Halal Business Loans and Moving Your Business. Here’s Some Tips You Can UseNovember 8, 2019 at 8:04 am
Our IjaraTM Home Financing Program works for both residential and commercial properties. The Halal Home Financing we offer details the difference between ijarah and conventional leasing here.
Halal business loans work in much the same way. We like to include all the resources that you will need to make a good decision. By reading through our website and contacting us, you will be able to navigate through these halal business loans.
Once you’ve started a business and had one for some time, you might decide you want to move it. Here’s a few tips for that.
Take a Good Look at Your Space
Taking some time to decide if you need a whole new building or just a reorganization of your existing space is the first step. In other words, there’s no need to move if you can change your layout and operate more efficiently.
Here’s a tip. Talking to your IT people can help you plan where there’s tech hubs so everyone has the tools they need.
Look at Different Locations
Due diligence is the keyword here. There are several things to look at. Take into account parking and accessibility. Don’t forget to look at things like the kind of shipping and receiving facilities the new building might have.
Room to grow is another factor. You might want to take on the added cost of some extra space now so you don’t need to move again down the road.
This same kind of due diligence applies to understanding the difference between ijarah and conventional leasing. Staying sharia compliant is critical. That means you’ll need to understand how to guide your business away from any transactions involving riba.
Don’t forget to include whatever needs your staff might have. It’s even a good idea to have them visit different sites with your management team to get their input.
Is Buying or Leasing the Better Option?
This is another set of boxes you’ll need to check. Deciding whether to lease or buy a space comes down to things like the age of your business. For example, a younger enterprise is more than likely a little shaky at first. It might be better to lease until you find out if your business is on solid ground.
However, consider that buying is less expensive then renting in some situations. Remember halal business loans are sharia compliant so that aspect is looked after.
Finally, you need to have the right team of advisors on your side. We can help you navigate through halal business loans. It’s also a good idea to have commercial real estate advisors working with you .
A Banker and an Accountant
This team should include a banker and an accountant. The latter is important to help you with the budget and make sure your financial statements are ready to go.
We are always available to help you understand the difference between ijarah and conventional leasing. Why not get in touch with us today so we can explain all the details?