Studio Brief 1 - How Money Works In different Cultures CAN POST

Money isn't so black and white as it seems, often the western world, cultural appropriation is something the western word lack. When investing, lending, or giving in diverse communities its crucial to understand the cultural differences of how communities deal with money.

Islamic law

In muslim communities where they live under the most literal form of Islam, Sharia Law prohibits the acceptance or payment of interest fees loans. In the western world this often stops many Muslims from going to university due to the loan system of borrowing money to pay for the education. This is an obvious lack of cultural understanding of different communities by the educational system. Therefore, many muslims often turn to sharia compliant finance that consistent with the principles of sharia law.

Susu collectors

Susu collection is one of the most traditional and ancient banking systems in Ghana. Its a system where a trader, artisan and such decides to pay a daily contribution to another person, the Susu collector, for usually a month or an agreed period. The Susu collector is remuneration with a fee for the deposit collection. The Susu collection allows the person to save small amounts of money over a period of time which can be built up to a lump sum that can be used when needed. Benefits of Susu collection are:

Gift economy

The concept of wealth itself can be a cultural construct. Native American or indigenous tribes/people can sometimes initiate in a gift economy. This is where they give valuable goods and services to

other people without any initial agreement for immediate or rewards in the future. Wealth in this scenario is acquired as much from distribution, be it time or money as it is from accumulation.

In the end

All these above examples demonstrate a number of different approaches cultures deal and handle money. Its essentially that we all find a common ground to either understand wealth in diverse cultures and communities or to seek out a solution so that everyone in all social backgrounds and communities can use the same wealth system to bring people together to make stronger connection in terms of trade and cultural awareness.