Filipinos will just leave 3 things to their  children or wives the most common are borrowed money from anyone (utang) Surname, sickness or disease e.g. Diabetes Hypertension

Your finances will be in a bad situationif you don't stop chilling with the wrong people (17)

David Isaiah Angway is a RFP and a financial consultant for IT-BPO-Banking, HealthCare Industry and Manpower Agencies. He is a conference speaker and was featured in ANC On the money, Bloomberg TV Philippines. He is also columnist at BusinessMirror, Rappler, and MoneySense magazine. He is a licensed nurse and a former Senior Fraud Specialist of the largest bank in the world, JP Morgan Chase & Co.

He is the CEO and founder of WinLongTerm Financial Consultancy, helping young urban and educated millennial (Gen Y). It sets and achieves their long-term financial goals by empowering them through behavioral finance.

For more information and concerns subscribe to winlongterm.com Facebook page or contact me at david@winlongterm.com, here’s also my mobile number 0925-787-7796

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