Best Businesses For Followers of IslamFebruary 4, 2020 at 8:27 am
We can help you structure your loan so you stay sharia compliant and away from riba. This is especially important when you decide to start your own business. It’s the beginning of a new year and the perfect time to start your own enterprise with Islamic finance.
That’s why we’ve put together this list of the best businesses for followers of Islam in 2020.
In every city across the United States and Canada, there is a need for this type of business. Halal food products are popular choices. The first step in starting this kind of enterprises for militarizing yourself with all the big brand names. There’s LU and Bake Parlor to name a few.
Once you’ve got a list of the products that you like to sell, you’ll need to find your own unique angle. Your business needs to be different from the competition.
Then you’ll need to do some market research including your target market.
Don’t forget that any of the businesses that you start using Islamic finance will have some startup costs. These can include everything from the fax machine to a computer system and the software it needs.
There’s lots to think about including how to price your halal imported products. Charge too little and you won’t make a profit. On the other side of that coin, if you charge too much you’ll lose customers in your business will go under.
Start thinking about all the different business possibilities that use Islamic finance. You’ll see how many directions you can go in. A clothing store that specializes in Hijab clothing is another possibility. There is always room for a clothing store of this type.
Ask yourself before you start one if you have the right kind of experience to make it work. It might be in your family. Maybe your grandparents or parents had a similar store. If you take any kind of business classes that include advertising or merchandising, they will certainly help.
Regardless of the kind of business you choose, our IjaraTM financing structure is designed to help. Not only does it abide by sharia law, it fits within more traditional Western banking systems. Our structuring offers finance options that are competitively priced and transactions that benefit everyone involved in the process.
Getting the right kind of sharia financing for your business doesn’t need to be overwhelming.
Becoming an Islamic immigration consultant that works with people looking for visas, work permits and family sponsorships is another option. This is the type of business where you will need to focus on your interpersonal and communication skills.
Most people looking for this type of professional want to find someone who is genuinely warm and understanding. It’s a good additional bonus if you can speak a second or third language but it’s not necessary.
Remember when you’re looking for the right kind of structuring to start your business, our Islamic finance professionals are ready to help