Posted by: islamicfinancingnews | December 6, 2013

Good Islamic finance practise includes these tips

Once you get through the Islamic finance part of home ownership and onto the issues that come after you’ve got the keys, you’ll quickly understand that money is tight. The first few years are generally one big learning curve and getting all the information you can to make wise decisions is just as important as finding the right neighborhood.

Don’t get tempted by the advertising that bombards us all and fork out too much money at first on new furniture and remodeling. Your savings have just home ownershipbeen wiped out and you’re looking at a new mountain of utility and tax bills that you’d never seen when you rented. It all points to being frugal and letting those personal touches you want so desperately wait until you’ve got your financial footing. Take some time to rebuild your savings and get used to those new bills–the maple kitchen cabinets will still be there when you’ve rebuilt a bank account.

That doesn’t mean you can ignore repairs. Saving money now by neglecting a repair that will get worse over time will only cost you in the long run. Use the same logic when you selected Islamic loans however and choose the contractors that have the right licenses and verifiable references.

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