Building financial resilience for a peaceful celebration with our loved ones
Hari Raya is a time of joy, gratitude and togetherness. It’s a celebration of faith, family and community. But let’s be honest – unless you are a child, it can also be a time of financial strain. From preparing festive meals to buying new clothes and giving duit raya, the expenses can add up quickly. This is where financial resilience comes into play.
What is financial resilience?
It is the ability to withstand life’s unexpected challenges without falling into financial hardship. It is about having a safety net, managing expenses wisely, and being prepared for the future. For Muslims, this concept is deeply rooted in Islamic finance, which emphasizes fairness and responsibility.
Islam also puts emphasis on ensuring the welfare of the community, and this is manifested in two key concepts in Islamic finance – zakat and takaful. They play crucial roles in promoting financial stability and resilience, especially for those who are less fortunate.
- Zakat: A Tool for Redistribution and Stability
Zakat is one of the five pillars of Islam and is often described as a form of obligatory charity. It requires Muslims who meet certain wealth criteria to give 2.5% of their savings or assets to those in need. A tool for economic redistribution and social justice. This act of giving not only helps the recipients but also strengthens the entire community.
The redistribution of wealth through zakat reduces inequality and provides a safety net for those facing financial difficulties. It is a reminder that financial resilience is not just about individual wealth but also collective well-being. For those receiving zakat, it can be a lifeline during the festive season. It helps cover essential expenses such as food and clothing to ensure everyone can celebrate with dignity. This spirit of giving and sharing is at the heart of Hari Raya celebrations.
- Takaful: A Community-Based Safety Net
Takaful is an Islamic alternative to conventional insurance based on the principles of mutual cooperation and shared responsibility. Instead of focusing on profit, takaful pools contributions from participants (tabarru’) to support those who face unexpected hardships. Think of it as a community safety net.
While zakat addresses immediate needs, takaful provides long-term financial protection. If an unexpected medical emergency arises during Hari Raya, takaful can help cover the cost without derailing your finances. Should a death occur, products like Pusara Pro will ensure your loved ones will have the financial security to go through the difficult time.
It is a practical way to build financial resilience while staying true to Islamic principles. By participating in takaful, you are not just protecting yourself – you are also contributing to a system that supports others in times of need.
- Practical Financial Tips for Hari Raya
- Create a realistic budget for your Hari Raya expenses. Prioritise needs over wants and avoid unnecessary debt.
- Fullfill your zakat obligations before 1 Syawal. This not only purifies your wealth but also ensures that your resources are shared with those in need.
- Consider getting a takaful protection if you do not have one already. Having takaful coverage can safeguard your finances and your loved ones against unexpected events.
- Save for the future, but set aside a portion of your income for emergencies or future goals or even for occasions such as Hari Raya. Even small, consistent savings can make a big difference over time
- Give duit raya within your means. You do not need to overburden yourself financially just for Hari Raya. You can also explore other forms of giving, such as donating to charitable causes or helping a family member in need.
As we prepare for Hari Raya, let’s take a moment to reflect on our financial well-being and make choices that align with our financial ability. Whether it’s fulfilling our zakat obligations, investing in takaful or simply budgeting wisely, every step we take brings us closer to financial stability and peace of mind.
This Hari Raya Aidilfitri, let’s celebrate with gratitude, generosity, and the confidence that comes from knowing we are building a strong financial future for ourselves and our loved ones. Ouch! wishes you Selamat Hari Raya, Maaf Zahir dan Batin!
Ouch! BINGO Template
Many beautiful moments must have been created in the past Ramadan and many more must be recorded in the upcoming Syawal. Let’s create more memories and share them with the Ouch! BINGO template. Download the template here or on Ouch! Instagram account and tag your friends and family (and us, too!) in your IG story! We’d love to see you create wonderful moments with your loved ones.
Find out more about Pusara Pro by clicking here or download the Ouch! Takaful mobile app from the Google Play Store or Apple App Store today.
Disclaimer: The information in our blog articles and provided by our brand ambassadors/KOLs is for general insights only and not legally binding. We strive for accuracy but cannot guarantee the information’s completeness or reliability. For legal matters, consult official documents or contact an authorised Ouch! representative.