Mudaraba and Winterizing Your Home—Staying Warm and Sharia Compliant
Mudaraba Definition: While there are many things that are very similar about Islamic financing and traditional mortgage methods, there are some fundamental differences. For example, this particular term is about a very specific type of partnership. In a Mudaraba arrangement, one of the partners in this group provides capital to a business person or entrepreneur so it may be invested. The investment is of a commercial nature and the idea is to put some profit together that’s to be shared under the tenets of sharia compliance.
Understanding Mudaraba is a big part of staying away from riba. We’re always more than glad to help you with that because we are a professional Islamic financing resource. In fact, we like supplying helpful information so much we thought we’ve put together a few tips on winterizing your home. You’ll want to protect your purchase that you get with an ijara loan and this is a great way to start.
Start with The Gutters
One of the big enemies when the weather turns colder are icicles that get stuck in your gutters. They in turn can cause issues called ice dams that can actually cause water to flow back into your house during the spring thaw. It only takes a few minutes to clean your gutters so that there are no obstructions. It’s a small amount of time when you consider the problems you could have when the weather turns warmer later.
Check Your Water Heater
Flushing out your water heater is important to making sure that it works properly over the winter months. In a way, this task shows the same kind of due diligence you did when you took on Islamic financing and mudaraba.
As far as the hot water tank goes, flushing is a good idea to get rid of all the sediment that collects at the bottom otherwise. This is an easy task since there is usually a drain valve located at the bottom. One tip will make this task a little easier — make sure you’ve got a big bucket underneath that’s positioned to catch what comes out!
Check Filters and Replace Where Necessary
If you live in certain parts of Canada and the United States, your furnace will be chugging along through the winter months. You can give it a helping hand by making sure you’ve got replacement filters on hand and the one in the unit is fresh when the weather turns colder.
The chances are you’re not going to have a lot of extra money when you buy a new house. That’s why any cost-saving measures are helpful. For example, if you’ve got an older home and you can’t switch out the windows before the snow comes, try insulating film around the edges instead. Keep in mind a package of this film costs around $20 and it can save you a ton of money on your heating bills.
If you’re looking for more help and good information you can use, we’re experts on mudaraba and other aspects of Islamic financing. Call or click today to get started.