I Will Always Protect You

Do you need protection? Image source: http://www.bollywoodhungama.com

We're going to cover the topic of insurance, something I only know very little about and much less so on takaful but I'll give it a try.

Insurance is transferring risks to another party who chooses to absorb the risks whilst you have obligation to pay monthly premiums to said party. For example, I am exposed to many risks when I choose to drive. Risk of getting into an accident, injuring myself, injuring others, damage to vehicles or private/public properties, and so on. You can keep going on and on about associated risks you can think of whilst driving, risks that haven't occurred but might. The risk varies from each person through many variables, such as the town the person drives in, type of driver the person insured and profile of drivers in town. With insurance, I am given the ability to transfer that risk to a company in return that I am obligated to pay $70/month.

Insurance is about uncertainties. The three uncertainties mentioned in step 26 is auto, life, and disability. Life and disability is different to auto because the risk it focuses on is the risk of losing the ability to earn income through death or health. You may have a family that wants those risks covered because they depend on your income, because once you lose your income, things quickly spiral into a big pile of mess.

We now have a problem; the problem of risks and the religious obligation to avoid insurance because it is profiting from excessive risks due to gharar (uncertainty) . You can probably think of a million risk from driving. It is financially impossible for both individual and corporation to cover them all. So, the option we have is to seek takaful companies that are financially able to cover the risks you need covered at a monthly premium you can afford. 

The last part of step 26 is redistributing your wealth once you passes. This is a big topic that needs its own post and in series. And with that, we'll close this post that underlines the importance of protection as part of financial security, for ourselves and the family we leave behind.

And let those [executors and guardians] fear [injustice] as if they [themselves] had left weak offspring behind and feared for them. So let them fear Allah and speak words of appropriate justice. 

4. Surat An-Nisā' (The Women; 9)

Would one of you like to have a garden of palm trees and grapevines underneath which rivers flow in which he has from every fruit? But he is afflicted with old age and has weak offspring, and it is hit by a whirlwind containing fire and is burned. Thus does Allah make clear to you [His] verses that you might give thought. 

2. Surat Al-Baqarah (The Cow; 266)

What is Ghost Payrolling and How to avoid it?

Ghost employee fraud occurs when a company pays wages for a person who does not actually work for that company. That employee is a ‘ghost’ in the system. Many times the easiest way to complete the scheme is for payroll to be centralized with too many locations for every employee to be known by management or accounting personnel. Simply add personnel information to the system and wages are paid out to an employee who does not actually exist. This can cost a company millions unless routine and simple safeguards are implemented.



These ghost employees can be fictitious or real people who have their names used by a fraudster.  The fraudster has to have access to payroll at least once. Usually the fraudster is in payroll with very few overseers who check and double check for fraud. Most ghost employee fraud involves someone within payroll. Either they are the fraudster or they are the accomplice.

The hardest aspect of this type of employee fraud is getting the money from the ghost’s account to the fraudster. Presumably, the criminals wouldn’t use their own name as that would limit the checks a single company can issue to them but also would lead the authority’s right to their door.  Following the money trail is how most employee fraud is detected.

Direct deposits can significantly reduce the chances of ghost employee fraud as it requires a checking account in someone’s name.  You can hire a business consultant that has third party payroll services to do this.  In addition, direct deposit means a forger cannot simply print up their own checks to pass off as genuine.  However, if the payroll staff is not diligent in comparing bank accounts, addresses, Social Security Numbers, and names, then a fraudster may simply assign multiple employee deposits to the same bank account.

Another easy method of reducing the risk of ghost employee fraud is manual delivery. Periodically hand-delivering paychecks allows payroll to assign a face to the account and also eliminates fictitious workers. If all paychecks have been passed out to the people who actually attend the company and a stub is leftover, then you know you have a ghost in the machine.

Look for paychecks without deductions for tax or Social Security. The fraudster is looking to make the most money. Therefore, they rarely set up the ghost account with Social Security or taxes withheld.

Finally, look for higher labor cost than budgeted. If you have five employees making $500 a week but you pay out more than $5,000, you might want to investigate as the budgeted labor costs are routinely exceeded.

Payroll preparations, their disbursement, and their distribution should be separated from each other. Essentially, a three-tiered system of checks and balances to prevent one person from holding all of the power and burden for fraud detection should be in place. What one section may miss another could pick up.

Overall, with diligence and common sense, you can guard yourselves and your company from ghost employee schemes.


Matthew Walden is a partner at Infinity Consulting Solutions (ICS), one of the top IT staffing agencies in New York City.  As an expert in the recruiting field, Walden offers over 20 years of expertise.  If you would like to reach out to him send him an e-mail at matthew@infinity-cs.com.

Spend Less And Earn More, You Should. Yes.

Luke Skywalker and Yoda. Star Wars

Eid Mubarak everyone. I have been gone for too long, but I have not forgotten! My new job is a little too crazy for me and during the holidays I had to catch up with a new book that I'm really excited to be working on (though it turns out to be a really big project) with some editing on Du'a, A Definitive Guide to Supplications from Al-Quran.

Anyways! Let's get things started again with step 25, revisiting your finances and documenting your desired spending. We talked about taking control of our own finances mean being the Chief Financial Officer of our money. It's a weird position to be in since we're also occupying position of manager, accountant, producer (of income) etc. The gist of a CFO in personal finance is either to cut spending or raise income. Ideally you'd like to do both, but both never occur on a continuous basis. You don't get a wage increase every month or year. So, the only option is to look at spending. Once your income increase, you either can keep costs the same (more money left!) or costs increase by spending on higher priced needs or wants. It all depends on your goals and time frame to reach it. You are cutting spending on certain things because you have a reason to cut it, to achieve a goal by the end of the week, month, months, year, and 5 years.

Whilst browsing, I found an interesting CFO mentoring website that got me wondering if there are a personal finance mentor program. There probably is, but at cost. The next best thing to a mentor might be a family member who might not mentor, but can tell it like it is. Another potential, is the local Islamic center to have more discussions about money and build a support program that meets weekly, bi-weekly or monthly.

Can Anybody Profit With Binary Options?

Binary options, also called digital options, are one of the simplest types of trades to understand. That is because they simply consist in deciding if a particular stock will gain or lose value in a short amount of time. That is not to say that everybody profits from every trade. But with determination, many people can learn to develop a successful trading strategy.



Success usually comes from the determination to learn about this type of trading. This means that people who invest in a great trading platform, take time to study the market, and learn how to develop a winning strategy learn to succeed.

This should not be gambling. It should be based upon educated predictions that are based upon this stock, similar stocks, and the entire market. That say, because you will know the amount of your potential earnings in advance it is might be easier to develop an effective strategy and balance out your risks in advance.

One advantage of binary options is that they can be performed on markets that are open twenty-four hours a day and seven days a week. You do not have to worry if you need to be at work during the day when the regular market is open. Instead, you can choose a time to trade that is convenient and relaxing for you. Engage in this great new activity when it is a good time for you.

A good trading platform will also be a great asset. This should include a variety of trading guides, automated signals, and even personal assistance from experienced traders. This platform can give you the support to need if you are totally new to investing or have been trading binary options for many years.

Learn how to do market analysis like a professional, stay updated on both political and financial conditions in the world, and be prepared to react. This commitment to education can go a long ways towards your future success.

For example, you will learn to notice trading signals in current events. You might notice that a really good jobs report effect stocks positively or a bad housing report affect certain stocks in a negative way. Once you begin to see these patterns, it will become much easier to make successful trades.

The thing about this discipline is that you can keep growing. Start slow with a small deposit. Then once you have gained more confidence in your abilities, you can begin to invest yourself further.

Again, a good trading platform can maximize your returns at very little cost. Expert traders will share the strategies that help them maximize returns while minimizing risks. They will also educate you about trading signals to look for that you might have otherwise missed. In time, you might become one of the pro traders who can offer help to new investors.

Discover why this type of trade has become so popular lately so you can begin your next profitable venture from the comfort of your own home.

Brief Overview of Credit Card Machines

The world has witnessed so much of modernization eliminating the cash transactions from businesses. These days we have all sorts of online transaction which is popularized by the help of credit card machines. This is a device that can do transactions with a debit card or a credit card. Credit card machines securely transmit funds from one account to another. It is a Point of Sale terminal that can do transaction with a credit / debit card. This machine allows a merchant to insert, swipe, or key in manually the required credit card information and transmit such data to the merchant service provider for consent and then later on the transfer the fund to the merchant. It is used by merchants to directly capture card information instead of manually entering it in card details. Credit card machines are efficient enough to provide the benefit of decreased transaction processing times.

What Are The Key Benefits of Credit Card Machines?

Increment in Sale:
It is interesting to know that if a business can accept credit cards its revenue is on rise and it can make more profits. What sets it apart is the fact that it increases convenience of payment which makes it easy for customers to purchase even when they are doing impulse buying.

Popularity:

Gone are those days of cash exchange. Today credit cards are more convenient and popular for both customers and merchants. Customers have the power to make purchases that they deem necessary, even though they don’t have the cash on hand, they appreciate the option of an additional convenient way to pay so that they do not be late to purchase.

Improvement in Cash Flow:

The credit card payment process is speeder up by the electronic transaction process. Now you do not have to wait for checks to clear, or 30, 60, or even 90 days for invoices to be paid, funds resulting from credit and debit card transactions are deposited directly into your bank account, often within 48 hours. It enables faster payment cycles as it is facilitated by Electronic Transaction Process. It leads to improved cash flow and decreased billing overhead.

Productivity Improves: 

Credit card processing automatically induces the transaction flow.  Automated acceptance and settlement allow funds from the credit or debit transaction deposited directly into your bank account. It can make your payment process more efficient and less time consuming. Now you do not have to worry about being a payment collection agent.

Builds A Good Image For Your Business: 

You and your company can, gain valuable creditability in the eyes of both current and potential customers by accepting credit cards. Once you start accepting electronic payments, you can state that you accept credit cards and include the appropriate card logos and decals at your place of business or on your business cards, brochures, or website.


Hi I am Steve Brown and I am running a small restaurant in Florida. The use of credit card machine for small business has helped me establish my business in a much better way. And the use of wireless terminal credit card in my business added much more benefit then I thought.

Info on how to Reclaim a PPI and do you Qualify for it?

PPI is one of the extremely usable insurances. However, it is observed that in majority of the cases PPI is mis-sold along with credit cards, loans and mortgages. There are several cases recorded where PPI was mis-sold and finally proved to be of no use when they were claimed. Well, in such a case there is only one option left out and that is reclaiming PPI. You can reclaim your PPI by yourself or by hiring a solicitor or a claims management company.



These days, you can easily find many people asking for their PPI claims, but regrettably most of them don’t get it. One important reason behind this is that people neglect and don’t go through the terms and conditions thoroughly and sometimes they are actually not qualified to get the PPI claim. Mentioned below is a list of essential things that you should consider when you think of requesting for PPI claim.

Find necessary documents:

First of all make sure that you have a PPI policy by finding necessary documents. Usually, even the banks write to their customers that they mis-sold a PPI. If you get any such notification do not ignore it. Your bank is writing to you because they accept that they have missold you a PPI, so this will be the right time to get the refund of the premium that you paid unnecessarily.

Your age when PPI coverage was sold to you:

PPI can only be sold to those who are above 18. Therefore, if you find that you were sold a PPI before turning 18 then you have a very good chance of rightfully asking the claim of your PPI.

Were you retired, unemployed or self-employed while taking a PPI?

If you were underage, student, unemployed or self-employed while taking the policy, then for sure it was mis-sold. In this case, you have a very good chance of making a PPI claim. PPI is worthless if you were retired or unemployed. Also, those who work part-time or working on a temporary contract basis cannot take a PPI. Thus, as the policy was mis-sold to you, you can claim it rightfully.

Now, if the above mentioned points are in your favor, you can go ahead and request for a claim, if you are denied you can reclaim it by taking professional advice.

What is the deadline to claim?

Well, there are no deadlines and you can claim it any time. However, the policy that was active in last 6 years is easy to claim. The reason behind this is 6 years is the time frame for which banks are required to keep the info about credit cards and loans. Lastly, you can claim the PPI anytime, but the important thing is that you should have necessary paperwork because without essential documents, it will be very difficult to prove your case.

In case the bank rejects your claim, you need not worry. If you have all the necessary details that will make your case stronger you can reclaim it. However, expecting a quick resolution is not wise.


Samuel is an ardent writer and he writes on many topic related to the financial and legal matters. If you are looking for ways to deal with Mis sold PPI, please visit their website to learn more about it.

Customer is not king

Almost everyone who knows about the word customer, would have heard about this: 'Customer is king'.

This must surely rate as one of the most absurd beliefs of all time.

Some more absurd beliefs are:

1) Evolution is a myth
2) There is no global warming
3) One can eat a hearty meal in Mumbai for Rs 12.
4) One can eat a hearty meal in Delhi for Rs 5
5) One can eat a hearty meal in Srinagar for Rs 1
6) Pedophilia is not a criminal condition, it is a mental illness

Since I am a salesman, I feel this way whenever anyone passionately espouses that customer is king:



(Source: www.memegenerator.net)

I feel it is wrong because of the following reasons:

1) A king will negotiate. But not haggle: Noticed a customer haggling over a few Rupees or Dollars? Treats your product/service as a commodity. Such a customer would refuse to take ROI (Return on Investment) into account. A customer who views the larger picture and does not insist on 'right-pricing' every six months or year is your king.

2) A king will be fair: If your customer admits that his team has been at fault as well, then this customer is a king. Otherwise expect to be badgered about the 'non-user-friendliness' of your software even if the customer's team member thinks 'out of the box' like him:


(Source: http://www.cartoonstock.com/newscartoons/cartoonists/mfl/lowres/mfln6394l.jpg)

3) A king will know what he wants:  Have you heard your customer say 'I am not getting the expected results. Therefore I plan to discontinue your service'. You might be exasperated as you had offered the best possible service. In such a case, the customer doesn't really know what he wants. So better to let him figure it out. You can wait till the customer has this moment:


(Source: http://chakracenter.org/2013/03/07/ever-onward-the-divine-ridiculous/)

So treat those customers who are kings as kings. The others can be treated like the Common Man.