My relationship with Islam the religion may be complicated, but I’m ALL for Islamic finance. During Securities Commissions Malaysia’s SCxSC 2019 Fintech Conference event, someone said Islamic finance = ethical finance and gosh, that’s it, that’s why it’s always been appealing for me.
I love the underlying values behind it, like how usury (interest) or riba is completed prohibited, and how excessive risk-taking or gharar is not encouraged.
Conventional finance can be so predatory – yes, predatory – and I love how Islamic finance and banking is structured in a for-the-good-of-all way, even though admittedly things are never perfect in practice.
When it comes to Islamic investments, I admit I do have a big preference to Syariah-compliant investments. Not ALL of my investments are halal, but most of them are. I’m a work in progress, as we all are.
Throughout the years, I’ve made my notes when it comes to Islamic investment options in Malaysia. It’s far from comprehensive, but it’s time to share it with you. Hopefully it’ll help.
What did you pick as your first investment? Your second? Third? And so on?
As always, when I got curious about anything personal finance, I turn to the crowd. I asked the RoR Facebook community about their first, second and third investments. How did they interpret the common advice to ‘diversify your investments’, and how does the order look like?
Have you ever used learning as an excuse to NOT do something? Like, in a “oh I can’t possibly do that yet, I’m still learning about it” way.
Yeah. Hi. Can I join the club?
Creating video content is that thing that I’m forever ‘learning’. So far, in the last couple of years, I’ve:
Asked many people for advice
Bought some equipment
Bought a video-editing software
Bought and went through courses (including one in August designed to conquer the fear of being on camera, a course called ‘Confidence on Camera’)
Made a looooong list of possible video content angles
And yet – and yet! – at time of writing, I still can’t bring myself to actually do it. The only reason why I have a Ringgit Oh Ringgit Youtube channel set up (if you want to be an early subscriber…) is because I need a place to house a collaboration video done with HelloGold.
On one hand, ok fine baby steps. On another hand, this baby needs to grow the hell up.
Someone smack some sense into me please. Or suggest video content you want to watch, maybe that might help. I don’t know.
As I sat down with Rafiz Azuan Abdullah, the CEO of PIDM or Perbadanan Insurans Deposit Malaysia and asked my questions, it occurred to me that this man is truly at peace with doing a thankless job.
If you’re unfamiliar with what PIDM does, they are basically a government authority that provides protection for your deposits, as well as takaful and insurance benefits in the unlikely event a PIDM member institution fails.
For example, let’s say Bank X somehow goes bankrupt and you have RM10k saved there. As Bank X is a PIDM member bank, PIDM will make sure you get your RM10k back immediately.
Something exciting happened recently. On 23 July 2019, Tun M launched the National Strategy for Financial Literacy (2019-2023).
Korang. A national strategy. For financial literacy. Isn’t this amazing? I’m all for it. This is great, we needed this.
So I was browsing through the document (thanks Vincent for sending to me!) and thought, hey! There are so many financial education initiatives, many of which I didn’t know about! I should share this on RoR!
So here you go. Every single financial education initiatives under members of Financial Education Network (FEN), as of writing time.
In this article, I’m going to give you a condensed but concise pros/cons list of five of the most popular investments in Malaysia: fixed deposits, mutual funds/unit trust, stocks, gold and properties/land. I’m also going to give you the tried-and-tested strategies that work well with each type of investment.
Why these five? Simple – because the overwhelming majority of us will start our investing journey with one of them first.
Spoiler alert: the best books to learn about investing will never teach you about getting rich fast and making quick money.
Instead, they almost always focus on playing the long game, discussing the right mindset and building a strong foundation in understanding fundamentals, like how the economy works.
At least, that’s what I learned when I asked for best book recommendations specificto investing in a personal finance group. It was kind of a humble pie moment – I thought I read a lot, but I’ve only read one out of the 10 books on this list!
For your (and my) benefit, I’ve compiled the recommendations here, along with their video summaries. Here are some best books to learn about investing, suitable for beginners as a starting point all the way to experts to use as refresher material.
If you found this article from Google search, I’m guessing you’re either (a) desperate for money, (b) looking for easy money, or (c) both.
(although to be fair no one is NOT looking for easy money. )
If you’re (a) – desperate for money – my sympathies. This article is exactly for you. I can only imagine the mental stress you’re going through. Maybe you need money to pay rent this month. Maybe your car or house is about to get possessed by the bank. Maybe a sudden, unexpected medical bill wiped out your emergency savings.
And all the financial articles you read online… weren’t exactly helpful. Now, correct me if I’m wrong, but ‘don’t get into the situation in the first place’ is a horrible thing to say to someone who’s going through the problem.