Zakat is the third pillar of Islam and a mandatory tax of 2.5% on the wealth of those who are able to afford it- so we thought it would be interesting to see how much Zakat the two richest men in the world would have to pay!
Ramadan Mubarak from the Kestrl family to yours!
We pray that you all have a blessed month and are able to make the most out of the coming days inshAllah!
We’ve got a whole host of upcoming announcements and events this month, from product launches to exciting partnerships so do watch out for those.
In the meantime please check out last week’s ‘Money Matters’ webinar we held in partnership with National Zakat Foundation (NZF)and our Sharia Scholar, Mufti Faraz Adam. We spoke about Personal Finance for Muslims, the ins and outs of Zakat, and how Kestrl is hosting the NZF calculator and donation platform within its app!
From the highs of receiving a pay cheque, to debt-induced anxiety, the impact that money can have on our mental health is by no means simple. Being a practising Muslim adds another layer of complexity, whereby questioning the “sharia-compliance” of common financial products, and making the difficult decision of whether to use them or not, can increase the effects of money-induced stress.
This is exemplified further by stigmas surrounding financial precarity and its common consequences — such as debt — as well the mental health problems this can induce. …
How two Cambridge MBAs are attempting to transform the way in which Muslims interact and grow their wealth in the UK.
“Why don’t you use an Islamic Bank?”
It was a simple enough question asked by my good friend Daeng, after witnessing me pay for lunch with a Barclays debit card one day between lectures. And yet I found myself completely unable to give him a straight answer. …
If there’s been anything worth keeping from 2020, it’s the lesson that we cannot control the future. For this reason, many have ditched the age-old need to plan extensive New Year’s resolutions (that inevitably fall by the wayside before March) in favour of smaller-scale, realistic goals.
And we at Kestrl are no different! We believe goals should be centered around your present situation — and personal finance goals are no different. This means that focusing on your most urgent financial concerns, which for many have been amplified during this pandemic, is the key to gaining control over your finances. …
Kestrl is an app that helps Muslims to achieve their financial goals without compromising on their religious values.