Islamic banking business plan

Here are array of institutions have been set up. Islam teaches a wholistic approach. But I want to turn to a product which I consider to be very crucial in many ways at this stage of the development of the Islamic economy.

Not many of us would have the beneficial knowledge and the opportunity to impart this knowledge, except perhaps for those who work in the teaching profession or in Dakwah fields.

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I would suggest that the investment should generally be confined to Islamic banking and financial instruments within the banking and financial institutions such as various types of deposit, investment accounts, Sukuk and various investment management products.

The proposed strategies are as follow; Description Application 1. Hence higher cost will incurred having to reprint every brochure, changing the advertisement board as well as company corporate shirt.

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An important requirement here is that the Sadaqah House is owned and controlled by the banking group or any other organisation which is given the licence. The term Zakat or tithe is sometimes used interchangeably in Al-Quran with Sadaqah or charity.

Consequently there is evidence now that their savings are increasing. My view is that the Sadaqah House should provide this and other similar services at no loss to itself, but at a profit like any other financial institution, although it might intentionally moderate its profit motive.

The level of integrity of an institution is difficult to assess, but bank with experience of daily handling large sums of money and, more importantly, under close supervision of the Central Banks and Monetary Authorities, should certainly be assessed more positively than many others.

Now, let us strategically look at these three sources. Finally in this area, if I may, I thought that in the initial five to ten years a country, where possible and appropriate, might give a number of licenses to the relevant organisations to operate Sadaqah Houses. Apart from what being proposed, I am open to any comment and suggestion that you might have to improve the marketing. The form of organisation of a Sadaqah House might be a foundation formed by the owner or a subsidiary company of the owner. This is the Government Sector or Public Sector. The Hadith, in a liberal translation, says that when a person dies, all his channels of good deeds from which the reward flows will be stopped, except from three channels: 1 Sadaqah Jariah 2 beneficial knowledge which he has imparted and which people continue to practice, and 3 a pious son or daughter who continuously pray for him. The third sector is the Ijtimaai Sector. Surah Al-Hashr: 18 This verse says that Oh you who believed, fear Allah, and everyone should look closely and carefully at what he has done to prepare for his future, i. Kartini, As per the meeting on September 1 st, , hereby is the marketing strategy proposal for your kind perusal. Therefore our 10 th year anniversary and launching of new products is the best platform to publicize a new refreshed image. So the change would show our intent of going regional and then global. These are the proposed strategy; 3. Attaching the Sadaqah House to the Islamic banking system comes naturally and gives it many advantages. Consequently there is evidence now that their savings are increasing. In Malaysia, the collection of Zakat is nearly always undertaken by a body under the Religious Departments of the various states.

It is to be emphatically recommended that the licenses are strictly given to an Islamic bank, or better still an Islamic banking group. Subject to the decision of the relevant Religious Supervisory Council, Sadaqah House should be allowed to charge the initial fee and annual fees on the amounts that is manages.

Sadaqah Jariah means, approximately, charity in perpetuity. This is in order to maintain the perpetual nature of the Sadaqah. The Hadith, in a liberal translation, says that when a person dies, all his channels of good deeds from which the reward flows will be stopped, except from three channels: 1 Sadaqah Jariah 2 beneficial knowledge which he has imparted and which people continue to practice, and 3 a pious son or daughter who continuously pray for him. Similarly, the pious son or daughter may not be reliable. You would notice that through the Sadaqah House, the Islamic banking and financial system would be able to offer to the Muslim the services of creating Sadaqah Jariah for themselves to everybody, at anytime and anywhere. Regardless of the outcome, we in Malaysia have come to the stage where it has become our duty to organize our Islamic economy which integrally incorporates the Social Welfare sector. Weaknesses: Rebranding means you are expanding to a much bigger scale. Finally the Sadaqah House will need a clear and concise plan for the periodic distribution of the profits. Consequently there is evidence now that their savings are increasing.
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STRATEGIC PLAN FOR ISLAMIC BANKING INDUSTRY OF PAKISTAN