22 Middlebrook Drive Katikati
Call Us Today!
For More Information.
Call Us Today!
For More Information.
As you know, today is my birthday. 🙂
On this special occasion, I will like to give a present for my blog readers of HelmiHakim.com.
I will like to offer FREE access to my special email service, OtakJutawan.com where you get motivational quotes on finance every week for the next 3 years. Click below for more details. Insya’Allah.
Click the link below now to claim your FREE gift! 🙂
http://www.helmihakim.com/otakjutawan/
Note: The story that I’m about to share is a fiction, and not a reflection of reality in Singapore.
The story goes….
On a bright, Sunday morning at a housing estate in Yew Tee, Misnah was beaming ear to ear, excited because she is going to finally get married to the love of her life, Ahmad the following week.
She and Ahmad had diligently save money in their Al-Wadiah savings account, giving Hibah of 0.8%/annum and the money accumulated is just nice to pay for their combined wedding at a halal restaurant.
They have also bought their lovely freehold condominium with a special themed concept and successfully attain Murabahah financing.
Ahmad since the first day, he started working, had diligently, invested his money in a shariah compliant equity fund, and now making a superb profit. He is smart, because during the subprime mortgage crisis in year 2008, he did a lot of top up, thus enhancing his portfolio return by so much more. That money is just nice, for their honeymoon trip to Morocco and also to finance the renovation cost of their new house. Ahmad is smart because gain of profit through capital appreciation is not taxable in Singapore. Alhamdulillah, all the profits belong to him.
Their wedding ensued with love and a year later, they were blessed with a beautiful daughter, named Siti.
Little did Ahmad know, his wife had also been investing in shariah compliant REITs, earning quarterly dividends, enough to pay for pampers and milk.
Ahmad gets his family covered under Islamic Insurance Takaful, because he loves his family.
………………………………………………………………………….
………………………………………………………………………….
They also heard that the government is building an expressway called PUE (Pulau Ubin Expressway) and just issued Sukuk based on the ijarah model.
The Sukuk or Islamic bond is shariah compliant because the returns is not from interest coupons but from the toll reapt from the specially designed ERP gantries. Once the cost of building the expressway is recovered, the Sukuk will be redeemed at par.
Meanwhile, Ahmad quit his job as an engineer to fulfil his childhood passion to run his own business. He and his friend form a musharakah partnership, with 60:40 share. To set up the factory, his partner and himself, do it via the Istisna contract with XYZ financial institution and purchase the special raw materials from a local distributor under Salaam contract.
Time flies, their only daughter, Siti has grown up and want to go to a university in UK. She gets service based ijarah financing method to pay for her tertiary education. Her parents did some savings based on non restricted mudarabah, since she was young, and the money is just enough to pay for her food and accommodation while she is studying in UK.
Upon graduation, she found her soulmate, got married and the cycle continues……
………………………………………………………………………………………………………..
………………………………………………………………………………………………………..
Now, back to reality.
Many of you might have read about DBS winding down its Islamic banking unit, The Islamic Bank of Asia Limited (IB Asia).
When I chat with my friends, they told me, that this is not surprising. HSBC insurance removed its Takaful products a few years back. NTUC Income closed its sukuk fund, NTUC Income Amanah bond too. It is some kind of a downward trend. 🙁
So the pertinent question is, “Is there really potential for Islamic Finance to grow in Singapore?”
………………………………………………………………….
………………………………………………………………….
In my opinion, Singapore is the best country in the world to establish and grow Islamic finance.
We have a strong, well respected government, and a reputable brand name of a reliable financial hub with proven track records. Our economy is sound. We are rated the top investment grade of AAA by Standard & Poor. Our finance industry in Singapore is well regulated, with competent and highly qualified financial professionals. We are honest, sincere and if contracts or partnerships were formed, we stick and hold by to it.
Islamic finance thrives in such environment. 🙂
Although some may argue that, Singapore lack the critical mass of domestic consumers for Islamic Finance products, I believe that Singapore’s Muslim population of 700,000 is quite a sizeable niche market to start on and expand from there. In fact, I believe that Singapore’s Muslim population of 700,000 is a good core to start on.
………………………………………………………….
………………………………………………………….
So with all the advantages that Singapore has to offer, how can we catapult ourselves to success? What is our story that we can share with the rest of the world, when it comes to Islamic Finance? 🙂
Stay tune on my blog, to discover more. Insya’Allah… 🙂
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…
Yesterday, I went to Johor Bahru to watch a Malay movie, titled “Kapsul”.
………………………..
……………………….
I was very excited to watch it simply because the movie features the special appearance of 2 individuals that I respected most in my life.
Firstly, my first internet marketing mentor, Dr Irfan Khairi.
(Dr Irfan Khairi and me 10 years ago)
I went to Dr Irfan’s “Jutawan Internet” seminar when I was still serving my national service, travelling all the way from Singapore to Kuala Lumpur by bus. He is the one, who gave me the inspiration to set up my blog, HelmiHakim.com when I first joined the finance industry.
………………………………………………………………………………….
…………………………………………………………………………………
Secondly, Tun Dr Mahathir, Malaysia’s former Prime Minister.
(Tun Dr Mahathir and me 5 years ago at an Islamic Finance seminar in Singapore)
.
Tun Dr Mahathir inspired me with his authentic, robust and no nonsense style of leadership.
.
He is a firm advocate of “berani kerana benar” (fearless due to truthfulness) principle and is a visionary leader.
I am also impressed with his sheer determination and commitment to uplift the economic standard of the Malay community, at large, even at his old age of 90 now.
When I studied for my finance degree years back, I had some difficulties to understand certain financial jargons and how the economy works.
I referred to a lot of Dr Mahathir’s brilliant speeches on the world economic crisis. Dr Mahathir’s ability to simplify complex subject matter, compound with his excellent communication skills, his honest, yet unorthodox, mind blogging interpretation of the finance world impressed me, a lot. A respectable leader, one its kind.
………………………………………….
………………………………………….
So when the movie is out, I jump at the opportunity to watch it.
The movie itself presents an excellent and creative way to look back at history, the struggle of the Malays since pre-independence.
In the movie, a high tech security expert Zohri Ibrahim makes a bet with a few friends to steal a time capsule planted by Tun Mahathir which contains his vision for year 2020.
Once the capsule is activated, Zohri is taken on a journey through time where he learns about the struggles of the generation before him.
It shows how helpless our forefathers were during the Japanese Occupation, during the reigns of power of the communist, and fighting for independence from the British.
I was emotionally touched to see the pain, the struggle, the sacrifices of our forefathers, and a sense of gratitude overwhelmed me, appreciating how lucky we are today, living in a country where we can call it, our own. Never to be subdued, subjugate by foreign invaders.
The part that touch me the most is when Zohri comes back to the real world, and meet Tun Dr Mahathir in real person.
Tun Dr Mahathir gently touch Zohri’s shoulder and said, “Ingat orang muda. Perjuangan kita belum selesai…..”
In English translation, it translates as, “Remember young man… Our fight has not ended”.
I can feel the hairs on my body standing. A gush of emotions overwhelmed me. I can relate to this, because I see myself working hard everyday, finding methods, strategies on how to uplift the economic standards of my community through financial planning.
It is an uphill battle that I am fighting day and night. It a very tiring, yet rewarding experience.
Tun Mahathir’s words of wisdom transcend beyond countries, and is an excellent advice to many youngsters to appreciate what we have today, yet continue to work hard, upgrade ourselves and strive forward for the betterment of our community.
It personally evokes and injects motivation within me. Congratulations to the producers for the movie well done! Considering the steep budget allocated to this movie, it will be a special and memorable memento and a reminder for our future generation to come. Amin… Insya’Allah…. 🙂
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…
Occasionally, I received whatsapp messages, from prospects who get to know me online, asking me for instant financial advice over the phone.
……………………………………………………………………………………………………………………
“Which investment plan can give me the highest Returns On Investment in Singapore?
.
Now, my investment make money. Should I buy more, sell or hold on to my position?
.
Is insurance halal or haram for Singaporean Muslims?
.
I have medical complications. Diabetes, heart problem, cancer. Any insurance that can cover me?
.
I just started working. What plans should I take now?
.
I am going to retire. My money not enough. What should I do?.
I want to go Haj. Can you help me take my money out of my CPF? If cannot, how can you help me?
.
Now Singapore government introduce Medishield Life. Should I terminate my existing private hospital insurance plan? Why???? Why not???
.
I am a government civil servant. If I go hospital, government cover me fully right? How to know and confirm?”
………………………………………………………………………………………………………………………….
A lot of questions. Most of the time, I decline to answer them immediately and ask them to arrange for an appointment with me at my office in Woodlands Civic Centre.
This is because, I believe every individual is different when it comes to financial planning. Some of you are single, young and adventurous.
Some of you are sole breadwinners supporting your wife and kids. Some of you have been working for the past 30 years and are looking forward to your retirement.
……………………………………………………………………………………………………………………………
I use this special formula when helping my clients to plan their finances. It is called FLAIR. 🙂
FLAIR – the acronym for
Financial Objectives
Liquidity
Affordability
Investment time horizon
Risk profile
These are the few, simple, yet very important steps that I followed diligently when helping my clients plan their personal finances. Only after applying the proper process to gather these pertinent data, I will be able to formulate, develop and propose the most appropriate financial instrument to my clients.
………………………………………………………………………………………………….
………………………………………………………………………………………………….
Financial Objectives To Be Established
I simply ask them, “Thanks for meeting me. What do you want to plan specifically today?”
Some people will like to plan for their child’s education. Some will like to plan to save up for their retirement.
Some will like to save up for emergencies, to improve their living standards or perhaps save up to accumulate, grow their wealth.
What is your financial objective? 🙂
……………………………………………………..
Liquidity
I ensure that my client has sufficient liquidity that he can call on in an emergency (minimally 6 times of monthly expenses).
This is important, because in the event he fall sick and in need of money, he will not be forced to liquidate his insurance or investment plans at a loss. Most insurance or investment life plans require a long time commitment. If you liquidate the plans early, you might lose money.
………………………………………………………………………………………………………………………
Affordability
I draft for my clients their cashflow statement. After determining that they have a positive cashflow, I ask for their budget.
Through this process, I ensure that my client will not be over committing in the premium that he/she has to pay for the financial instruments that I recommend.
……………………………………………………………………………………………………………………………
Investment time horizon
If my clients want to plan for their retirement, I ask the, how long more are you going to work before you retire?
If my clients want to save for child’s education, I will ask for their child age, and the university, they will like their child to enrol in?
If my clients want to invest and accumulate their wealth, I will ask, how much time they can wait before realising their profit?
In short, what is your investment time horizon? Planning strategic financial objectives for an investment time horizon of 5 years is totally different than planning for long term financial objectives for 15 years or more.
……………………………………………………………………………………………………………………….
Risk Profile
I ask my clients a few relevant questions to determine my client’s risk profile.
Are their risk profile, conservative, moderately conservative, aggressive, moderately aggressive?
This will ensure that my client will feel comfortable with the recommendation that I proposed.
……………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………………
So…. Remember Financial Planning, Remember FLAIR!
If you need advice on financial planning in Singapore, do whatsapp me at 96520134 for an appointment. Every week, I meet 5-6 individuals just like yourself online, and I hope to share my financial planning expertise with more of you out there. See you around. Insya’Allah. 🙂
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…
I was reading a book called SpeedWealth by wealth guru, T Harv Eker and will like to share some powerful nuggets that can help you become rich and super successful in your business.
The nuggets may look like common sense but I find it invigorating and refreshing, and I believe it will benefit you too, especially if you are self employed or running a business/practice like me! 🙂
Have a read! 🙂
1) You have to position yourself for wealth.
2) Success is a learnable skill.
3) If someone is doing better than you, it’s because they know something that you don’t.
4) The Law Of Income: You will be paid in direct proportion to the value you deliver according to the marketplace.
5) Demand + Supply + Quality + Quantity = $$$
6) Why does a brain surgeon earn as much in one day as a gas attendant in a whole year?
Because he or she has a rare and specialized skill that is critical when needed. Put bluntly, there are millions who can pump gas, but few who can fix brains.
7) Model a proven winner.
8) Copy someone who is making a mint right now.
9) A business system is a repeatable process that produces a profit.
10) Business is simple. People are complicated.
11) Work ON the business, instead IN the business.
12) First you create something that works well on a small scale, maybe one store, one office, or a sale to one person. Then you repeat the process, again and again. It’s that simple!
13) One SpeedWealth strategy is to find buyers who can purchase or sell large volumes of your products and services.
14) If you are not using leverage, you’re working too hard, and earning too little!
15) How can I provide people with my value, my products or services, while I sleep?
16) Practice does not make perfect. Practice makes permanent.
17) The best advice about money is only three words: Get it handled!
18) Lastly, remember, success is a learnable skill!
………………………………………………………………………………..
………………………………………………………………………………..
If you find this post beneficial, do share it with your friends! I am very sure, they will appreciate it! 🙂
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…
Strategy 1:: Eat Your Breakfast Every Morning
Breakfast is the most important meal of the day.
Research shows that if you skip your breakfast, you will tend to feel hungrier later and overeat during your lunch.
When you overeat during your lunch, you will spent more money on food.
Eat your breakfast every morning.
……………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………..
Strategy 2 :: Use Public Transportation
In Singapore, we have arguably, the best transportation system in the world.(though some may disagree vehemently now)
Take advantage of Singapore’s famous “BMW”, (Bus, MRT, Walk)
….and you’ll save more dollars.
You save on your vehicle maintenance, your vehicle loan, your vehicle insurance, your petrol cost (which is increasing incredibly these days) and more.
Do you know that your vehicle NAV (Net Asset Value) depreciate by $5000, the moment you bought it?
Unless you are in a sales job with a lot of money making appointments or you need to use your vehicle as a “social proof” to tell your clients how successful you are, I recommend you to take public transport.
With more ERP gantries in Singapore, it is also advisable to take public transport.
In addition to that, you get more exercise throughout the day, which keeps your heart, immune system, and brain healthy.
……………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………..
Strategy 3 : Read The Newspaper Online
All major newspapers have their own website.
They update it every single hour.
You can go to these websites:
1) www.channelnewsasia.com
2) www.straitstimes.com
3) www.newpaper.com.sg
4) www.beritaharian.com
One day, you save $1, 30 days, you will save $30.
……………………………………………………………………………………………………………….
………………………………………………………………………………………………………………
Strategy 4 :: Clear Your Credit Card Debt
Credit card interest rates are very expensive.
24% a year.
If you save your money at an interest rate like what credit card companies charge you, your money will double every 3 years.
Your credit card company is earning like Warren Buffet at your expense if you choose to be a victim to this vicious cycle.
If you cannot afford to pay your credit card bills, borrow money from your parents, brothers, sisters and return them 10% extra. (You still save 14%)
Then, terminate your credit card and get a debit card.
You got to ignore your ego to salvage your own financial future.
…………………………………………………………………………………………………………
………………………………………………………………………………………………………..
Strategy 5 :: Use Your Community Library
I bought a lot of motivational, financial, inspirational books, and I treat it as an investment.
However some reading materials follow the trend.
Example- Gossip magazines, fashion magazines etc.
If you need to read such magazines, go to Woodlands Library at Civic Centre.
They have lots of magazines for you to choose from.
You will be spoilt for choice.
Through the library, I am able to borrow motivational, financial, spiritual CDs which cost a bomb elsewhere for FREE.
I save hundreds of dollars, while at the same time being able to enjoy what others enjoy too!
…………………………………………………………………………………………………………………………………………………………………..
……………………………………………………………………………………………………………………………………………………………………
Now, if you feel the financial tips that I have shared above is useful, I have 28 more tips to share with you.
I have written an e-book, 33 Ways To Save More Money in Singapore and has recently updated them! Click the link here to downlod it for FREE!!! 🙂
http://savemoney.helmihakim.com/blog
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…
