Great Ways to Make Your Islamic Finance Business Recession ProofNovember 14, 2019 at 9:49 am
We are available to help guide you through the Islamic finance process. It doesn’t matter whether you’re looking for a loan for a commercial or residential property. Even though the big recession was over a decade ago, some of the after effects still linger.
Making sure you get an Islamic finance loan is a great way to stay sharia compliant. Here’s some great ways to make sure your business stays recession proof. With these things in play, it’s sure to be a success.
Set Up A Cash Flow Planner
Financial management is an important part of success. It doesn’t matter if you’re using a sharia compliant loan. You still need to be prudent with your money to be a good businessman. There are several things you can do like setting up a cash flow planner. This is a good way to tell when your business is having money troubles.
It’s a simple process. All you really need to do is set up a spreadsheet to keep track of revenues and expenses. If you update the spreadsheet for 13 weeks, you’ll get a good overall picture.
Expand Your Products and Services
Selling the same products and services for years can become comfortable. However, you should use the same innovative thinking you did when you took on Islamic finance. That means expanding and broadening your product lineup.
That could very well be the key to surviving any future recessions. Here’s a good hint on how to accomplish that goal.
It might not be necessary to spend the time and effort coming up with something brand new. Tweaking an old product line is sometimes all that’s needed.
Islamic finance has been embraced by North America. However, its roots aren’t in that part of the world. You can use the same kind of global expansion for your business. If it’s feasible, you can expand to international markets. This is easier if you’ve got an Internet-based product or service.
Keep in mind that innovation is always important. Not only do successful businesses offer brand-new services and products. They also follow technological trends to see what they can use.
Having a keen sense of sharia compliant products is what’s kept us in business. We were guided by a few benchmarks when we started the company. The first was to create financing that was interest-free. It was important that any Islamic finance mortgage products we worked with were sharia compliant.
We wanted to make sure that our general mortgage products folded into Western methods. That’s why our ijara contract works within the frame of a more traditional mortgage. Of course, the notable exception is there’s no riba with our Islamic finance product.
Everything is done so practicing Muslims have no problem working with us. We’ve even managed to keep tax deductibility benefits so our clients get the best of both worlds.
We’re always available to answer any and all of your questions. Get in touch with us today to learn about how Islamic finance can benefit your business.