Before you Invest...Our Financial Woes
August 3, 2013 at 1:39pm
A young graduate once inquired : Sir ! is there any Islamic bank which can give me an Interst free loan?
I countered him with another question : Why do you need a loan?
He replied : I want to start a business of Ready to wear garments.
I asked again: Do you have any experience in it? Do you have any knowledge about the whole line?
He said : No, but can you find out for me an investing partner or one who can give Qard e Hasana if there is no Islamic bank?
I inquired again : Do you know how to write or read an account sheet?
He replied : No, but my business idea is very good it will click hundred percent.
Many people assume that because they have an business idea, it is going to click hundred percent. They look around for loan (with or without interest) . Some even look for Investing partners. Are bussiness assumptions always correct? Would I ever risk my money to some one if he is not experienced in any bussiness or never worked on it and also no project report to present his case ? Nobody would risk even to an honest man because honesty, though is important but equally important is a person's effeciency too.
A widow's story once came accross me. She trusted her nephew with her precious savings and became her investing partner. There was no accounts maintained. The boy did not have an expereince in the field. He didnot have a list of his debtors and creditors. He had a beard, he prayed regularly and he was no doubt an honest person. But these are not the only qualification you need to run a business. Many of us do not know how to read an account sheet. Today Financial education is no longer just an option but it is now necessary.
Many people are totally dependant upon some one else to make their financial decisions. The moment some people around you come to know that you have money they will swarm around you with business ideas, inviting you to invest. And people invest without examining the prospect of the business or inquiring the nature of the business. They invest because they want a financial security. A steady income out of their savings. It can be possible that our life time earning can go in waste if we do not update our financial statements. ( Inshallah I will write about WHAT IS AN ISLAMIC FINANCIAL STATEMENT ? in my upcoming notes)
Many people after running into loss have a long list of creditors and debtors. Out of carelesness they avoid going to borrow their money and out of spiritual lethargy and being heedless of accountablity on the Day of Hisaab they do not pay their creditors. They do not worry about returning the people's money. This is called a 'Financial Cancer'.
Islamic financial system is not only about acounts but also accountablity. You are suppose to repay the debts. It is sad to note that our schools teach us only accounts but no accountablity so we have financial frauds and our Madrasas teach us only accountablity but not accounts, so we have financial illiteracy. Illiteracy in Finance cause frauds to harvest on our hard earned money.
Author Nisaar Nadiadwala can be responded at nisaar_yusuf@yahoo.com. He has launched BEYOND EDUCATION , an Institute that imparts Real life Education. His workshops are conducted on many topics. rangining from Family, Education, Social Problems and Interfaith dialogues too. He is a trainer in Islamic Public Speaking.
Taken from FB
