Islamic Business Loans and Some Tips to Sustain Your Business during COVID-19

Reports tell us that by the middle of March, almost 75% of businesses reported being affected by the COVID-19 crisis. Small businesses were safe from riba with Islamic business loans. However, no one could have predicted this pandemic. That’s why it’s necessary to have a contingency plan in place.

Here are some ideas that are just as important as your ijara mortgage.

Can Your Staff Work from Home?

Asking yourself if your business can implement curbside pickup and online selling is a good start. That will allow at least some of your employees to work from home. Can you launch a delivery service quickly? Is it possible to either outsource the work or shift some of your employees into that role?

Leveraging the right apps and software is essential. For video conferencing, the two leaders in the field are Google Hangouts and Zoom. The industry leader right now is Zoom. With it, you can record meetings.

Invested in Islamic Business Loans

You did your homework when you invested in Islamic business loans. As a result, you know good products can steer you away from riba for your enterprise. Now, you’ll need to learn a little bit about the technical side of running a remote business. Employees might find it noisy at home so investing in noise cancelling headphones can help keep up production.

Communication is Key

When you got an ijara mortgage, all the terms and requirements were laid out in simple, easy to understand language. Effective communication is the key to keep your business up and running during the pandemic. Here are a few basic points to consider:

• Interaction with your employees. Of course, the need to allow for social distancing is only part of the bigger picture here. If you have workers who are carrying out tasks remotely, email might not be good enough. There are a variety of programs you can use like Slack. With this one, you can set up departmental groups. Slack also allows you to maintain restrictions on who gets to see the information.

• Communication with your customers is necessary. It’s important to let your clients know how seriously you’re taking the pandemic. Email marketing campaigns that explain your plans for dealing with the crisis will keep your customers well-informed and help to create confidence. Make sure these are updated constantly.
• Maintaining constant contact with your suppliers is also important. This is especially true if you’ve got international supply lines that can be kinked due to pandemic restrictions. Staying in touch either by phone or with an instant message platform like the one available on Skype will keep you up-to-date.

One of the other things you should do involves your finances. Make a list of the customers who owe you money and get in touch with them to find out their respective situations. Remember, if you’re looking for Islamic business loans, we can help structure a sharia compliant variety. Get in touch with us to find out how.