Some of my peers in the industry have been asking…
“Helmi… You always talk about Islamic Financial Planning. What exactly is Islamic Financial Planning?
How is Islamic Financial Planning different than conventional planning?
Can we apply it exactly in Singapore?”
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Yes. I specialise in helping Muslim families in Singapore, plan their finance in a shariah compliant way.
In accordance to the Quran (The Word of God)
And Sunnah (Traditions of Prophet Muhammad P.B.U.H).
One of the most important element of planning your finance the shariah compliant way is that you need to ensure that the financial strategies you advocate is free from prohibitive elements like riba, maysir and gharar.
AND the financial instruments that you choose is ALSO free from prohibitive elements like riba, maysir and gharar.
a. Riba, meaning payment or receipt of interests, is strictly forbidden.
Allah S.W.T said in the glorious Quran, Surah Al Baqarah, Verse 275:
“Allah has permitted trade and has forbidden interest”
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b. Maysir, meaning any form of gambling. And Gharar, meaning uncertainty. Both are not allowed.
As stated in Surah Al-Maeda, Verse 90:
“O ye who believe! Intoxicants and gambling, (dedication of) stones, and (divination by) arrows, are an abomination,- of Satan’s handwork: eschew such (abomination), that ye may prosper.”
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I like to give my clients, simple examples.
To explain difference between Riba (interest) and Profits.
This is important because many people out there get confused and thought that riba (interest) and profits are the same.
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Example, today, I lend you $1000.
Tomorrow, I ask you, to pay me back $1001.
That additional $1 is riba…
Even though, it is only a small amount of $1. That additional $1 is riba.
Riba is not permissible in Islam!
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Now, let me explain profit.
Example, today, I set up a drink stall.
I sell Bandung drink.
My cost per cup of Bandung drink is 40 cents. (You know the rose syrup, milk, water and ice)
I sell, the Bandung drink for $2.
My profit is $1.60.
Profit is permissible in Islam!
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Some people asked me, “Is it necessary, to plan my finance the shariah compliant way? I think, as long, I make money, its okay right? No need to be too concerned if its halal or its not.”
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I told them, I am a trained financial consultant.
I can present you ideas on how you can grow your money the shariah compliant way and also the non shariah compliant way. Convincingly.
And if you can grow your money the shariah compliant way,
why choose to do it the non shariah compliant way?
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In addition to that, I told my clients and also my mentees. In our profession as a financial consultant, we are doing good jobs for our community.
(A picture of my family and myself)
You know, at times, I meet a family, and I bring about the idea of saving money for child’s education, to the sole breadwinner.
The Abang will look at me and say, “Child’s education? You mean you want my child to go to university? I myself, only have O’Level. How can you expect my child to go to university?”
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I told him, “Yes! Its possible! Your child will grow up and can go to university in the future!
He can be a lawyer, teacher, engineer, any profession that can help the community…He will be someone successful and beneficial to the community!!”
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AND we went one step further, we help that Abang plan for his child’s education, the shariah compliant way.
Not only that Abang helps his son, he also do it the blessful way. The shariah compliant way.
Both me, as his financial consultant, and him, as my client, will get passive pahala (good deeds) for the next 15-20 years of the plan. Its because both of us choose Islamic Financial Planning in Singapore.
We choose to do it the shariah compliant way. Avoid riba. Avoid maysir. Avoid Gharar.
That is what Islamic Financial Planning is all about.
Isn’t that a good position to be in? 🙂
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So for those of you, who have been considering Islamic Financial Planning, take a look at the Financial Planning Building Blocks below and whatsapp/SMS me, Financial Consultant, Helmi Hakim at 96520134 to schedule an appointment. Insya’Allah! 🙂
(Financial Planning Building Blocks To Plan Your Finance With Financial Consultant, Helmi Hakim)
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Assalamualaikum, I have been wanting so much to learn more on how I can maximise my income to build a future for my family if Allah wills it. Could you be kind to assist my husband and I in this journey. Mind you my husband can be a little critical but I only see it as something really important for our financial health for our kids.
I have send you an email to connect. Thank you.
Helmi Hakim