profile

MuslimMoney Meal

What's Your Islamic Inheritence?

Published 6 months agoย โ€ขย 1 min read

Salam Reader,

I'm experimenting with a new schedule for the MuslimMoney Meal. You can expect the newsletter in your inbox every Sunday evening, insha'Allah.

I hope you find some value in this week's newsletter. If you do, please forward it and encourage others to sign-up.

Here's what we're serving this week:

  • ๐Ÿฅ— Starter: Money in Marriage
  • ๐Ÿ” Main Course: A new Islamic Inheritence calculator
  • ๐Ÿฐ Dessert: Ibn al-Qayyim on miserliness

Starter ๐Ÿฅ—

Main Course ๐Ÿ”

Calculating Islamic inheritance is an exact science, known as ilm al-fara'id or "the science of prescribed shares." It was the impetus for the development of algebra by medieval Islamic mathematicians like al-Khawarizmi.

The interplay of fixed shares, residuary heirs, and principles that can block or reduce an heir's portion is a fascinatingly intricate puzzle.

Today, there are a handful of online Islamic inheritance calculators that do a good job of determining shares. They get the numbers right, but often the intricacy of the process remains hidden behind the results.

When I decided back in April to build a new calculator, I wanted it to not only calculate but also to reveal the process; to give a taste of the science that was the impetus for algebra.

I named it Mirathly. "Mirath" is the Arabic word for inheritance and "ly" is something I imagine a hip software developer would add to make it sound cool.

I ran Mirathly through 20 scenarios from a paper in the Journal of Islamic Thought and Civilization and it achieved 100% accuracy for all in-scope calculations, alhamdulillah.

Dessert ๐Ÿฐ

"The miser is poor but is not rewarded for his poverty."

 

Ibn Qayyim al-Jawziyya, Al-Fawaid

When you're ready, here's how I can help:

Hit reply any time! I read every email.

600 1st Ave, Ste 330 PMB 92768, Seattle, WA 98104-2246
โ€‹Unsubscribe ยท Preferencesโ€‹

MuslimMoney Meal

Farooq Maseehuddin

Read more from MuslimMoney Meal

Salam Reader, I'm in Toronto for RIS this weekend. For a while now, I've been asking Muslims a simple question: Did the Muslim community help you learn about money? Over 95% of the people I've spoken to say no. 95%! When I dig deeper, the story is almost always the same: the money conversations we do have in our communities focus on the what. Give charity. Stay away from riba. Both true, both important. But we rarely get into the how. How do we find financial clarity as Muslims? How do we...

2 days agoย โ€ขย 1 min read

Salam Reader, Here's what we're serving this week: ๐Ÿฅ— Starter: Why running finances on assumptions is a bad idea ๐Ÿ” Main Course: Black Friday, Cyber Monday and "anchoring" ๐Ÿฐ Dessert: Half of livelihood, half of wisdome, and half of knowledge Starter ๐Ÿฅ— ๐Ÿ”— See the full post on Instagram Main Course ๐Ÿ” A couple weeks ago, I wrote about Khalil, a brother making $70,000 who logs into his bank and has no idea what he can actually afford. Every dollar in his account feels simultaneously spendable and...

19 days agoย โ€ขย 2 min read
When every dollar feels simultaneously spendable and spoken for.

Salam Reader, Here's what we're serving this week: ๐Ÿฅ— Starter: How to respond to a turbulent stock market ๐Ÿ” Main Course: Khalil's one-account problem ๐Ÿฐ Dessert: Did the Prophet ๏ทบ save? Starter ๐Ÿฅ— ๐Ÿ”— See the full post on Instagram Main Course ๐Ÿ” Every month, $4,200 hits Khalilโ€™s chequing account. And every month, rent comes out, as does groceries, gas, and his gym membership. He pays for occasional dinners with friends and whatever else comes up. Whenever heโ€™s prompted to check how heโ€™s doing, he...

about 1 month agoย โ€ขย 5 min read