Posted by: islamicfinancingnews | August 16, 2013

Financially responsible Islamic loans

islam21 There’s no doubt getting Islamic loans is one of the best money maneuvers you can make if you’re a practicing Muslim. but even when you take special care to avoid the pratfalls of Riba you can still wind up making some bad judgment calls. Here’s a few of the top money mistakes you’ll want to be sure to avoid.

  1. Not staying on top of your credit score. Not only should you be paying your bills on time, but it’s also a good idea to put down a little more than the bare minimum on credit cards and other forms of loans. Remember, if you have bad credit that prevents you from getting Islamic loans, you can talk with a financial advisor who will able to teach you various techniques to get you back on a good credit path.
  2. Overuse of the the credit you get with your mortgage. We all have debt and from time to time we need to get into our credit sources to pay for unforeseen expenses, but the best idea is to look at credit as something outside your normal cash flow.

Getting proper Islamic loans is a financially responsible move, but only part of what you’ll need to do to keep your household budget in order.

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