It Is Always Best to Shop around for Better Deals
By Saghir Aslam
Rawalpindi, Pakistan

 

(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfill their religious and moral obligations towards charitable activities)

Whether you’re buying a house or a new gadget, shopping around is always recommended. How you shop around for any particular item makes the difference, however, not only in terms of the price you get, but also in the quality, customer service, after-sale service etc.

That’s why, when you are beginning your shopping around endeavors, you must make sure that are not focused on one area only. Having all of these aspects in mind can help you define a good deal.

To achieve this goal, keep the following points in mind.

 

Options

Your shopping around must consider a variety of providers, services and products.

If you only visit vendors or sellers you provide similar products and services, you’re not really shopping around. You may find small differences that don’t really distinguish one from the other.

Think outside the box and find what alternatives are there for the first choice.

For example; if you’re looking for a standard mortgage loan, check with the large banks, but also do visit smaller shops, local banks and independent leaders to see what they offer.

The knowledge you accumulate by finding the alternatives can help you with your negotiation of terms and conditions regardless to which option you end up taking.

Keep in mind Islamic Financing, either you are in the market to buy a home, R.V- truck or car. Now there are choices available even in Islamic financing. Several Islamic provisional institutions such as; Lariba has great track record.

Shop around. Go Islamic way.

 

Overall Package

As mentioned, price isn’t everything.

You could get a cheaper price or rate only to find out that the retailer or the vendor doesn’t provide after-sale service or has a terrible record when it comes to meeting warranty complaints.

The more you check reviews that are not limited to the product but also to the seller, the more likely you will be able to make an informed decision that could save you a lot of money down the road.

Don’t be lured by a cheap rate, which could be a sign of knock-off product or poor quality and service. ( To be continued..)

(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale.)

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Editor: Akhtar M. Faruqui
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