In my profession as a financial consultant, I always experiment with different techniques.
Different concepts.
And different strategies to help my clients solve their financial objectives/problems.
One of them is using Edward De Bono 6 Thinking Hats.
As humans, sometimes, when we face a problem, we tend to find ways to solve our problem, looking at it from only ONE perspective. ONE angle.
AND because of that, sometimes the decisions that we made may not be the best.
Simply because we don’t have a clear process.
That is why Edward Debono 6 Thinking Hats can help us understand and solve problems more efficiently.
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Let’s apply this to a financial objective.
“Clearing your housing loan debt.”
Each hat represents a specific thinking role/perspective.
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1. The White Hat (Facts and Figures)
First, put on this thinking hat.
The White Hat deals strictly with facts and figures. No emotions or idea generation should happen here. So for our problem, the facts will look something like this:
My housing loan is $300,000, payable for 30 years.
My monthly instalment is $1201.02/mth.
Out of $1201.02, $650 goes to pay for interest, and $551.02 goes to pay outstanding balance.
Ceteris Paribus, after paying for 10 years, my outstanding balance will be $224,579.
If I can save up, accumulate and grow my money the shariah compliant way… having $224,579, on hand, at the end of 10 years, I will have cleared my housing loan debt.
Fact and figures. Pretty straightforward.
2. The Green Hat (Creativity)
Now that you’ve got all the facts, it’s time to come up with solutions.
Save $224,579 by the end of 10 years?
Easier said than done! 🙂
The Green Hat symbolizes creativity.
It’s about generating ideas and exploring possibilities.
So list all the ways you can think of to save money or get money.
E.g: – Open a separate shariah compliant savings account, BUT don’t have ATM card. Every month, get my pay, I do a FAST transfer to my separate savings account. It’s called FORCED SAVINGS.
-Clean my house, and set aside all my junk stuffs. Take picture and sell them at Carousell!
– Have a coin box. Everyday, just use notes to spend. All the coins, save it up in your coin box….
The list, continues…. Go on and on… Let your ideas flow. Like streams of water in the river…
3. The Yellow Hat
Awesome! Now you’ve got your ideas, it’s time to play pros and cons.
The Yellow Hat symbolizes optimism (because it’s such a bright, happy color).
It focuses on the positive aspects and benefits of your ideas.
In this thinking role, you have to pretend that everything will work out fine.
E.g.
Idea #1: Open a separate shariah compliant savings account, BUT don’t have ATM card. Every month, get my pay, I do a FAST transfer to my separate savings account. It’s called FORCED SAVINGS.
Positive Aspects: Awesome!!! It is a super quick way to save up and accumulate money.
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Idea #2: Clean my house, and set aside all my junk stuffs. Take picture and sell them at Carousell!
Positive Aspects: Awesome!!! Its like killing 2 birds with one stone, or the Malay saying, “Sambil menyelam minum air.”
I have a clean house, clearing all the clutters away AND I make some money.
Idea #3: Have a coin box. Everyday, just use notes to spend. All the coins, save it up in your coin box….
Positive Aspects: Awesome!!! My wallet wont be bulging out with coins. And I save more money.
You’ve got the positive benefits of your list of ideas. Now do the opposite.
The Black Hat deals with negativity. You’re going to play the devil and come up with all sorts of excuses why your ideas won’t work.
Idea #1: Open a separate shariah compliant savings account, BUT don’t have ATM card. Every month, get my pay, I do a FAST transfer to my separate savings account. It’s called FORCED SAVINGS.
Negative Aspects: Alright. Though I can force myself to save my money quickly, how much are the returns/hibah that I am getting? Can it beats inflation? I doubt so.
Idea #2: Clean my house, and set aside all my junk stuffs. Take picture and sell them at Carousell!
Negative Aspects: Alright. Will anybody really buy my junk stuffs? Why would they buy when it is all JUNK?
Right?
Idea #3: Have a coin box. Everyday, just use notes to spend. All the coins, save it up in your coin box….
Negative Aspects: Can I really save much money, just by saving my coins everyday? Substantial enough to pay off my housing loan in 10 years?
5. The Red Hat
Ok, so far you’ve used your mind to do all the work. Now use your heart.
The Red Hat represents emotions/feelings.
Go through your ideas, looking at both their pros and cons.
Ask yourself, am I comfortable with this idea?
Do I feel strongly for it?
Is the sacrifice worth it?
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6. The Blue Hat
This is the final hat. Your objective here is to make sure that you’ve done all the previous steps correctly.
Then summarize your results and you should have a clear overview of what your final decision(s) is.
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E.g.: Alright. Perhaps all the methods above can work.
Opening up a separate shariah compliant savings account with out ATM card.
Selling unused stuffs in Carousell.
Having a coin box can help.
Alhamdulillah…. It can help me accumulate my money fast.
It can help me accumulate a sizeable capital amount.
But to accumulate $ $224,579 in 10 years, is no easy feat!!!
So what I can do, to make it looks more realistic is perhaps to extend my time-line to 15 years. Instead of 10 years.
AND find ways on how to grow my money, the shariah compliant way in Singapore.
Beating inflation, and accelerate the returns so that I have enough to clear off my housing loans in the future.
7. Conclusion
This thinking tool is really useful, especially for problems that require serious consideration.
You can apply this to any area of your life, such as career choice, insurance choice etc.
I personally went through this, when I designed “Your Financial M.A.P. Model”
– A Standard Step By Step Guide to Grow Your Money And Wipe Off All Your Loans With Riba, using Shariah Compliant Financial Strategies.
If you are interested to learn more, go to Takaful.sg, for a FREE “Your Financial M.A.P.” session!
In “Your Financial M.A.P.” session, you will also learn on how you can calculate your net worth in less than 10 mins, which allows you to fully understand your financial situation and create a master plan to get started on your journey to achieve the financial freedom you desire.
You will discover bulletproof strategies on how you can increase your savings by 20%, even if you have not saved a single dollar before (It’s like having money growing from your pocket out of nowhere)
I will share with you 8 financial ratios that acts as a financial compass, giving you the direction to the oasis of financial promise land.
I will also share with you a Quick way to save up money for emergencies. This will give you a peace of mind, rather than panicking and trying to scramble up money from nowhere. You know, you have a safety net to protect you 100%.
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The first 100 who register will receive a Special Bonus. You will get an exclusive, personalised housing loan riba spreadsheet for FREE. (previously only available for paying customers and not available elsewhere).
You will be able to know how much of your monthly loan instalment goes to riba, and how much exactly goes to pay off your outstanding balance.
You can also find out how much riba you can save every year by paying your principal amount quickly.
Go ahead! Register for FREE “Your Financial M.A.P.” session at Takaful.sg!
See you soon! Insya’Allah! 🙂
Some of you might have known me as the financial consultant that help Muslim families, plan their finance in a shariah compliant way in Singapore . You might have seen me in the papers, on national TV, dispensing financial advice specifically for Muslims in Singapore.
(Snapshot of my recent interview at a show, “Demi Cinta” in Suria. Picture from Toggle.sg)
One of the most common questions that I always get, is how do I get the motivation.
The strength.
The energy to push forward, in my journey to promote Islamic Finance in Singapore.
I have to admit, that it seems an arduous task ahead.
As an entrepreneur running my own financial practice, sometimes, my business is up.
AND sometimes, my business is down.
When I feel down, I read on the translation of the Quran and Seerah (biograghy) of all the messengers of God, from Prophet Adam to Prophet Muhammad (May Peace and Blessings Be Upon Them All).
Here are some learning nuggets that I learnt, that motivate and inspire me to continue to work hard to promote Islamic Finance in Singapore.
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1) Follow the power of focus of Prophet Noah (Peace Be Upon Him)
When I am feeling down, I remembered reading about the story of Prophet Noah (Peace Be Upon Him).
Allah S.W.T commanded him to build a ship.
“And construct the ship under Our Eyes and with Our Inspiration and address Me not on behalf of those who did wrong; they are surely to be drowned.” (Quran 11:37)
Prophet Noah (Peace Be Upon Him) chose a place outside the city and far away from the sea to build his ark.
Some mocked and laughed at him.
Making comments about the ship’s location, far from any water source.
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They had no comprehension of the power and magnificence of God.
SO they could not understand why Prophet Noah (Peace Upon Him) would build a ship, on the top of a hill, far away from the ocean.
They called him crazy and laughed out loud.
The ship began to take shape and when it was finished, Prophet Noah (Peace Be Upon Him) patiently waited for the command from God.
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When others said, many Muslims in Singapore don’t mind taking riba (interest)… The market is not big enough… When others questioned me on why I need to talk about Islamic finance, I remember the story of Prophet Noah (Peace be Upon Him)
I ignore these voices. I stay focus.
If I can help even 1 client plan their finance in a shariah compliant way, I have done my job.
If I can show 1 client, how they can reduce their riba/interest payable by even 1%, I have done my job.
Even if I meet with rejections upon rejections, after proposing shariah compliant initiatives, I have done my job as a Muslim financial consultant in Singapore.
2) The Importance Of Planning
Prophet Muhammad (Peace be Upon Him) planned very well when doing his Hijrah from Mecca to Madinah.
The Hijrah of Prophet Muhammad (Peace Be Upon Him) is one of the most important episode in the history of Islam.
Allah S.W.T could have just instructed the Angels to carry Prophet Muhammad (Peace Be Upon Him) from Mecca to Madinah, without effort.
However, we all know that the Hijrah does not happen that way.
Our beloved Prophet Muhammad (Peace Be Upon Him) had strategies and plans, in place. Some of them are….
– Asking Sayyidina Ali (May God Be Pleased With Him) to replace him at his sleeping place
– Went out of his house, when the sun is scorching hot, something that those who were travellers wont do at that point of time
– Choosing Sayyidina Abu Bakar Assidiq as his companion for hijrah to Madinah
– Choosing alternative route to Madinah which is further and not the route commonly used by others
– Asma’ bt Abu Bakar and Abdullah Bin Abu Bakar to send information and food supplies while he is hiding at at Thur cave
– Amir bin Fuhairah, the individual to remove the footprints of Prophet Muhammad (Peace Be Upon Him) and Sayyidina Abu Bakar
(Source: “Panduan Cashflow, Apa Yang Kamu Tuai Simpanlah Bersama Tangkainya” book, by Suzardi Maulan (Pakdi))
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My take is that if our beloved Prophet Muhammad (Peace Be Upon Him) planned very well when he is doing his hijrah, we should also have a plan, in doing anything in our life.
Everyday, I think of strategies.
Strategies on how, to get more people to plan their finance in a shariah compliant way in Singapore.
How to get more people plan their finance the shariah compliant way in Singapore?
Facebook marketing.
Blogging.
Words of Referral.
Making Educational Videos etc2…
I work hard to introduce these systems in place.
Alhamdulillah…. Till date, I have over 600 clients who trust their finance with me, not only from Singapore, but also from Malaysia, Indonesia, Bangladesh, India and many other countries… 🙂
Remember, my friends.
Anything you do, plan and prepare in advance.
If you don’t have a plan, you will go haywire. Create a plan and stick through your plan. Follow the footsteps of our beloved Prophet Muhammad (Peace Be Upon Him).
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3) Motivation to get out of debts with interest
I adviced my clients on strategies to reduce riba, yet I have to admit that I am still servicing my housing loan. In Singapore, there is no murabahah financing, so its darurah, for us to take loan with interest to get our house.
We need a roof over our heads.
Everyday, I make doa/prayers/supplication to Allah S.W.T. to grant me the strength, the rezeki to accumulate as much cash as possible so that I don’t have to take loans with interest.
My motivation to stay away and get out of debts also propel me to me to work hard everyday, because interest/usury is haram. In addition to that, I need to walk my talk as an ambassador to promote Islamic Finance in Singapore.
I am also a firm believer of the ‘Man jadda wajada’ principle which means whoever puts in the effort, God willing, they will get what they work for.
Make doa. Put in a lot of effort and focus on your work. Tawakkal….
Insya’Allah…You will get what you work for.
4) Motivation to help my community grow strength by strength
Everytime, I read the news, I see Islam being potrayed in a negative light. What I learn in my part time madrasah (religious school) and what I see in the newspaper is totally different.
Of course, to explain the beauty of Islam is the jobs of our Islamic scholars. We seek their leadership to guide us, on how to live our life, in accordance to the Quran and Sunnah of our beloved Prophet Muhammad S.A.W.
I am glad that Asatizah Recognition Scheme (ARS) is now made compulsory, to ensure that our religious teachers and scholars are reliable guides for our community.
We need their expertise. We need their guidance. Reading and interpreting the Quran (God’s words) is not like reading a story book. We need… We depend on our Islamic scholars to interpet the verses of Quran and Hadith and apply them in Singapore’s context.
Nevertheless, I feel everyone has a role to play. Even in my position as a financial consultant in Singapore, I have a role to play. Empowering our Muslim community with financial knowledge is crucial. My job is real.
I advice my clients and their children, that whatever we do in life, we give our level best. Aim to be the best. Prophet Muhammad (Peace Be Upon Him) says, “The best of people are those that bring most benefit to the rest of mankind.” (Daraqutni, Hasan)
I hope, in the future, some of the children, I plan for becomes a scientist, becomes a lawyer, becomes a school teacher
or even become an Olympic Champion!
I hope, some days, I can see, my clients’ children names on the headlines of the newspapers, bringing glory to our community by being the best in their specialisation, in their chosen field.
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With the following reasons above, I am more determined than ever to help with the development of Islamic Finance in Singapore.
Takaful.sg serves as a platform for me to educate. Empower.
AND reach out to more Singaporeans who are interested to know more on the practicality and relevance of Islamic finance, in Singapore’s context.
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In Takaful.sg, you can sign up for “Your Financial M.A.P” session (Worth $500) for FREE.
“Your Financial M.A.P. Model” is A Standard Step By Step Guide.
To grow your money.
AND wipe off all your loans with riba,
using Shariah Compliant Financial Strategies.
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You will also learn on how you can calculate your net worth in less than 10 mins, which allows you to fully understand your financial situation and create a master plan to get started on your journey to achieve the financial freedom you desire.
You will discover bulletproof strategies on how you can increase your savings by 20%, even if you have not saved a single dollar before (It’s like having money growing from your pocket out of nowhere)
I will share with you 8 financial ratios that acts as a financial compass, giving you the direction to the oasis of financial promise land.
I will also share with you a Quick way to save up money for emergencies. This will give you a peace of mind, rather than panicking and trying to scramble up money from nowhere. You know, you have a safety net to protect you 100%.
Go to Takaful.sg now and sign up for your FREE session today! Insya’Allah… 🙂
It is a personal gift from me, in my capacity as a financial consultant that specialises on Islamic Finance for our Muslim community in Singapore.
In my course of work as a financial consultant, I have met too many Singaporean Muslims who would like to hijrah, from riba intensive ways of financial planning to shariah compliant based of financial planning in Singapore.
But many are clueless. Some are overwhelmed.
Through my humble initiative, Takaful.sg, I hope to reach more lives and share the beautiful message on Islamic Financial Planning to as many people as possible.
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In this blessed new year, let us set new azam/resolutions.
New commitments.
One of my commitments is for me to reach out to more Singaporeans and share with them on how to clear their riba based loans.
AND start planning their finance the shariah compliant way in Singapore.
That is why, on this special day, I create and launch Takaful.sg Share this link, with your family, friends and love ones! 🙂
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In this blessful day, may Allah forgive all our past wrongdoings and accept our repentence. May the year ahead be showered with Blessings, Peace and Wisdom.
May the coming year be more fulfilling spiritually for everyone.
Amin…. Amin…. Insya’Allah.
‘A Blessful & Peaceful Ma’al Hijrah 1438’ to all my brothers and sisters again… 🙂
In a few more days, we Muslims, all over the world will celebrate Hari Raya Haji.
Also known as Hari Raya Adha. Great Day of Sacrifice! 🙂
The festival marks the end of the Haj, which is the Muslim pilgrimage to the holy city of Mecca in Saudi Arabia.
It also commemorates the willingness of the Prophet Abraham (Peace Be Upon Him) to sacrifice his son Ismail in an act of obedience to Allah S.W.T.
Prophet Abraham (Peace Be Upon Him) was commanded to offer his son Ismail up for sacrifice to Allah S.W.T. Though it grieved him greatly, he made ready to perform the task.
However, as he was about to strike his son, God stopped him and revealed that it was a trial of his devotion to the Lord.
Ismail’s life was spared and a ram sacrificed in his place.
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During Hari Raya Haji, we Muslims go to the mosque for our morning prayers.
Then, we went visiting our parents and in laws.
(Myself and my wife in our traditional clothes, visiting our family)
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One of the main rituals of the festival is the korban, which involves the sacrificial slaughtering of livestock such as lambs and goats.
The animals are slain in accordance with the proper religious rites, such that they suffer minimal pain.
An individual or a family will donate the sacrificial animal, and Muslims from a particular community will gather in fairly large numbers to help out in the slaughtering and distribution of the meat.
Recipients include the poor and the destitute and other Muslims.
Today’s post, I will like to focus more on methods of slaughtering according to Islamic guidelines.
When I dine out with my Non Muslim friends, they often asked me, “This restaurant don’t have Halal logo, but they never serve pork. You can join us or not?”
I usually agree to join them, on the note that I will only drink, but will not eat.
Then, they will ask me, “Why never eat? There is no pork? Only chicken, beef, mutton and seafood”
Then, I will start explaining…. This post might be educational for you too. 🙂
There is halal chicken and non halal chicken. There is halal beef and non halal beef. There is halal mutton and non halal mutton.
So, what is the difference that makes the difference?
It all boils down to the method of slaughtering. To attain the Halal logo, there are sets and procedures that we have to abide to.
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Summary of conditions for Halal slaughter
Islamic law requires that animals intended for human consumption be slain in a certain manner.
The conditions for Halal slaughter can be summarized as follows:
1) The animal to be slaughtered must be from the categories that are permitted for Muslims to eat.
2) The animal must be alive at the time of slaughter.
3) No electric shock, bullet or any other means should be used before slaughtering.
Using any such method may lead to the death of the animal before it is cut. Islam prohibits Muslims from eating any meat coming from an animal that is dead before slaughter. Muslims are also advised to avoid eating anything doubtful.
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4) The animal must be slaughtered by the use of a sharp knife. The knife must not kill due to its weight. If it kills due to the impact the meat may not be permissible.
5) The windpipe (throat), food-tract (oesophagus) and the two jugular veins must be cut.
6) The slaughtering must be done in one stroke without lifting the knife. The knife should not be placed and lifted when slaughtering the animal.
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7) Slaughtering must be done by a sane adult Muslim.
The name of Allah must be invoked (mentioned) at the time of slaughtering by saying:
Bismillah Allahu Akbar. (In the Name of Allah; Allah is the Greatest.)
If at the time of slaughtering the name of anyone else other than Allah is invoked (i.e. animal sacrificed for him/her), then the meat becomes Haram “unlawful.”
If a Muslim forgets to invoke the name of Allah at the time of slaughtering, the meat will remain Halal. However, if he intentionally does not invoke the name of Allah, the meat becomes Haram.
The head of the animal must not be cut off during slaughtering but later after the animal is completely dead, even the knife should not go deep into the spinal cord.
Skinning or cutting any part of the animal is not allowed before the animal is completely dead.
Slaughtering must be made in the neck from the front (chest) to the back.
The slaughtering must be done manually not by a machine, as one of the conditions is the intention, which is not found in a machine.
The slaughtering should not be done on a production line where pigs are slaughtered. Any instrument used for slaughtering pigs should not be used in the Halal slaughtering.
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Customary and Desirable Practices When Slaughtering
Water should be offered to the animal before slaughter.
AND it should not be slaughtered when hungry.
The knife should be hidden from the animal, and slaughtering should be done out of sight of other animals waiting to be slaughtered.
Animals should be killed in a comfortable way. Unnecessary suffering to them must be avoided.
The knife should be re-sharpened before slaughter.
Storage, Processing and Transport of Halal Meat
Meat chilled or frozen for export to Muslims should be stored in separate cold stores other than those in which pork or other non-Halal meat is stored.
Meat minced or processed for Muslims should not be minced in the same machines used to mince pork or other non-Halal meat.
(Summarised from halalcertification.ie)
I do hope your learn something from my sharing. 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
May Allah S.W.T continue to protect, provide and preserve Singapore sovereignty and unity as one People, one Nation and Uniquely One Singapore! Amin… Insya’Allah… 🙂
Meanwhile, do play this awesome video!
Our national song in Arabic Language. Spreading like wildfire on whatsapp!
Do update me if you know originator, so that I can credit them. Thank you! 🙂
By now, you will have known that Pokemon Go has just been released a few days ago in Singapore.
I personally tried it out and it was fun! I feel adventurous discovering different types of Pokemon in their natural habitats and learning about their behaviors. It’s like having virtual pets as your collections.
(My latest collection as of now. Note: I am no expert as I only play the games, while waiting for my clients for appointments.)
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Pokémon Go is fun seriously! 🙂
Nevertheless, anything you do in life, there are risks involved. Below are some risk management strategies, you should take when playing Pokemon Go. ……………….
1) Do not play the game while you drive your car or ride your motorcycle at the same time… even when there is a traffic jam.
Or when your vehicle is stationary, because the traffic light is red.
It’s DANGEROUS and you cannot do both safely.
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2)Watch where you are walking, be aware of your surroundings and do not walk out into roads/car parks without looking.
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3)If you are at a park (there are many Pokemons for you to capture).
And you will like to focus your eyes on your phone, stand aside! Don’t block other people!
Have a lookout for cyclists/joggers when you resume your journey.
You don’t want to bump against them!
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4) There have been reports of armed robberies in other countries in areas with high concentrations of Pokemon Go players.
It’s obvious that when you are too engrossed with your games, some unscrupulous characters or perhaps pickpockets will take advantage.
Stay alert at all times!
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5) Get in touch with your financial consultant, to understand better.
Insurance coverage that you should take, in the event accidents happen, even though you have taken the necessary precautions above.
You can whatsapp me, Financial Consultant, Helmi Hakim at 96520134 to arrange an appointment to discuss further. Insya’Allah…
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Share this blog posts with your love ones because you care! 🙂
A certified financial consultant, Helmi Hakim has won praise for his patience, perseverance and practicality when solving his clients’ financial concerns. For more information on how you can manage your finances better, contact Helmi Hakim at 96520134.
