Islam and Business Finance

Asalam alaykum "We made a covenant with the Children of Israel: “Worship none but God; and be good to parents, and relatives, and orphans, and the needy; and speak nicely to people; and pray regularly, and give alms.” Then you turned away, except for a few of you, recanting. .  And We made a covenant with you: “You shall not shed the blood of your own, nor shall you evict your own from your homes.” You agreed, and were all witnesses. But here you are, killing your own, and expelling a group of your own from their homes—conspiring against them in wrongdoing and hostility. And if they come to you as captives, you ransom them, although it was forbidden to you. Is it that you believe in part of the Scripture, and disbelieve in part? What is the reward for those among you who do that but humiliation in this life? And on the Day of Resurrection, they will be assigned to the most severe torment. God is not unaware of what you do." Quran 2:83-85 Ma salam.

Asalam alaykum "And they say, “The Fire will not touch us except for a number of days.” Say, “Have you received a promise from God—God never breaks His promise—or are you saying about God what you do not know?”   Indeed, whoever commits misdeeds, and becomes besieged by his iniquities—these are the inmates of the Fire, wherein they will dwell forever.   As for those who believe and do righteous deeds—these are the inhabitants of Paradise, wherein they will dwell forever." Quran 2:80-82 Ma salam.

Asalam alaykum "Do they not know that God knows what they conceal and what they reveal?   And among them are uneducated who know the Scripture only through hearsay, and they only speculate.So woe to those who write the Scripture with their own hands, and then say, “This is from God,” that they may exchange it for a little price. Woe to them for what their hands have written, and woe to them for what they earn." Quran 2:77-79 Ma. Salam.

Asalam alaykum Quran verses both transliteration and English translation were gotten from other sources. Ma salam.

Image courtesy of think4photop at FreeDigitalPhotos.net Hello readers, I will be writing about having good roads in Nigeria. Apparently, there are roads that are not good in the country. I will be suggesting ways to have good roads in the country. Here they are; -Approraite Islamic sources of  finance should be taken to build roads instead of conventional loans which Allah hates. This loans will put a burden on the government which in turn passes the burden to the people through various means. -Paying enough money for the roads, so that good quality materials can be  bought instead of low- quality materials. Using low- quality material to build road will make the road to have huge pot-holes in little time. Enough good money should be used to build the road so that they can last. -Even though good quality material are used to build the roads.The road will still depreciate in value as all asset will. As such, the roads should be maintained promptly to preve...

Asalam alaykum "Then after that your hearts hardened. They were as rocks, or even harder. For there are some rocks from which rivers gush out, and others that splinter and water comes out from them, and others that sink in awe of God. God is not unaware of what you do .  Do you hope that they will believe in you, when some of them used to hear the Word of God, and then deliberately distort it, even after understanding it?And when they come across those who believe, they say, “We believe,” but when they come together privately, they say, “Will you inform them of what God has disclosed to you, so that they might dispute with you concerning it before your Lord?” Do you not understand?" Quran 2:74-76 Ma salam.

Asalam alaykum He said, “He says she is a heifer, neither yoked to plow the earth, nor to irrigate the field; sound without blemish.” They said, “Now you have brought the truth.” So they slew her; though they almost did not.   And recall when you killed a person, and disputed in the matter; but God was to expose what you were hiding.   We said, “Strike him with part of it.” Thus God brings the dead to life; and He shows you His signs, that you may understand. Ma salam.

Hello readers, I will be writing about waste water. Waste water could be water used for shower, water from sewage , water from washing your hands. Allah does not love wastages. As sucbh water, should not be wasted. An impure water can become pure if it can be purified. Different method of purification will be discussed.  Distillation This is a method of purifying the water. However water boils at 100 degrees centrigade as such impurities that requires lower boiling will still be there. Distillation is one of the best at purification as it removes 99.5% of impurities. Activated aluminium This.method of water purification focuses on removing fluoride as well as arsenic and thallium from impure water. Aluminum oxide is used as the form  of filter. The same mineral characteristics found in rubies and sapphires that does colour pollution. The problem with this method of purification is that it might add aluminium to your water. A high level of aluminium ...

Asalam alaykum They said, “Call upon your Lord to show us which one.” He said, “He says she is a heifer, neither too old, nor too young, but in between. So do what you are commanded.” .  They said, “Call upon your Lord to show us what her color is.” He said, “He says she is a yellow heifer, bright in color, pleasing to the beholders.They said, “Call upon your Lord to show us which one; the heifers look alike to us; and God willing, we will be guided.”Quran 2:68-70 Ma salam.

Hello readers, I will be talking about ways to deal with counterfeits. Before that, I will like you to know that it is forbidden to sell or buy counterfeit products. Prophet Muhammad (peace be upon hi m) said there will be a reward from Allah if two people are honest in a trade.  They will get the benefit of martyr. However, if one of them is dishonest there will be loss in the trade. You should always speak the truth. Truthfulness leads to righteousness, righteousness leads to paradise. So here are ways business owners can protect themselves from counterfeits. They can get intellectual property rights so that when the issues of counterfeit comes up they can be dealt with justly. A business can keep checking sites prone to selling fake products for counterfeits of their own products so that actions can be taken appropraitely. Lastly, businesses should inform their customers of what to look for to know if a product is a counterfeit of their own products and how to recognise...

Asalam alaykum And you surely knew those of you who violated the Sabbath. We said to them, “Be despicable apes! Thus We made it a deterrent for their generation, and for subsequent generations, and a lesson for the righteous.And recall when Moses said to his people, “God commands you to sacrifice a heifer.” They said, “Do you make a mockery of us?” He said, “God forbid that I should be so ignorant.”Quran 2:65-67 Ma Salam.

Drawing by Jubril Idowu Hello readers, I will be writing about two types of Islamic mortgages. Islamic mortgages are the best types of mortgages. This is because Allah  (Glory be to Him, Lord of the Exalted Throne) has perfected Islam. Conventional mortgages make people pay interest. Allah hates interest. That means it will detrimental to you in this life and the Hereafter if you do not desist.  I am sure you have heard of people losing their conventional mortgages after several years of paying for the house. This is because the banks that gives conventional mortgages didnt buy the house but borrowed you money and when you are unable to pay they take the house from you. Think about recessions and how people lose houses during them. Islamic banks provides ethical mortgages (Islamic mortgages). Islamic banks give out loans that are asset based or asset backed. For example, the Ijara Islamic mortgages buys the house and then leases it to you for a period. After tha...

Asalam alaykum "Those who believe, and those who are Jewish, and the Christians, and the Sabeans—any who believe in God and the Last Day, and act righteously—will have their reward with their Lord; they have nothing to fear, nor will they grieve.  And recall when We received a pledge from you, and raised the Mount above you: “Take what We have given you earnestly, and remember what is in it, that you may attain righteousness.” But after that you turned away. Were it not for God’s grace and mercy towards you, you would have been among the losers."Quran 2:62-64 Ma salam.

Asalam alaykum "But the wrongdoers among them substituted words other than those given to them, so We sent down on the wrongdoers a plague from heaven, because of their wicked behavior. And recall when Moses prayed for water for his people. We said, “Strike the rock with your staff.” Thereupon twelve springs gushed out from it, and each tribe recognized its drinking-place. “Eat and drink from God’s provision, and do not corrupt the earth with disobedience. And recall when you said, “O Moses, we cannot endure one kind of food, so call to your Lord to produce for us of what the earth grows: of its herbs, and its cucumbers, and its garlic, and its lentils, and its onions.” He said, “Would you substitute worse for better? Go down to Egypt, where you will have what you asked for.” They were struck with humiliation and poverty, and incurred wrath from God. That was because they rejected God’s revelations and wrongfully killed the prophets. That was because they disobeye...

Hello readers, I will be writing about electricity today. I will be using Nigeria as a case study. Electricity is one of the factors that contributes to the success of an organisation. Developed countries have been able to maintain a  constant power supply. If they are able to have constant power then it is achievable. Constant electricity could attract good companies, thereby creating employment opportunities. This could alievate poverty in the developing countries. Thus, the GDP (Gross Domestic Product) of the economy will improve. The challenge here with having constant power supply is also not to pollute the environment as fossil fuel is mostly used for the supply of electricity. Greener alternatives could be used such as tidal energy and wind energy. In my opinion, electricity could be constant in Nigeria if the industry is privatised. The privitisation of the telephone industry made mobile phone easily accessible by individuals. Most people own a phone, both ...

Asalam alaykum "Then We revived you after your death, so that you may be appreciative. And We shaded you with clouds, and We sent down to you manna and quails: “Eat of the good things We have provided for you.” They did not wrong Us, but they used to wrong their own souls.   And recall that We said, “Enter this town, and eat plentifully from it whatever you wish; but enter the gate humbly, and say, 'Pardon.' We will forgive your sins, and give increase to the virtuous.”Quran 2:56-58 Ma salam.

Hello readers, I will be writing about Ijara for the agricultural sector. The agricultural sector is a good one for business, however, capital challenges which arises from operating in the sector might make potential business owners such as an entrepreneurs or farmers shy away from the business. Conventional loans should not be collected as it involves interest and Allah hates interest, so do not go near it. Interests causes problems to societies, for example mortgages (people lose their homes), government that borrow conventional loans end up paying so much for it, at the end of the day the loss is way higher than any benefit they must have thought of getting from it. Conventional Student loans is another story. I hope you can relate with this. This is where Islamic finance comes in. Islamic finance are ethical. Islamic finance are asset based  while coventional are credit based. Asset based means they buy the asset. Ijara is one of the types of Islamic finance whereb...

Asalam alaykum "And recall that We gave Moses the Scripture and the Criterion, so that you may be guided.And recall that Moses said to his people, “O my people, you have done wrong to yourselves by worshiping the calf. So repent to your Maker, and kill your egos. That would be better for you with your Maker.” So He turned to you in repentance. He is the Accepter of Repentance, the Merciful.And recall that you said, “O Moses, we will not believe in you unless we see God plainly.” Thereupon the thunderbolt struck you, as you looked on." Quran 2:53-55 Ma Salam.

Hello readers, I will be writing about a business that you could explore.  Part 1  was written you should read it. I hope you gain a thing or two from it. Intoxicants are forbidden by Allah, as such hand sanitizers with intoxicants in them would not be halal. Based on my research, I was informed non-alcoholic hand sanitizers does not kill as much germs as the alcoholic one. That is not a reason to use alcohol based sanitizers, as intoxicants are forbidden in the Quran. Its better to use halal soaps to wash your hands. I was informed that Prophet Muhammad (peace be unto him) used soil to wash is hands after using the toilet. But I have not been able to verify the information. I do know that if you do not have water for ablution you can do tayammum for a long time  until you come across water. That is a neccesity for Salat. The soil might have some properties, can it be explored to see if hand sanitizers can be made from it. However, washing your hands with...

Asalam alaykum "And recall that We parted the sea for you, so We saved you, and We drowned the people of Pharaoh as you looked on.   And recall that We appointed for Moses forty nights. Then you took to worshiping the calf after him, and you turned wicked.   Then We pardoned you after that, so that you might be grateful." Quran 2:50-52 Ma Salam.

Hello readers, I hope you are good. I will be writing about a business that has not been fully explored. I hope you get inspired to start ths business inshaAllah (if Allah wills). Intoxicants and pork has been forbidden by Allah for consumption. Islam is the only religion that can get you into Heaven. The sole purpose for Allah creating us is to worship Him. In other words, this life is test as to who will make Heaven or Hell. This present life is short and life after death is forever. May Allah guide we Muslims, Amin. Most detergent have parfum and glycerin in them.  Parfum may contain intoxicants while glycerin could be made from pork or vegatable or synthentic. The ones made out of pork is not halal. I have only come across a liquid detergent which is halal in Nigeria and it is used in washing machines. The halal status was checked online. It is best to confirm the halal status of the product you are using, to make sure it has no intoxicant or pork in it as t...

Asalam alaykum "O Children of Israel! Remember My favor which I bestowed upon you, and that I favored you over all nations.And beware of a Day when no soul will avail another in the least, nor will any intercession be accepted on its behalf, nor will any ransom be taken from it, nor will they be helped.   And recall that We delivered you from the people of Pharaoh. They inflicted on you terrible persecution, killing your sons and sparing your women. Therein was a tremendous trial from your Lord." Quran 2:47-49 Ma salam.

Hello readers, I will be writing about recharge card business in Nigeria. I have done a little bit of research for you. I noticed there are some ways to make money from recharge card business. I will be talking about two that I am comfortable with so far. One is to buy a printer, print recharge card numbers and sell. The other is to buy recharge cards in bulk and sell it for profit. While the former is more expensive to set, the latter is cheap to start. From the research I made online, you can start the latter business for as low as 10,000 naira I have also been informed you make the same amount of money from printing the recharge cards and buying the recharge cards in bulk. I will advise you to go for buying the recharge cards in bulk. Some people are unemployed, instead of doing nothing this business can be started. A lot of people have phones so they definately need recharge cards. You probably buy recharge card yourself. This recharge card business could make you ...

Asalam alaykum And seek help through patience and prayer. But it is difficult, except for the devout. Those who know that they will meet their Lord, and that to Him they will return. O Children of Israel! Remember My favor which I bestowed upon you, and that I favored you over all nations. Quran 2:44-46 Ma salam.

Asalam alaykum "And do not mix truth with falsehood, and do not conceal the truth while you know.And attend to your prayers, and practice regular charity, and kneel with those who kneel. .  Do you command people to virtuous conduct, and forget yourselves, even though you read the Scripture? Do you not understand?" Quran 2:41-43 Ma salam.

Hello readers, I will be writing about different types of business models. There are various types of business models but I will be  writing about only three types.  These are advertising, disintermedation and freemium. Advertising This is a situation whereby an individual/ group  creates contents for readers or viewers with the hope of getting advertisers to put advertisement on their page. Make sure the products being advertised on your page are halal. The individual / group has to satisfy both readers and advertisers. Disintermedation There are situations whereby an individual wants to sell something in stores; the individual actually has to go through some middlemen. But with this business model, the middlemen (all the people in the supply chain) are not used, therefore the business deals with the customers directly thereby reducing the business cost and creating a better relationship with the customers. Freemium This is a type of business model where y...

Asalam alaykum But as for those who disbelieve and reject Our signs—these are the inmates of the Fire—wherein they will remain forever.”   O Children of Israel! Remember My blessings which I bestowed upon you, and fulfill your pledge to Me, and I will fulfill My pledge to you, and fear Me.   And believe in what I revealed, confirming what is with you; and do not be the first to deny it; and do not exchange My revelations for a small price; and be conscious of Me. Ma Salam.