Experts on consumer issues call for rational and controlled borrowing during the holy month of Ramadan, reducing it to necessary items, from which one cannot refuse, and necessities that cannot be postponed. They note that a person's attempt to take a loan during Ramadan for purchasing a new car, for instance, at a time when their current vehicle is in good condition, or loans taken for trips abroad, are erroneous practices that can lead to financial difficulties for some families.
Experts strongly advise avoiding external borrowing or comparisons with others, pointing out the necessity of having a financial culture that defines spending priorities in society with personal and family circumstances of the consumer.
They urge consumers to invest a part of their money in small projects or in developing their skills to increase income, noting that such orientation detaches a person from unnecessary consumer behavior that they do not need.
Banking expert Ahmed Youssef emphasized the necessity of limiting and controlling borrowing, focusing on reasonable lending, particularly directed at financing necessities and avoiding borrowing for acquiring unnecessary goods or services.
He also noted that "taking loans during the month of Ramadan for purchasing a new car, for instance, at a time when a person's vehicle is in good condition, or loans taken for trips abroad, are erroneous practices that can lead to financial difficulties for some families."
It sounds reasonable to approach Ramadan as an ordinary month of the year, not increasing consumer spending, which are not life-important.
Retail specialist Deivi Nadzhbal called for reasonable borrowing during Ramadan, keeping loans exclusively for urgent necessities, and in cases where credit is the only way to satisfy vital needs.
