Islam and Business Finance

Image courtesy of Stuart Miles at FreeDigitalPhotos.net Everyone should diversify their investments this is because investing in only one type of asset and market could make your investments highly risky. Diversifying your investments could minimize your risk to the lowest, thus the losses made from one investment could be eliminated by the profit from another. There are various types of assets you can invest in; First of all, save in your halal bank account, shares (halal), properties (halal), gold (halal) and others (halal). The money you save in a halal bank account should cover you for one year of your living expenses. A halal bank account should not pay interest or give you profit if you are not assuming any type of risk of loss of money. However, an account whereby you have a risk of losing money or making profit is also halal but I prefer the former an account that pays nothing. The bank must use your money for halal investments.  " O you who have believed...

Image courtesy of dan at FreeDigitalPhotos.net It involves minimal risk saving your money. I always say first save your money in an halal account, once it has reached a particular threshold start investing. The saverholic only saves and saves and saves and cannot afford to take well calculated risks. Because, all you do is to save money. Invest in other markets, the higher the risk the higher the return, diversify your investment portfolio.  All individuals that have achieved financial growth of great heights are risk takers, and they know that some risk might turn out negative but they know is all part of the process. They learn from it and apply it to the next risk they take and eventually they become experts at the risk they take (risk taken should not be excessive(too much uncertainty)). Then they end up having 80% success rates which I think is good enough. Make sure your business is halal.  Give charity regularly from your income, Allah loves charity an...

I wrote about packaging in a previous article, it is not just about your products, it is also about you. I am going to talk about the way you look affects your finances. For example, two guys have been invited for an interview, they are both qualified for the job. One arrives in a gorgeous bathroom slippers (smiles). Another guy comes in a nice shirt, all tucked in, wearing gorgeously polished shoes. They both had wonderful things to say during the interview, so they both have equal chances. Of course, the way the former was dressed might make them pick the latter over him, thus improving the financial status of the latter. The way you look has an impact on the opportunities that will come your way.  I know that individuals financial capabilities vary, so it is not really about the most expensive clothes. I personally think buying very expensive clothes is a waste of money. However, I won't say go for cheap clothes, just go for quality.  If its cheap clothes go for it...

Image courtesy of Suat Eman at FreeDigitalPhotos.net Setting up a new restaurant could be a challenging tasks, cause there are numerous restaurants that already exists. As such, a marketing strategy that will help you achieve success must be developed. To attract customers the following must be taken into consideration.    * The food sold should be of good quality, it should taste good and the way it is be delivered should also be of high quality. The menu list must also be attractive. * The prices of the food should reflect the value of the products (food and service) provided in the restaurant. Thus, a restaurant that sells expensive food should leave customers feeling very very good. The quality of their food and their services should be better than those of restaurants that sell cheaper food. *The staff whose roles are to deliver or serve food, wait tables or cook meals must be nicely dressed and they must treat customers nicely. Selling the...

Hello readers, I decided to write about businesses that require little capital to start. today they are: Grocery Shops A grocery shop could be opened with minimal capital, it depends on the scale you are willing to take it to. Start out litte and start to grow the business Web Designing Some individuals attend courses to develop skills on designing a website. However, you could develop skills by practising online. A huge amount of money is made from designing websites. Dry Cleaning This is another business that could yield a lot of money. You only have to purchase laundry and dry cleaning equipments. You should start out small and then grow bigger. Event Planning This also require little capital to start. You do not neccessarily have to attend a course to develop your skills on event planning, if you are organised and you pay attention to details then you can easily start planning events. It could range from planning a big business meeting to nikkah. Make sure y...