Is Lending Money for Profit Compliant with Sharia Finance?

One of biggest population of OFW’s are in the Middle East and other Islamic countries. That’s why our heroes should at least be familiar with Islam not only as a religion but as a way of life that embraces various social, economic, and political subjects.

Muslims live in accordance with the Islamic Law called sharia which is taken from Quran. Every detail and matters addressed by sharia is linked with different issues which means anything about money is related to religion, morals, politics, and culture.

Islamic finance, therefore, runs in accordance with sharia. Islamic finance is not new. It’s as old as Islam itself. It is similar to conventional financial systems as they also have banks, stock market, mutual funds, investment firms, and insurance companies but they are governed both by Islamic laws and by the existing conventional finance industry regulations.

The main concept of Islamic finance is the fact that Allah is the owner of all wealth in the world and the human beings are just entrusted with such. Continue reading Is Lending Money for Profit Compliant with Sharia Finance?

Are OFW’s Really Not Required to File Income Tax Returns?

April 15 has always been headache for me from my years of being a slave junior auditor in Deloitte up to the years burning my seat as an accounting & finance professional in various companies. The BIR (Bureau of Internal Revenue) and this horrendous date of the year have brought me either nightmares or sleepless nights. You should know what I mean.

Thank God I am now an OFW! I have somehow been freed from this April 15 curse. But am I really exempted from all these annual tax filing commotions?

The Revenue Regulation No. 1-2011 issued by the BIR defines that OFWs are exempt from paying income taxes for income earned abroad. However, the burden of proof is on the OFW’s themselves as they must show proof that they are registered as OCWs (overseas contract workers) or OFW’s with the Philippine Overseas Employment Administration (POEA) and have a valid Overseas Employment Certificate (OEC).

So fellow OFWs, don’t lose those OEC’s! Continue reading Are OFW’s Really Not Required to File Income Tax Returns?

Arise, Philippines! – Snapshots of The Euromoney Philippine Investment Forum 2013

Happy Easter, Filipinos! God has blessed our Easter with enormous hope and confidence that the country will continue to arise from its long economic slumber.

The 2013 Euromoney Philippines Investment Forum held at the Peninsula Manila last March 12, 2013 was a major success. Testimonies are the snapshots taken by my friend and OFW UsapangPiso Forum advisor Carissa Patag of Abacus Securities Corporation as one of the 600 delegates to this year’s forum and the recent investment-grade rating driven by optimism that international investors have for the Philippines. Continue reading Arise, Philippines! – Snapshots of The Euromoney Philippine Investment Forum 2013