We are in the 2nd week of “circuit breaker” in Singapore.
Although I have to work from home, I’m blessed because I still have a job that makes me excited everyday. 🙂
Alhamdulillah…I am thankful to NTUC Income for acknowledging and recognising my hard work by having my name mentioned in Straits Times.
I would like to thank my wife, Shikah Anuar for being my pillar of strength and believing in what I do.
My manager, Irene Ho for your continuous guidance to keep me focused on my goals.
I would like to thank my clients for your trust and support over the years in engaging my expertise to help you plan your finances, the shariah compliant way in Singapore.🙂
There are a lot of ups and downs. Moments where I just feel like giving up. Yet your tremendous support and encouragement continue to spur me forward.
Thank you all once again! 🙂
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Many have asked me on the story of my “overnight success”.
Being an Islamic Finance practitioner in Singapore since year 2007 is a dream come true for me.
It is my 1st job after ORD from the army.
Yet, my story began long before that.
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… My ambition when I was young was to become a school teacher. I love interacting with kids. And I love teaching, sharing my knowledge with others.
So after my O’Levels, I applied for Diploma in Teaching of Malay Language with Ministry Of Education.
I was called for an interview but unfortunately did not make the cut.
I was doing OKAY with my Malay language but I think my “peribahasa terabur” at that point of time because I was too nervous! That was my 1st interview in my entire life!:p
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So my second option, was to go for my Diploma in Accountancy.
My logic back then is that every company in Singapore needs an accountant.
To my mind at that point of time is that an accounting job is the most sheltered and safest job one can have.
The job will be irreplaceable and very secure!
So I applied for NP. I was living with my parents at Marsiling.
(My family and I celebrating Hari Raya a few years ago)
(Beautiful and spacious Marsiling before the BTO flats sprung up like mushrooms over the years)
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I thought studying in Nanyang Polytechnic – which is just next to the MRT – would be very convenient.
When I got the results of my posting., I got the shock of my life. I found out that NP stands for Ngee Ann Polytechnic!
and not Nanyang Polytechnic!
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There is hikmah to be rejected for my interview to be trained as a school teacher
and hikmah for me to accidentally choose to study in Ngee Ann Polytechnic,
because that choice CHANGED the course of my entire life!
In Ngee Ann Polytechnic was where I was exposed and trained to love and understand numbers.
Not numbers without meaning. 🙁 Practical numbers that will determine the life of a business. 🙂
Will the business succeed? 🙂 Or the business fail? 🙁
Can the stock make money? 🙂 Or the stock lose money? 🙁
We learnt how to create company’s annual report.
Trading, Profit and Loss Statement
Balance Sheet.
Statement in Changes of Equities
ALL FROM SCRATCH!
We computed Financial Ratios.
Analysed them. Interpreted them.
And presented them in front of our “clients’. Alhamdulillah. That was my first exposure to public speaking
and someway, somewhat, somehow, I enjoyed it…. 🙂
(My first experience presenting details of a financial statement in front of our “clients” 15 years ago)
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And in Ngee Ann Polytechnic, I joined the business club.
Me and my business partner were 18 years old at that point of time.
We went for a business plan competition and Alhamdulillah was awarded with a funding of $3000. (that was a lot of money when you were students)
As we were below the legal age to set up a company, we used our fathers’ names to register a private limited.
The business failed.
Yet I learnt many important lessons from that episode that shapes me to who I am today! 🙂
(My business while I was still studying in Ngee Ann Polytechnic)
(While waiting for my enlistment in the army, I did a sales job promoting credit cards for a marketing company.
Alhamdulillah. I topped the whole company for 3 months before my enlistment.)
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(Myself in the middle after POP from BMT)
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Whilst serving my national service, i did my research.
I knew back then after ORD,
I wanted a job that allows me to have freedom of time.
I don’t want a desk bound job. I want to be my own boss.
I don’t want to stick myself to the 8-5 routine (just thinking about the morning peak rush hour makes my head spin)
And at the same time allows me to share my knowledge on finance with the common people on the streets.
That is where a career as a financial consultant looks appealing to me.
I did my research.
1 thing that I want to be assured is that my job must be Halal. I emailed MUIS and was directed to the fatwa on permissibility of cooperative insurance in Singapore.
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Alhamdulillah. We know the Hukum of getting cooperative insurance in Singapore is Harus (neutral).
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Yet, I know financial planning is beyond insurance.
What about savings for child’s education? Retirement? Wealth Accumulation?
And I discovered NTUC Income has numerous shariah compliant funds at that point of time.
NTUC Takaful fund (which now follows the Dow Jones Shariah compliant screening methodology)
NTUC Amanah Equity fund
NTUC Amanah Bond (Sukuk) fund
To me, having shariah compliant funds closely monitored by Islamic Finance scholars 24/7 is important.
Thus, that’s where I began my journey as an Islamic financial consultant in a cooperative insurer in Singapore.
(Picture with Alvin Soong’s team, my 1st mentor who brought me in to the financial planning industry a decade ago)
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When you first start out in the financial planning industry.
It was not easy. It was not a bed of roses.
If you think just by joining the financial planning industry, can immediately drive flashy cars.
Buy a yatch. Relax by the beach everyday.
No. Its far from it.
Many times, I felt like giving up.
In fact, I felt like giving up everyday.
To me giving up is easier than persevering.
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When we first started, we earned based on commissions.
(My first month commission when I first started my career as a financial consultant in year 2007)
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We don’t have the luxury of immediately earning a stable basic salary $2-$3k/month.
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Not only that. We have costs to pay.
If you see financial consultants doing roadshows at Malls or exhibitions, on average they need to pay $300/person for rental of space.
So imagine. My $700 commission minus off $300. I am only left with $400 to survive.
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Not only that. Year 2008, 2009.
Was the subprime mortgage crisis which lead to the global economic crisis.
That was the period of Lehman Brothers Minibonds Saga.
Many people were reluctant to part away with their money. People were very afraid of financial consultants.
I remember doing roadshows, and was told “Young man. I just lost $100,000 in XXX scheme. And you want me to invest with you?”
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I remember at that point of time……
Not even having enough money to top up my EZ Link card because minimum top up is $10. I only had $5 in my wallet.
I remember at that point of time,
having to turn down invitations by friends to eat buffet for lunch at the restaurant because I didn’t have enough money.
I remember at that point of time,
the nikmat of sharing briyani on a dulang at Wak Tanjong mosque when I broke my fast during the month of Ramadan.
That briyani was a luxury to me because I only had single digit $ in my bank.
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These memories evoke deep sad bitter sweet emotions within me that I can feel even till now.
I felt like a total failure.
But as Muslims, I always remember this. We are not alone. We have Allah S.W.T.
I make a lot of doa to Allah S.W.T.
As Muslims, I remember the words of Allah S.W.T.
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Alhamdulillah. Allah’s promise is true.
With strong support from my family and clients, I persevered. (eternally grateful for them because I have nothing to showcase at that time.)
After hustling for a while, things got better.
Once things stabilised, I then subsequently upgraded myself by taking my degree, Bachelor of Science (Hons) Banking and Wealth Management with University of Wales (UK).
My favourite module back then was Islamic Banking and Finance.
Alhamdulillah, with the guidance of our beloved teacher , Professor Asam, I aced the module.
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(Testimonial from Islamic Finance Professor during my undergraduate days)
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And Alhamdulillah, what came as a surprise for me at that point of time was when I was informed that I was amongst the top 3 students in my whole cohort upon my graduation.
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You have to understand this.
All my classmates were financial consultants, bankers and seasoned practitioners (some with decades of experience).
And to become amongst the top 3 students never came across my mind.
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(My proud moment receiving an award on stage)
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That gives me the determination and direction..
Allah gives me the rezeki.
The amanah.
Puts me in a very favourable position. For a REASON. (if you know me on a personal level, I rasa betul2 tak layak. There are many others who are way better than me)
I find that this is part of fardu kifayah.
And I have the responsibility to shoulder this tanggungjawab to share with our community the pragmatic aspects of Islamic Financial Planning in Singapore.
I have to prove and make it work in Singapore.
For me success in Islamic Finance is not just me, myself clearing my own riba based loans and growing my own money the shariah compliant way in Singapore. Success in Islamic Finance is helping others plan their finance, without riba, maysir and gharar in Singapore.
Why I continue to stay in this line after so many years is
because I believe I will be able to HELP many more Muslim families plan their finance,
the shariah compliant way in Singapore.
After I die, in the hereafter, at yaumul mashar, I need to present my deeds in front of Allah S.W.T.
I want to be certain.
Ya Allah. On this earth, you bless me with the rezeki to learn about Islamic Finance.
and I, Helmi Hakim had done my utmost best to educate and share with as many people on how they can plan their finance, the shariah compliant way in Singapore.
My mouth.My hand.My legs.My head.My heart.
All as one will testify that I have done my utmost best, to educate and share with as many people on how they can plan their finance, the shariah compliant way in Singapore.
And all, be it you are my clients. Or just anyone who has benefited from my sharing.
You will be my witness.
You will be my lawyers on judgement day, that Islamic Financial Consultant, Helmi Hakim when he was on earth, he had done his utmost best, to educate and share with as many people on how they can plan their finance, the shariah compliant way in Singapore.
Please send him to Jannah. Ya Allah. Amin. Amin…. Insya’Allah. 🙂
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Now… I hope you have benefited from my sharing on the Story of Islamic Financial Consultant, Helmi Hakim.
If you are seeking a mentor, coach, consultant to share with you practical aspects on how you can plan your finance, the shariah compliant way in Singapore, I am always ready to help you.
Time flies…. January 2017 is almost over and now February is approaching fast!!!.
Have you set your new year resolutions? 🙂
It has been over 10 years since I’ve worked as a financial consultant. Helping thousands of Muslim families plan their finance,
the shariah compliant way in Singapore.
Fulfiling. Satisfying. And fun meeting people from all walks of life. 🙂
(Picture of me, when I was first interviewed in Berita Harian, many years back)
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Alhamdulillah… We’re blessed to be able to ‘start over’ again.
So celebrate our achievements and forget our disappointments of 2016.
And let’s focus on achieving our goals in 2017!
It’s never too late so here’s the S.M.A.R.T way to do them.
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1. S for Specific
In my financial advisory practice, I realize one thing.
Many people set vague goals.
I’ve asked my prospects why they meet me.
Some say ‘I want to save up money.’
“I want to make more money”
I told them that when they set any goals in their life, all their goals have to be specific.
Because our mind understands detailed instructions best.
Which is why in Islam, Allah doesn’t make vague commands like ‘pray daily’.
Through our Prophet Muhammad s.a.w, we know we, Muslims have to pray 5 times a day, and each prayer has its own sets of raka’at.
So when anyone comes to me and tell me, vague goals, unclear financial objectives, like “I want to save money”.
I asked them, “What do you want to save up for specifically?”
Retirement?
Child’s Education?
Improve Living Standards?
Cash Emergencies?
or wealth accumulation to become rich?
Choose 1. Be specific!
When you have a specific goal in mind, you will feel empowered.
Energised. Powerful.
Easier for me, as your financial consultant to help you craft up your laser focused,
powerful shariah compliant financial strategies
for you to achieve your financial goals.
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2. M for Measurable
Goals have to be measurable. Quantifiable.
Better, if you can count it with your fingers.
If you want to lose weight or save up money for your retirement, having an actual figure means you get to track and measure your progress.
Example, if you want to lose weight, you need to know, how much is your current weight now in kg.
How much is your target, your ideal weight in kg.
And how much you need to lose in kg.
And how many X months specifically, you have to lose that X kg.
My fitness coach says that losing weight and staying healthy,
80% of it is your diet and 20% is exercise.
Definitely, we need to control what we put in our mouths to lose weight.
7700 calories equate to 1kg.
To gain 1 kg, you need to have a calorie gain of 7700 calories.
To lose 1kg, you need to have a calorie deficit of 7700 calories.
And calculate specifically for your body weight, the ‘X’ litres of water you need to drink specifically to detox.
See, everything is measurable. Quantifiable. You need to put it in numbers.
Numbers that you can count, track and measure. 🙂
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Same goes to achieving any of your financial goals.
You have to ensure, its measurable.
Example, you want to save for your retirement.
What is your age now, and when do you want to retire?
When you retire, how much you want to spend every single month? $1000/mth, $2000/mth, $5000/mth or more?
Everything has to be measurable. Quantifiable.
Then, it would be easier for me, as your financial consultant to help you craft up your laser focused, powerful shariah compliant financial strategies
for you to achieve your financial goals.
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3. A for Achievable
Don’t set impossible goals.
Your goals have to be achievable.
Because otherwise your mind creates a resistance and you’ll give up easily.
So if you want to save up for your retirement through investment, don’t put high hopes to invest in an instruments that gives 100% returns per year, risk free. (if the deal is too good, to be true, its indeed too good to be true).
Many fall prey to Get Rich Schemes because of greed.
Remember, if the deal is too good to be true, its indeed too good to be true!!!
Do your research, check your finances and budget accordingly.
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4. R for Realistic/Relevant/Rewards
Most of us understand our goals need to be realistic.
I advocate another acronym to it, Rewards.
I advocate this concept called, Pain/Pleasure principle.
You have devise a system to reward yourself, whenever you achieve any small goals leading to your big goal.
For those who watch their diet like me, we have “deviation days”. After 14 days of careful eating, we have a day where we can indulge in our favourite food.
Reward ourselves. Pizza maybe? :p
Similar to halal financial planning. Reward yourself along the way, when you achieve your financial mileage at every single juncture. Pain Pleasure principle works well!
Myself as a financial consultant, I always give my clients, words of congratulatory affirmation, encouragement, when I realise that they are consistent in working hard to achieve their financial goals when I did a financial review session with them.
I will tell them, “Well done!”,
“You are doing well!” “Awesome. You are on track!”
4. T for Time-bound
Setting a time frame helps you stay focused and on track.
Different time frame requires different set of strategies.
Example: Retirement? How long more is your retirement?
10 years? 15 years? 20 years?
Singapore retirement age has now been extended to age 67.
Do you want to follow the mass, or you have your own retirement age? 🙂
Child’s Education?
What is the age of your child now? Boy or girl?
If boy, you need to account he would go for national service in the future.
Wealth accumulation, the shariah compliant way. What is your investment time horizon?
1 year? 5 years? 10 years? 20 years?
Shariah Compliant Financial strategies for investment time horizon of 1 year is very different than shariah compliant financial strategies for investment time horizon of 20 years.
So, when you set goals follow the S.M.A.R.T goals formula! 🙂
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………………….. 5. How To Achieve Goals
So now that you have your goals nicely done up, here are some quick tips to help you achieve them.
a. Mindset
The first step is to always have a proper mindset. Tell yourself this is the year you’re going to make a difference in your life.
b. Draw up action plan
Goals are nothing without action. So if you want to lose weight or save up, figure out exactly what needs to be done.
c. Print out goals and paste somewhere visible
The mind needs visual reminders, so print out your goals and action plan and paste them at your dressing table, cupboard door, fridge etc.
d. Do a vision board
Besides words, the mind also reacts positively to images. If you want to save money, imagine what that looks like once you’ve achieved the goal. Are you checking your bank account happily? Are you holding crisp cash in your hands? Get some relevant images and make posters. Or get a vision board app from iTunes or Google Play.
This is my own personal vision board that I placed in my office! 🙂
I wish you all the best for year 2017. May you achieve all your dreams, goals and aspirations. 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…
At times, when I discuss wealth management strategies with my friends, they say it’s difficult to make money the shariah compliant way in Singapore.
It’s easier in Malaysia.
In Indonesia. In Bangladesh. Or in Saudi Arabia.
But not in Singapore.
As a Muslim financial consultant who specialises in helping Muslim families plan their finances the shariah compliant way in Singapore, I am here to debunk such limiting beliefs.
I sum in up with my secret ABCDEFGH formula… I learnt it from my friends, fellow financial practitioners, and then innovate it further to ensure that it is customised and suitable for Muslims in Singapore.
With only the price of a plate of nasi lemak with crispy chicken wing ($5/day),
or $150/mth, you can kickstart your investment plan.
You can start planning your finance the shariah compliant way in Singapore.
Yes… With that $150/mth you can have access to shariah compliant stocks in our shariah compliant fund.
Shariah compliant stocks like….
Apple Inc
Microsoft Corp
Intel Corp
Google
Adobe
Harvey Norman
You DON’T have to fork out hundreds of thousands of dollars to buy shares.
Yes! At a price of a plate of nasi lemak with crispy chicken wings ($5/day)
OR only $150/mth,
you can begin to invest in shariah compliant fund that consists of these shariah compliant stocks. Super affordable right? 🙂
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Better Returns
You and I know that there is this thing called inflation.
It means that the value of your money erodes. Your purchasing power reduces.
Simply to say, your plate of nasi lemak with crispy chicken wings that costs you $5 today, will DOUBLE in price 10 years down the road.
The only logical choice that you have is to invest.
Make your money work harder.
Invest and grow your money to hedge and beat inflation.
And while you are at it, why don’t you do it the shariah compliant way?
Arrange “Your Financial M.A.P.” session at Takaful.sg for FREE.
And I will share with you more of my simple, easy to follow and proven financial strategies, that can help you get an effective PROFIT rate of between 3-5%/annum for an investment time horizon of 20 years.
That is better than leaving your money under your pillow or perhaps for some of you, in
your Khong Guan biscuit tin.
Do it with me.
And do it the shariah compliant way at Takaful.sg
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Coverage
Gone are the days, where when we mentioned coverage, we have to do it the conventional way.
Today you can have Death, Total & Permanent Disability AND Critical Illness coverage, the shariah compliant way.
You can adjust the coverage, that you want.
And the plan comes with a shariah compliant underlying fund.
In addition to that, an aqad contract can be done to remedy Maysir (Speculation) and Gharar (Uncertainty).
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Diversification
With a limited amount of money, you can diversify your funds.
Yes… With that $150/mth you can have access to shariah compliant stocks in our shariah compliant fund.
Shariah compliant stocks like….
Apple Inc
Microsoft Corp
Intel Corp
Google
Adobe
Harvey Norman
You know the old saying, “don’t put your eggs in one basket”.
Again. Arrange “Your Financial M.A.P.” session at Takaful.sg for FREE.
And I will share with you my simple yet effective shariah compliant diversification formulae.
In addition, to the diversification strategies, I shared above.
It is customised specifically for Muslims who live in Singapore.
Schedule a session now! 🙂
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Easy Investment
A lot of my clients invest in stocks.
When I mention invest in stocks, I really mean it.
They do their homework.
They download the companies annual report.
And read the director’s statement.
To understand the companies direction better, they do a SWOT analysis on the companies.
Fundamental Analysis. Calculate the profitability, liquidity and investment ratios….
Vertical, horizontal analysis on the financial statements.
Calculate the intrinsic value of the particular stocks. Immerse themselves with further technical analysis.
100 days moving average, 150 days moving average. Many, many more time consuming researches…
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In the end, I looked at them sympathetically and asked them… “Tired or not???”
Most replied with a look of despair on their face, “Of course tired lah!!”
And I probed them further, “Where do you find time to do all those time consuming research?”
Most replied when they came back home after 10 full hours of office work.
Go back home.
Straight to their computers.
Staring at the screen.
Busy punching numbers into their excel spreadsheets.
Stared hard again at the flickering charts on the screen.
Every. Single. Night. Vicious cycle. And it continues on and on.
I told the, why not choose the easy way?
Dollar Cost Average… Put money monthly every month, and top up when the market price goes down.
Still can make a good, fair share of Halal profits.
And, now imagine.
All the time, you save, from having to spend countless hours of research,
you begin to spend it on your wife and kids,
your love ones.
(Myself with my wife, enjoying ourselves during our honeymoon at Morocco)
That is why I love this formula.
Easy Investment = More Quality Time With Your Love Ones = Happier, Blissful and More Fulfilling Life
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Flexibility
You can choose to take premium holiday.
Meaning today you start with the shariah compliant investment plan.
In the future, if unfortunate circumstances, cause you to be financially tight, you can stop paying the premium for a while.
And resume back when you are financially OKAY.
You can also adjust your premium accordingly.
Now you start your shariah compliant investment plan @ $200/mth.
In the future, when your pay increases, you can always increase to $500/mth or vice versa.
Super flexible right? 🙂
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Great Support System
Let me share with you a little secret.
Almost half of my clients who engaged me for shariah compliant investments have finance training background.
They either have a Diploma or Degree in Accountancy/Finance.
Or professional certifications like ACCA etc2.
The reason why they choose investing with me, is because of Great Support System.
We leverage on the expertise of professional fund managers.
Remember the scenario I shared above.
Today, you screened a stock, and you deemed it shariah compliant.
Another 6 months down the road, the stock may no longer be shariah compliant.
Because shariah compliant is not just “No Pork, No Lard”.
There are certain financial ratios that we have to abide to.
Where can we find TIME to analyse it every single month?
Precisely. Leverage on the expertise of professional fund managers.
There is so much, I have to share on the beautiful part of Great Support System.
But I will not divulge it here in my blog. Because some of them are my trade secrets.
Trade secrets that differentiate me from the rest of the 20,000 financial consultants in Singapore.
Arrange “Your Financial M.A.P.” session at Takaful.sg for FREE.
And I will share with you how you can benefit personally when you engaged me as your financial consultant.
Your partner to help you grow your wealth, the shariah compliant way in Singapore.
Insya’Allah. 🙂
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Halal
There is really a lot of strategies for you to earn your money.
No point make money, when it’s not Halal. Your rezeki is everywhere.
In the subsequent blog post, Insya’Allah, I will share with you in greater detail on shariah screening methodologies that is currently used in the world.
For now, we stick with these simple, yet powerful formula.
So, next time, if anyone tell you that it’s difficult, to plan your finance the shariah compliant way…
Tell them this simple, yet powerful ABCDEFGH secret formula.
See you around soon. Jazakallah Khayran! 🙂
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…
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.
