Islam and Business Finance

Vacation trips could cost you money, but researchers say that it is good for the overall well being of an individual. So once in a year taking a trip is actually not bad. I have always said cut your clothes according to your size, you can remain within your country but travel to other states/counties or you can travel to other countries it all depends on your pocket. Before going on any trip, ask yourself first, can you afford the trip? If no, please do not travel cause it will do you harm than good. However, I have great tips on saving the overall costs on vacations without compromising your experience. Here they are. 1. Make a monthly contribution towards your vacation. 2. Buy your airline ticket like 6 months before your travel date, that way they are cheaper. It is still the same airline, the same journey but at a cheaper price. 3. Reduce your baggage, leave unneccessary items at home. Its a vacation not a relocation. That way you do not get charged by airlines.

To invest in the real estate market in some developing nations you will need at least $1000 . If you cannot afford such an amount of money at the moment or you cannot tie up such an amount of money at the moment, there are so many  other markets (like the gold market) you can make money from.  I said to you in my past articles that Land will always appreciate because it is limited in supply. In Nigeria, it is safe to say that some areas increases by 300%  every  2 years. It depends on the area some lands go for $1000  approximately and some others go for as high as $800,000, wait for it to appreciate and sell the land. You are not in it to build. From the sale you have made, look for another cheap area to buy the land and sell again. Buying Lands in some developing nations might be a little bit risky cause I have heard of situations whereby the land was purchased from the wrong hands. Minimize the risk by buying the land that is on the list of well  established real estate agen

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net Anyone can start a business, however, it has to be something you pray to Allah that it will be good for you in this life and the life after. Today, I am going to be giving you tips on starting a new business. However, this article will still impact good knowledge on starting up a business insha Allah (if Allah wills) The first step you need to take when you want to start a business is to pray to Allah about it,  and it has to be realistic. The next step will be to develop the skills required like if you want to provide halal make-up services then get the required skills, if you want to provide IT services get the education needed (it could be a professional course). I know that it is quite expensive to attend universities in developed nations, however, professional courses are not so expensive. It could be a short course, that will be influenced by the level you are willing to take your business too. Be rest assu

We used to operate in a gold standard system in the past, it is common knowledge that we presently operate in a dollar based system.  A system where each country measures the value of its currency against the dollar for the dollar based system and the gold for the gold standard system. The gold used to be a yardstick for measuring the value of a currency, although it is no longer used to measure the value of currencies these days, it has maintained it's prestigious value. Gold a very valuable metal, its prices depreciates at times and appreciates other times, but looking at its trend over 100 years, the prices have always appreciated over 10 years or above. From 2006 to 2015, the gold price per ounce appreciated by 200%, while from 2002 to 2015 it appreciated by 300%. So Long term investors go ahead and purchase gold. You must always pay zakat on the value of your gold when it reaches the nisab which is 87.48 grammes. However, you can give charity (sadaqa) from it. Alla

Quality thinking yields quality results so spend time with individuals that would influence your thoughts positively. Your mindset goes a long way in helping you achieve your goals. Some people might try to discourage you, just because they couldn't achieve it does not mean you can't. I am challenging you all to achieve financial growth. By being in a vicious cycle, I mean spending time with people whose thinking pattern are not of high quality. When you tell them about pursuing a goal, or when you start pursuing a goal, they come up with reasons for you to not go after that goal. You can do two things, face them and let your positivity rise above their negativity or just avoid them. The people in a vicious cycle may remain stagnant and never achieve growth, cause the productive thinking of one will be discouraged by the thinking of another. So if you spend time with people that you notice that anytime you want to do something that will bring you growth ,they will just say s

Individuals feel and react differently in relation to various situations. A situation that might bring stress to a particular person might not even bother another person. Emotionally healthy people are not overwhelmed by their emotions, they have self respect,  they are able to consider the interests of others, they are able to deal with challenges easily and all other characteristics. A good emotional health is required for carrying out day to day tasks in business and not just business but generally. The way you won't drink dirty water is the same way the emotional health should be taken care of. There are few actions that can be carried out daily to enhance your emotional health and they are as such; drinking 6 cups of water (liquid cause it could be a cup of juice or hot chocolate; please one cup of juice and one cup of hot chocolate) . Good nutrition is another factor that can enhance your emotional health. Cooking your food rather than eating out. I am not saying don't e

Image courtesy of Stuart Miles at FreeDigitalPhotos.net Are you having difficulties managing your debt ? Are you feeling overwhelmed by debt? Do you want to prevent debt problems? If you answered yes to any of the questions then you are reading the right article. If you are feeling overwhelmed by debt, read my earl ier  post " Emotional Health: A trendy thing in business " . It will help you. The Quran is a cure for diseases and illnesses. "And We send down of the Quran that which is healing and mercy for the believers, but it does not increase the wrongdoers except in loss" Quran 17.82 For you to be able to deal with daily tasks you need to have a good relationship with Allah (SWT). No debt difficulty is unresolvable, it might not be resolved immediately but you can be rest assured it can be dealt with. In the UK, if your debt is up to £5000 or above they have a government scheme that can help you write off up to 80% of your debt. While in USA, they

Image courtesy of digitalart at FreeDigitalPhotos.net Impulsive purchase is an unintended decision to buy a product (goods and services). A lot  of companies set up traps to lure consumers into impulsive purchases. Pastry shops will display delicious looking pastries, other shops will display candies, chocolates e.t.c. While, we all have made an impulsive purchase in the past, it comes to some people naturally to spend little on impulsive purchases and for others they have little or no control over their impulsive purchases. It has been observed that, averagely, impulsive purchasers had higher incomes but lower wealth. Impulsive purchase is one of the reasons some individuals end up bankrupt (halal). For those of you that have little or no control over impulsive purchases here are its consequences. It has been observed that individuals who spend more money impulsively end up having the worst financial outcomes. A study showed that individuals who made the highest impulsive

Some people want to invest but do not know how to go about it. Investing your money to achieve financial growth is a good thing for everyone. You can either invest your money in the capital market (halal), real estate market (halal), commodities like gold (halal), oil etc.  I spoke about the risk appetite for businesses in my last post 'managing risks'. Risk appetites should not only be used in making business decisions but also be used in determining how individuals should invest their money. So you need to ask yourself some questions like what will be the impact of losing this amount of money that you are about to invest on your life and that of the people in your life. Allah knows best. Will it affect you drastically, if yes then do make low risks investments. In other words, know the amount of money you can afford to lose. The amount you want to make from the investment  (investment goals) should also determine how you should invest your money. The time you can tie

All business activities carry an element of risk inherented in them; this business activities include financial activities, operating activities, marketing activities and activities that involves dealing with employees. It is important you determine risk at an early stage of your business. The risk appetite of your business should determine the risk management approaches that will be used. Risk appetite is the risk a business is willing to take to achieve its goals. The business must have the capacity to deal with the consequences  of the taking the risks and it must be acknowledged by all major contributors. The risk appetite must reflects your business plans and strategies. I mentioned business activities earlier now I am going to give you some examples of risks for  each activity. Financial activities include  financial forecast that are not accurate, cost estimates that are not accurate, adverse changes in tax rates etc. Marketing activities include decrease in demand for produ

It is quite easy to blame the government for the reason Nigeria is still developing. As much as I believe that the government plays a vital role in Nigeria. I also believe each individual play a role in Nigeria, you can either be part of the problem or be part of the solution. Little drops of water makes a mighty ocean we say, as such each little contribution made by each individual will be that drop or drops of water that will end up making that ocean.  Some individuals are into yahoo yahoo (that's  not good), you can do something that will be productive for yourself and for the nation. One good action by an individual can contribute positively to the impression about safety in Nigeria. As a potential investor why would I start a business in country If I don't  believe that most people in the country are full of integrity and credibility. As such play your own part by being a person of high integrity. A country full with people of high intergrity will attract investors wh

There are so many ways capital can be raised for setting up your own business. It can be raised by yourself, from your immediate family and close friends. Capital can be raised by yourself by working first for another company and not losing focus of your main goal. Work first, go ahead with any job that is halal and raise that capital. Another way capital can be raised is from your immediate family members. Immediate family members will most likely loan or even dash you the money cause they care about you. Loans from family members should be at 0% anything other that do not accept it.  Capital can also be raised from close friends, ask them to borrow you the money, tell them what the money will be used for and give a particular date that the money will be returned saying Insha Allah (If Allah will's). Loans from close friends should be at 0% too, anything other than that do not accept it. Do not deal with interest, it is bad for you. Please adhere to the date given, i

Image courtesy of nuttakit at FreeDigitalPhotos.net What makes Nando's different from a regular shop thats sells grilled chicken, rice , burgers, wraps etc is the packaging.I love Nando's food (halal). The way the products (goods and services) are packaged  will lead  to the feeling that will be attached to the brand. Virgin trains make you opt for their trains first because of its ambience. Except in situations where the trains are not available. The way a service provider presents itself goes a long way to influence how customers will perceive the company, Staff members must look good, or if you are just starting and its just you, you must look good as well. For example, if you are a makeup artist. The makeup on your face should promote your products (services and goods (halal)). Allah loves beauty and modesty. The quality of the products should be high, the way its presented must be nice and  it should be sold at a good price. Two chinese food shops, within cl

  In the name of Allah, the Most Merciful, the Most Gracious. The basis of any good thing is for you to have a good foundation in Allah. He guides, He sees it all .  He sees the end before you do. A prayer asking Him for guidance and following His advise is the most important in any business.  A lot of people are so concerned about what people will say when they are about to start a business that will add value to their lives. As long as you are comfortable about it do not let the thoughts of others (not even mine) deter you from pursuing your business goals cause at the end of the day one man's food is another man's poison. Follow the Godly advise and guidance. If the business is bad for you, others and the community please do not embark on it. A business that will earn earthly and heavenly rewards is what you should pursue.  Keep checking my blog regularly. Cheers! Allah is the greatest, He has no son. He has no partner. Never associate partners with Him.