Purifying Your Wealth: Why don't we just use Debit Cards?
Published: Mon, 07/27/20
Purifying Your Wealth
Assalammualaikum wr wb,
We hope you are well and in the best of health and iman. May Allah swt continue to bless your family and your life with His mercy and rahmah.
This week's sharing can be a little controversial and may get us into hot soup too but among Muslims we should create this awareness. Since we cannot do much about the generation of riba. At most we can cleanse it from our accounts.
Why don't we just use Debit Cards?
And throw away that Credit Card?
The reality is many of us get into deep debts because of Credit Cards. The whole notion of "Enjoy First and Pay Later" where as by right we should only spend what we have. If you cannot afford it now, save for it.
Thats why since last year, we have been advocating to get rid of the Credit Cards?
Yes we may lose some benefits such as points etc but in the long run, do you think there is Barakah in it? Are those points worth it so that Allah swt will a rage a war on you?
“O you who believe, fear Allah and give up what remains of your demand for riba if you are indeed believers. If you do it not, take notice of war from Allah and His Messenger.” (Quran 2:278-279)
How many of you have gone for holidays happily and when you are back you have a mountain of payments to make? Is this what we are going to instil into our children?
Why Debit Card?
Well firstly with the online world you do need to make payments using a card. In fact a debit card is sufficient. The difference is that, your accounts need to have the funds to pay for it otherwise the banks will reject the payment.
With all these hackers hacking our accounts is it really safe?
If that ever happens. Please contact your banks and get it resolved and this will take some time to solve as the banks need to investigate etc. At some point many of us will experience this.
So thats why some people still do not want to throw away their credit card because if the card is hacked, it's not their money which is being hacked.
Is there a solution without using a credit card? Yes but it is a little bit troublesome for some because it revolves around multiple bank accounts.
This is what we would suggest you to have.
Minimally we should have 3 bank accounts.
1st account - Spending Acct with Card and Ibanking. - DBS or POSB
2nd account - Holding Acct with no card. Only Ibanking - DBS or POSB
3rd account - Savings Acct with no card. No Ibanking - Maybank or CIMB Islamic Accts.
Let's begin with the 3rd account - Savings Acct.
Why a savings account with no card or no ibanking. The whole idea of savings is not to touch the money unless its real emergency. So you should make it difficult even for yourself to draw the money. The only way to take it out is for you to walk to the counter and draw the money or to draw out the small interest to cleanse it. So every month, depending on your age, you should put aside a 10%-30% into this account. You should not
worry about cleansing it if you open an Islamic Bank Acct.
The 2nd account - Holding Acct.
This makes the bulk of the money from your monthly salary. This is to pay off your yearly insurance, children school fees, etc.
The 1st account - Spending Acct.
- Although banks have security measures, they cannot guarantee that your account cannot be hacked. So keep this account to the minimum required. Example POSB just need $500 minimum amount. Just in case this account is hacked because of the card, losing $500 is very small compared to losing tens of thousands. Use this account for your monthly groceries and online payments. Move funds from the 2nd account to this account
as required as most payments are by card now but keep to the minimum.
Our speaker for the 3rd session, Mr Zaid Masagos would suggest to have 6 accounts. He is well known to share his concept of W.E.A.L.T.H in his short courses. Thousands of students who have learn this concept and practised it has seen miracles happening in their life. Yes it needs to be practised. Otherwise you can read about it but never implement it over a certain period, you will never achieve it.
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If there is a will there is a way. To attain Allah's barakah is not without effort. For many it will seem troublesome but for those who practise it, insyallah you will see Allah's barakah and blessings.
There is always a way without Credit Cards. So please throw them away or return it to the bank.
