_1. Money Concepts With Islamic Perspective.pptx

Teach students concept of money with islamic perspective

1. Financial Literacy Money and Finances

2. Goals of this Chapter F1.1 identify and compare exchange rates, and convert foreign currencies to Canadian dollars and vice versa F1.2 identify and describe various reliable sources of information that can help with planning for and reaching a financial goal F1.3 create, track, and adjust sample budgets designed to meet longer-term financial goals for various scenarios F1.4 identify various societal and personal factors that may influence financial decision making, and describe the effects that each might have F1.5 explain how interest rates can impact savings, investments, and the cost of borrowing to pay for goods and services over time F1.6 compare interest rates and fees for different accounts and loans offered by various financial institutions, and determine the best option for different scenarios Source: https://www.dcp.edu.gov.on.ca/en/curriculum/elementary-mathematics/grades/g7-math/strand-f/f1

3. Chapter X.X: Money Concepts Goal: to identify and compare exchange rates, and convert foreign currencies to Canadian dollars and vice versa Expectation F 1.1

4. Travelling Your family decides to go on a trip to Hong Kong! What currency does Hong Kong use? How much Hong Kong currency should you take out from the bank?

5. Hong Kong Travels

6. Let’s learn more. . .

7. Currencies Currencies - a system of money in use in a given country, typically includes coins and bills Examples: Canadian Dollars Indian Rupees American Dollars

8. Currency

9. Currency Value International currencies have different values compared to Canadian currency. Example: 1 American Dollar (USD) is approximately equal to 1.21 Canadian Dollars (CAD) Why do you think currencies from other countries are valued at more or less than Click HERE to see the current value of the Canadian Dollar!

10. Why Currency Has Different Value Ultimately, the value of currency is determined by the DEMAND for it. Reasons why currencies from other countries are valued more or less than the CAD: Economic conditions Political instability Employment rates Interest rates

11. increase decrease decrease increase increase decrease

12. Exchange Rates Exchange rate - the value of a country’s currency in terms of another country’s currency. Example: the exchange rate of 1.00 Canadian Dollar to 4.31 Brazilian Real means that if you exchanged $100 Canadian Dollars for Brazilian Real, you would get back $431 Brazilian Real! Why do you think the Brazilian Real is worth less than the Canadian Dollar?

13. Example - Converting Foreign Currencies Your family made it to Hong Kong! You all take the MTR (subway) from the airport to the hotel. It costs $110 HKD (Hong Kong Dollars). The exchange rate is currently 1 CAD = 6.40 HKD. Convert $110 HKD to CAD. Understand the question I see that 1 CAD is worth more than 1 HKD. I know my answer will be less than $110.

14. Example - Converting Foreign Currencies Your family made it to Hong Kong! You all take the MTR (subway) from the airport to the hotel. It costs $110 HKD (Hong Kong Dollars). The exchange rate is currently 1 CAD = 6.40 HKD. Convert $110 HKD to CAD. Simply divide the amount by the exchange rate! 110 ÷ 6.40 = $17.1875 Round to $17.19 Therefore, if you converted the subway trip from the airport to the hotel to CAD, it would be $17.19

15. WHY did we divide the cost by the exchange rate? Let’s look at this question in terms of a ratio. . .

16. Example - Converting Foreign Currencies Your family made it to Hong Kong! You all take the MTR (subway) from the airport to the hotel. It costs $110 HKD (Hong Kong Dollars). The exchange rate is currently 1 CAD = 6.40 HKD. Convert $110 HKD to CAD. We can write this as a ratio: 1 CAD 6.40 HKD = ? CAD 110 HKD ✕ 17.1875 ✕ 17.1875 Therefore, if you converted the subway trip from the airport to the hotel to CAD, it would be $17.19 How did we get from 6.40 to 110? We multiplied by 17.1875 If I multiply the denominator by 17.1875, I do the same to the numerator

17. “ Its not how much money you make, its how much money you keep ” - RK “ Its not how much money you make, its how you use the money matter most ” - ? -

18. Katakanlah (wahai Muhammad): "Sesungguhnya Tuhanku memewahkan rezeki bagi sesiapa yang dikehendakiNya di antara hamba-hambaNya, dan Ia juga yang menyempitkan baginya; dan apa sahaja yang kamu dermakan maka Allah akan menggantikannya; dan Dia lah jua sebaik-baik Pemberi rezeki".