Prudent spending complements the joy of Eid Al-Fitr

A few days separate Muslims around the world from celebrating Eid Al-Fitr.

Muslims celebrate Eid Al-Fitr to mark the end of the holy month of Ramadan, after fasting from dawn to sunset.

Eid Al-Fitr is a religious occasion where Muslims generally practice certain habits to celebrate and enjoy the happiness of the holy occasion.

One of the most common practices of all Muslims around the globe is paying Zakat Al-Fitr, which is obligatory at the time of breaking the fast of Ramadan. Its purpose is to purify the fasting person from idle talk and foul language, and to feed poor and needy people.

Eid Al-Fitr is also a special occasion for Muslims to celebrate with great joy and happiness, while wearing new clothes and exchanging gifts with loved ones.

Exchanging sweets and eating delicious food with family and friends is also one of the happy and joyful aspects of Eid Al-Fitr.

Charity and donation are another wonderful aspect of Eid Al-Fitr. Many Muslims choose to donate to charity during this time. They may give money to licensed organizations or provide food and clothes to those in need.

Some Muslims choose to travel during Eid Al-Fitr, either for spending and enjoying a short vacation, or for visiting family and friends who live far away.

Islamic practices in Eid Al-Fitr can be very expensive and require significant spending, especially for those who cannot afford it.

Therefore, wise and controlled spending is necessary during Eid Al-Fitr to avoid exposing families, especially low-income families, to any unwarranted financial burden. This may end up forcing them to borrow unnecessarily to bridge their financing needs.

The Islamic religion discourages excessive spending, especially in impermissible ways and on extravagant items.

The Islamic religion discourages excessive spending, especially in impermissible ways and on extravagant items. Islam also disallows extravagance, wastage, and squandering of money on things or avenues that are not beneficial to individuals and could harm them.

Islam also disallows extravagance, wastage, and squandering of money on things or avenues that are not beneficial to individuals and could harm them.

In Surah Al-A’raf, God Almighty said: “Children of Adam, dress properly whenever you are at worship, eat and drink, but do not waste. Surely, He does not like the wasteful (Verse 31).”

Economic experts have said that Eid Al-Fitr expenses consume 20-30 percent of families’ normal monthly expenses.

According to wikiHow, shopping can be a lot of fun if you do not wear yourself down or break your budget.

Smart and useful shopping requires proper planning ahead of time and choosing the perfect time to strike a good buying deal.

WikiHow advises shoppers to set a budget so that they do not go overboard. They should also make a list of what is needed before leaving the house and decide how much time they want to spend shopping.

Finally, shoppers are advised to make an itinerary for their day and sweep around the store to find exactly what they want.

The Saudi Ministry of Commerce has announced nine controls for commercial discounts in establishments and electronic stores aimed at reducing fake and misleading offers to the consumer.

The ministry said that consumers can verify the authenticity of discounts by scanning barcodes.

I believe that consumers are equally responsible for adhering to the advertising controls announced by the Ministry of Commerce for both e-commerce and traditional stores. They should choose goods and services that do not impose a financial burden on their income.

Additionally, consumers must not be swayed by advertisements, promotions and discounts to purchase goods and services that they may not actually need.

This approach would help eliminate the greed of some merchants who exploit occasions such as Eid Al-Fitr or similar ones.

• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz