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… 🙂
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 theQuran (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)
Time flies… Now, we are moving to the third week of Ramadan. 🙂
Alhamdulillah… For the past 1 week, I have a flurry of clients, asking me on the existing cash values of their insurance policies.
My clients need to know the cash value of their insurance policiesso that they can calculate collectively, how much zakat to pay for the year.
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Zakat which literally means purification is the 3rd Pillar Of Islam.
Allah (S.W.T) has made Zakat compulsory on all Muslims. It is a religious obligation for all Muslims who meet the necessary criteria of wealth.
Here, to give Zakat implies purifying your wealth and soul by giving a portion of your wealth to those in need. The word Zakat appears in the Holy Quran a total of 32 times.
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There are 2 types of Zakat.
1) Zakat Fitrah
Firstly, Zakat Fitrah.
We pay Zakat Fitrah in the month of Ramadan, before Eid prayers.
The Zakat Fitrah rate that is obligatory on every person is one sa’ or 2.3kg of the staple food of the territory in which the person is in.
In Singapore, the staple food is rice.
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Since 2005, Muis has introduced a two-tier Zakat Fitrah rate.
This is in accordance with the Syari’ah and allows the payer to choose the rate that is most suitable for them based on their daily consumption.
Normal Rate ($5.10 per person in 1437H / 2016):
Based on the median price of 2.3kg of rice (normal/average grade) that is consumed as a staple.
Higher Rate ($6.90 per person in 1437H / 2016):
Based on the median price of 2.3kg of rice (higher grade) that is consumed as a staple.
(MUIS Website)
2) Zakat Harta
2ndly, is Zakat Harta.
Zakat on your wealth.
For those of you, who have cooperative insurance plans or investment in Takaful fund with me, you can just SMS/whatsapp me and I will tell you the existing cash value of your policies.
OR you can choose to check your existing cash value yourself using ME@INCOME.
-Go to income.com.sg
– At the top right hand corner, you will see, ME@INCOME LOGIN. Log in from there to check the cash value of all your policies with me.
(Example, after you log into POLE)
If you started your policy for more than 1 year (haul) and your total surrender value of all your policies is above the nisab value, you calculate total zakat payable this way.
Your Zakat Payable for your insurance policies is Total Surrender Value ($) x 2.5%
So, example, if your total surrender value is $10,000, you need to pay $10,000 X 2.5% = $250
You can pay your zakat online too. This is the link. https://www.muis.gov.sg/epayment/Zakat.aspx
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I will link to end my blog post with a very good story that I get through whatsapp, sharing on zakat. Do share with your friends if you find it beneficial too! 🙂
*Story of 2.5%*
One day, a very wealthy man was walking on the road.
Along the way, he saw a beggar on the sidewalk.
The rich man looked kindly at the beggar and asked him why he was begging.
The beggar said, “Sir, I’ve been unemployed for a year now. You look like a rich man. Sir, if you’ll give me a job, I’ll stop begging.”
The rich man smiled and said, “I want to help you. But I won’t give you a job. I’ll do something better. I want you to be my business partner. Let’s start a business together.”
The beggar blinked hard. “What do you mean, Sir? ”
I own a rice plantation.
You could sell my rice in the market.
I’ll provide you the sacks of rice. I’ll pay the rent for the market stall.. All you’ll have to do is sell my rice. And at the end of the month, as Business Partners, we’ll share in the profits. Tears of joy rolled down his cheeks.
Do I keep 5% and you get 95%?
I’ll be happy with any arrangement. The rich man shook his head and chuckled.
“No, I want you to give me the 2.5%. And you keep the 97.5%.
For a moment, the beggar couldn’t speak. He couldn’t believe his ears. The deal was too good to be true. I want you to give me 2.5% of your profits so you grow”
The beggar now dressed a little bit better, operated a store selling rice in the market. He worked very hard. He woke up early in the morning and slept late at night.
And sales were brisk, also because the rice was of good quality. And after 30 days, the profits were astounding.
At the end of the month, as the ex-beggar was counting the money.
He told himself, Gee, why should I give 2.5% to my Business Partner?
I didn’t see him the whole month! I was the one who was working day and night for this business. I did all the work. I deserve 100% of the profits.
The rich man came to collect his 2.5% of the profits. The ex-beggar said, “You don’t deserve the 2.5%. I worked hard for this. I deserve all of it!”
If you were his Business Partner, how would you feel?
This is exactly what happens to us….
_ALLAH is Our Business Partner. ALLAH gave us life, every single breath. ALLAH gave us talents, ability to talk, to create, to earn money_
_ALLAH gave us a body, eyes, ears, mouth, hands, feet, a heart_
_ALLAH gave us a mind, imagination, emotions, reasoning, language_
_Giving 2.5% (your Zakat) is an expression of gratitude and love_
_Dont forget to give back what u owe_
_Jazakallahu Khairan_
*Humble Reminders*
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…
You have attended my signature program, the “Unlock Your Money” session, where I share practical strategies on managing your cashflow, allowing you to have more money in your pocket every month.
Right now, I would love your help. I am developing an educational platform to share more on Islamic Finance in Singapore, in a form of video format. I need your feedback and suggestions. View the video below to hear me out on my plans that will benefit anyone who is interested to know more about Islamic Finance.
After that, I appreciate it if you can drop a comment below on the topics you would like to personally benefit from my sharing sessions in the future. Insya’Allah…. 🙂
My wife and I went to a baking class last week, to learn how to bake macarons.
Some of my colleagues, were telling me,
“Aiyah… Why go for class? Just go to youtube and see how to make it!”
On that very day, when my instructor demonstrated to us in class, the procedures, step by step, I was telling myself… “Not bad… Mix here. Mix there, and its done! It looks pretty easy! :)”
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However, when it comes to our turn to do it on our own, I began to face difficulties. I started beating the egg white using the handheld mixer, while gradually adding the sugar, bit by bit .
I didn’t know when to stop beating the egg whites. When to add the colouring? When to add the almond mixture? Fortunately, the trainers were there to guide and show me how to test the texture of our batter, step by step, before adding the rest of the ingredients, one by one.
Even to stir the batter using a spatula has a technique to it! 🙂
From a stressful situation, it became a joyful experience for a novice baker like me, who has never operated a mixer before in my life. The experts were there to guide me and my wife. 🙂
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and finally the final product! 😛
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While learning to bake macarons, I listened to the experiences of my classmates on how they tried to learn to bake macarons on their own and failed.
The trainers shared useful tips with us. Example, the egg whites have to be refrigerated for 3 days, the particular type of food colourings to use and many other tips that I won’t be able to discover unless I learn it from a professional baker.
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When I returned home and consolidated my thoughts, I can relate this to my profession as a financial planner. Many times, our prospects out there thought they can manage their money and their portfolio on their own. They think they don’t need help.
When they face financial problems, they try to troubleshoot on their own. When they want to buy insurance, they try to do it on their own, without seeking advice from us, the financial professionals.
At last, what happens? Many were faced with helpless situations when in need. They don’t understand what they bought. Things that insurance doesn’t allow them to claim, they try to claim. Things that insurance allows them to claim, they don’t claim.
Worse – some lost their money in get-rich-quick schemes that promise them attractive returns in a very short period of time.
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After advising thousands of Singaporeans out there on personal finance since year 2007, I genuinely feel that everyone should seek professional help when it comes to managing their own money.
Qualified financial advisors like us, harness our skillset to troubleshoot, save and bail individuals from disastrous financial situations. I personally have created proven systems on how anyone can instantly have more money inside their pockets every month, how you can accumulate money fast and how you can grow your money in a shariah compliant way in Singapore..
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My friends… If you want to make superb macarons, you look for a professional baker. If you want to learn how to speak Arabic, you look for an Arabic Language teacher. If you want to learn more about Islamic Finance, you look for a financial planner who is trained in Islamic Finance.
Isn’t that simple to understand? 🙂
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And oh yes, talking about macarons – next week, I will be heading to Paris with some of my colleagues for our incentive trip award. I will sample the authentic French macarons there and test them out! Yes. Time to sample authentic macarons made by professionals!
Enjoy your day! 🙂
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.
