ElixirEducate will be holding a seminar on Smart Entrepreneurship on 23 October 2011. Contact us via e-mail elixirniaga@theelixirstore.com for more information.
See you there.
Thursday, September 29, 2011
Upcoming Seminar: Smart Entrepreneurship
ElixirEducate will be holding a seminar on Smart Entrepreneurship on 23 October 2011. Contact us via e-mail elixirniaga@theelixirstore.com for more information.
See you there.
Saturday, September 24, 2011
FREE Capital / Seed Funding
I bet I will get a lot of hits the moment I have 'money' or 'capital' or any terms that may be construed as such is posted as a title. I know because many entrepreneurs seem to think that you need money to make money; money makes the world go round; etc, etc
Let me share with you a story about this; some of you may have heard it but many would not.
While doing my research on new ideas and concepts on entrepreneurship for my upcoming entrepreneurship seminar, I came across a presentation given by Tina Seelig of Stanford Technology Ventures Program. In the presentation, she narrated one of the experiments she carried out with her student.
The experiment was simple. Each group of students were given an envelope containing seed capital - money, amounting to five dollars. Yes, only five dollars. They were given four days to plan and once they are ready, they may open the envelope and get to the seed capital. But, the moment they opened the envelope, they had only two hours to make as much money with the seed capital that they have.
How did the students fare? How much did they make out of that seed capital? Well, take a moment to think about it. I give you some spaces so that you can mull over it.
[Thinking, thinking, thinking.....]
The best team made over USD600 and the second place made about USD300 within two hours! How did they do it? How was it possible?
Well the first and common thing they did was to realise that the USD5 seed funding is a LIMITATION. They realised also that their assets and resources are well beyond that five dollars. In fact, they didn't even use the USD5 seed funding. They used their imagination and effort. They deployed creativity. The winning team made their money by selling their presentation time of 3 minutes to a company who wanted access the students and recruit them. [I elaborate this in more details at our seminars]
The point is that for most of us, we think of the need to have money to make money - to pay staff, to set-up office, etc. Without money you cannot be an entrepreneur. And when you have money, we have a 'realistic' expectation of return: 30%, 70% or even 100%. These are limits that we built into ourselves - due to a host of factors (fear, problems, education system etc.) We have to break free from this confinement, this coffin of creativity.
Relating back to Islam and entrepreneurship, the religion of Islam advocates trade and prohibits riba/interest. And if you think about it carefully, the limitation and obsession over seed capital - money begets money as well as the expected return - were the result, a by product, of interest-bearing lending. In this realm of debt, you may only receive money (interest) if you have money to lend. Your return on your Fixed Deposit is therefore limited by the amount of capital you put in. You can read my thoughts on riba, islamic financing and the core concept of time-value of money here. The point is, riba and instruments derived from the concept of time-value of money, in some ways has contributed to limiting your entrepreneurship imagination and creativity.
Trade is allowed and promoted in Islam. And trade, in the purest form (barter), has proved to be immensely successful in creating wealth. Just ask Kyle MacDonald who has successfully traded one red paperclip with a HOUSE! You can check it for yourself here.
Therefore, be enterprising and use your imagination, your creativity more!
Let me share with you a story about this; some of you may have heard it but many would not.
While doing my research on new ideas and concepts on entrepreneurship for my upcoming entrepreneurship seminar, I came across a presentation given by Tina Seelig of Stanford Technology Ventures Program. In the presentation, she narrated one of the experiments she carried out with her student.
The experiment was simple. Each group of students were given an envelope containing seed capital - money, amounting to five dollars. Yes, only five dollars. They were given four days to plan and once they are ready, they may open the envelope and get to the seed capital. But, the moment they opened the envelope, they had only two hours to make as much money with the seed capital that they have.
How did the students fare? How much did they make out of that seed capital? Well, take a moment to think about it. I give you some spaces so that you can mull over it.
[Thinking, thinking, thinking.....]
The best team made over USD600 and the second place made about USD300 within two hours! How did they do it? How was it possible?
Well the first and common thing they did was to realise that the USD5 seed funding is a LIMITATION. They realised also that their assets and resources are well beyond that five dollars. In fact, they didn't even use the USD5 seed funding. They used their imagination and effort. They deployed creativity. The winning team made their money by selling their presentation time of 3 minutes to a company who wanted access the students and recruit them. [I elaborate this in more details at our seminars]
The point is that for most of us, we think of the need to have money to make money - to pay staff, to set-up office, etc. Without money you cannot be an entrepreneur. And when you have money, we have a 'realistic' expectation of return: 30%, 70% or even 100%. These are limits that we built into ourselves - due to a host of factors (fear, problems, education system etc.) We have to break free from this confinement, this coffin of creativity.
Relating back to Islam and entrepreneurship, the religion of Islam advocates trade and prohibits riba/interest. And if you think about it carefully, the limitation and obsession over seed capital - money begets money as well as the expected return - were the result, a by product, of interest-bearing lending. In this realm of debt, you may only receive money (interest) if you have money to lend. Your return on your Fixed Deposit is therefore limited by the amount of capital you put in. You can read my thoughts on riba, islamic financing and the core concept of time-value of money here. The point is, riba and instruments derived from the concept of time-value of money, in some ways has contributed to limiting your entrepreneurship imagination and creativity.
Trade is allowed and promoted in Islam. And trade, in the purest form (barter), has proved to be immensely successful in creating wealth. Just ask Kyle MacDonald who has successfully traded one red paperclip with a HOUSE! You can check it for yourself here.
Therefore, be enterprising and use your imagination, your creativity more!
Friday, September 23, 2011
Zakat
Yesterday, a good friend of mine asked me to include business tips on this blog; tips that would help Muslim entrepreneurs. I told him I would
On the same day, I received a request to deliver a lecture on Personal Finance at a local university - an event that i am really looking forward to. While going through my old notes on the subject, I discovered a segment that deals with taxation; in particular how to manage and minimize your tax.
Well, my first business tip is "Pay your Zakat and don't bother minimizing it". You don't minimize Zakat for two main reasons: one, it is already very small percentage (2.5% only) and two, why on earth would you want to minimise the divine intervention that Allah may bestow upon you. The last thing you want is for Allah to minimise the bounty allocated to you too.
We Muslim entrepreneurs must not run away from the concept of divine intervention for the believe in Allah itself is divine. But please do not take the lazy route and leave divinity for laments and moans of despairs when some projects did not land on your lap, "ooh, tak ada rezeki" , "alas, it is not meant to be". Divinity is not weak, it is strong. You should take it as a weapon.
Weapon? How can Zakat and divinity be a weapon? (Be careful when uttering such questions as inadvertently, you be questioning the powers of Allah which is clearly stated in the Quran). It is a weapon because it is an addition to your arsenal of source and resources.
You see, in business we come face to face with adversities, challenges and opportunities. We need to make decisions, put in capital, direct our resources (staffing, products and services) in order to find and capitalize opportunities. It is the same actions and situation for everyone dabbling in the enterprising world. But we Muslim have an additional source - actually the only real source but i want to make sure you can see the logic - Allah and his powers. The acknowledgement that ultimately Allah decides should give you the assurance, calm and confidence to pursue any opportunity with great vigor and zeal. Knowing that Allah knows the best and shall guide you and the events around you accordingly should strengthen your resolve in taking that risk in business - casting away doubts. And if you know entrepreneurship, those qualities of bravery, zeal and confidence are some of the key success factors for any entrepreneurs.
And all these benefits for only 2.5% of your net income and wealth. It is almost free yet somehow we find ourselves not paying. Zakat is good for you, do it today and see your bounty grow.
Wassalam.
Post note: Paying Zakat reinforces our Muslim community by giving it the extra capital (while still pittance compared the capital Allah may bestow upon you). However, equally important is the fact that as more people pay zakat, more people will be interested to know how the Zakat is being managed and distributed. This is important as it would create a powerful public check and balance over the authorities; to check that Zakat are really being utilised to empower our community effectively. Right now nobody really cares; why? because not many are paying.
On the same day, I received a request to deliver a lecture on Personal Finance at a local university - an event that i am really looking forward to. While going through my old notes on the subject, I discovered a segment that deals with taxation; in particular how to manage and minimize your tax.
Well, my first business tip is "Pay your Zakat and don't bother minimizing it". You don't minimize Zakat for two main reasons: one, it is already very small percentage (2.5% only) and two, why on earth would you want to minimise the divine intervention that Allah may bestow upon you. The last thing you want is for Allah to minimise the bounty allocated to you too.
We Muslim entrepreneurs must not run away from the concept of divine intervention for the believe in Allah itself is divine. But please do not take the lazy route and leave divinity for laments and moans of despairs when some projects did not land on your lap, "ooh, tak ada rezeki" , "alas, it is not meant to be". Divinity is not weak, it is strong. You should take it as a weapon.
Weapon? How can Zakat and divinity be a weapon? (Be careful when uttering such questions as inadvertently, you be questioning the powers of Allah which is clearly stated in the Quran). It is a weapon because it is an addition to your arsenal of source and resources.
You see, in business we come face to face with adversities, challenges and opportunities. We need to make decisions, put in capital, direct our resources (staffing, products and services) in order to find and capitalize opportunities. It is the same actions and situation for everyone dabbling in the enterprising world. But we Muslim have an additional source - actually the only real source but i want to make sure you can see the logic - Allah and his powers. The acknowledgement that ultimately Allah decides should give you the assurance, calm and confidence to pursue any opportunity with great vigor and zeal. Knowing that Allah knows the best and shall guide you and the events around you accordingly should strengthen your resolve in taking that risk in business - casting away doubts. And if you know entrepreneurship, those qualities of bravery, zeal and confidence are some of the key success factors for any entrepreneurs.
And all these benefits for only 2.5% of your net income and wealth. It is almost free yet somehow we find ourselves not paying. Zakat is good for you, do it today and see your bounty grow.
Wassalam.
Post note: Paying Zakat reinforces our Muslim community by giving it the extra capital (while still pittance compared the capital Allah may bestow upon you). However, equally important is the fact that as more people pay zakat, more people will be interested to know how the Zakat is being managed and distributed. This is important as it would create a powerful public check and balance over the authorities; to check that Zakat are really being utilised to empower our community effectively. Right now nobody really cares; why? because not many are paying.
Wednesday, September 21, 2011
Retirement
It is a Melayu thing, it is not an Islamic term.
When my parents were pensioned from their jobs, I advised them to continue working. They absolutely agreed with me and had no intention of idling by, visiting the coffee shops and lounging in front of the TV. My dad, a former headmaster, went straight into his innate passion - agriculture. My mom, also a former educator, went into trading - buying and selling valuable items to former colleagues and friends.
In my view, Islamic Entrepreneurship is not about working hard to save enough money to retire and relax. To me, true retirement is when you are dead. Working is something that we muslim must embrace as a passion, a liberation, a good thing; but never as a chore. Work should be a friend, not to be afraid of; never as an enemy.
An Ustaz once relayed his experience when he travelled to China. There he met a very old man, 90 years of age,selling stuff near a mosque. He approached the man and asked why is he still working at such and advanced aged, where are his children? Why are they not taking care of him? Didn't he deserve to retire to the life of playing with the grandkids and relaxing on the fruit of his hard labour in the past. Inside him, he pitied the old man - the children must have abandoned him. Good children would not have allowed their father to toil at such an advanced age, certainly not 'anak melayu jati'. But the answer caught the ustaz by surprise and awe.
The old man replied, his children has all grown up and has families, they were all doing okay and they were taking care of him. He now continues his trade for the mosque; it means that all the proceeds he gets [I assume maybe profit] will be passed on to the mosque. He used to work for himself and his children, not he works for his religion.
The old man did not need the money but he still have the health and wisdom to be an active economic contributor. Thus by working and continuing his trade, the old man is contributing to the economy greatly for had he retired, there will be a huge loss. Loss to the islamic entrepreneurship world where all his skills would be left idle for naught.
I guess he also enjoys the company of his grandchildren, "main dengan cucu", but how much 'companying' can you do? 100 hours a year? 200 hours? Even your grandchildren would need to learn and play with his peers.
Retiring to the Mosque - Alhamdulillah, great! But Allah's command for us to search for his bounty does not have a retirement age. On top of that, your wisdom that was accumulated after years of toil would benefit greatly to the Muslim community - the community that worship's Allah. Continuing to be active economically could be a form of redemption too.
So in the end, I urge those who are already retired to free yourself from the shackles of retirement. Smash those irons than has been tying and gluing you to the chair in front of the tv, reducing you to a mere sloth lamenting "bila cucu nak balik ni". Get up and go forth with whatever remaining life Allah still gives you. Be alive again as Allah has yet switched your lights out. If you are physically unable, write here, share your wisdom to help others ploughing through the turbulent seas of economy. And by doing so, together, we shall all rise and prosper.
Copyright: ElixirEducate, a division of Elixir Synergy Venture Sdn Bhd www.theelixirstore.com
When my parents were pensioned from their jobs, I advised them to continue working. They absolutely agreed with me and had no intention of idling by, visiting the coffee shops and lounging in front of the TV. My dad, a former headmaster, went straight into his innate passion - agriculture. My mom, also a former educator, went into trading - buying and selling valuable items to former colleagues and friends.
In my view, Islamic Entrepreneurship is not about working hard to save enough money to retire and relax. To me, true retirement is when you are dead. Working is something that we muslim must embrace as a passion, a liberation, a good thing; but never as a chore. Work should be a friend, not to be afraid of; never as an enemy.
An Ustaz once relayed his experience when he travelled to China. There he met a very old man, 90 years of age,selling stuff near a mosque. He approached the man and asked why is he still working at such and advanced aged, where are his children? Why are they not taking care of him? Didn't he deserve to retire to the life of playing with the grandkids and relaxing on the fruit of his hard labour in the past. Inside him, he pitied the old man - the children must have abandoned him. Good children would not have allowed their father to toil at such an advanced age, certainly not 'anak melayu jati'. But the answer caught the ustaz by surprise and awe.
The old man replied, his children has all grown up and has families, they were all doing okay and they were taking care of him. He now continues his trade for the mosque; it means that all the proceeds he gets [I assume maybe profit] will be passed on to the mosque. He used to work for himself and his children, not he works for his religion.
The old man did not need the money but he still have the health and wisdom to be an active economic contributor. Thus by working and continuing his trade, the old man is contributing to the economy greatly for had he retired, there will be a huge loss. Loss to the islamic entrepreneurship world where all his skills would be left idle for naught.
I guess he also enjoys the company of his grandchildren, "main dengan cucu", but how much 'companying' can you do? 100 hours a year? 200 hours? Even your grandchildren would need to learn and play with his peers.
Retiring to the Mosque - Alhamdulillah, great! But Allah's command for us to search for his bounty does not have a retirement age. On top of that, your wisdom that was accumulated after years of toil would benefit greatly to the Muslim community - the community that worship's Allah. Continuing to be active economically could be a form of redemption too.
So in the end, I urge those who are already retired to free yourself from the shackles of retirement. Smash those irons than has been tying and gluing you to the chair in front of the tv, reducing you to a mere sloth lamenting "bila cucu nak balik ni". Get up and go forth with whatever remaining life Allah still gives you. Be alive again as Allah has yet switched your lights out. If you are physically unable, write here, share your wisdom to help others ploughing through the turbulent seas of economy. And by doing so, together, we shall all rise and prosper.
Copyright: ElixirEducate, a division of Elixir Synergy Venture Sdn Bhd www.theelixirstore.com
Monday, September 19, 2011
Islamic Entrepreneurs and knowledge
Being an Islamic Entrepreneur (IE) does not mean leaving everything for Allah to decide. That is a weak position/perspective of what an IE is all about. Muslims must decide for their own, choosing their path, and choose the right path. Allah, who knows better, guide you along the way.
But my point here is, without sounding too spiritual, is that an entrepreneur must be proactive and in order to make the right decision. And in order to make the right decision, he must learn as much as he can about the workings of the capital world.
No doubt that some that he learnt is prohibited from him (interest, gambling, punting etc); but these elements may be applied against him. Hence it is paramount that he know these devils so that he can deal with them effectively. Feigning and living in ignorance of these elements would only be to his detriment.
An IE must have the knowledge and skills at par, if not better, with the others playing on the corporate field. Management, branding, corporate finance, motivation, nlp and a host of other modern know-how must be mastered, applied wherever and whenever possible. An IE must be razor sharp, equipped with cutting edge tools.
To me, the thirst and never-ending quest for knowledge is one of the essential attributes of an Islamic Entrepreneur.
But my point here is, without sounding too spiritual, is that an entrepreneur must be proactive and in order to make the right decision. And in order to make the right decision, he must learn as much as he can about the workings of the capital world.
No doubt that some that he learnt is prohibited from him (interest, gambling, punting etc); but these elements may be applied against him. Hence it is paramount that he know these devils so that he can deal with them effectively. Feigning and living in ignorance of these elements would only be to his detriment.
An IE must have the knowledge and skills at par, if not better, with the others playing on the corporate field. Management, branding, corporate finance, motivation, nlp and a host of other modern know-how must be mastered, applied wherever and whenever possible. An IE must be razor sharp, equipped with cutting edge tools.
To me, the thirst and never-ending quest for knowledge is one of the essential attributes of an Islamic Entrepreneur.
Islamic Financing
This would be a very touchy subject as I am sure that a whole host of scholars have dwelt and issued fatwas on this. I am in no position to question those fatwas; I am here to just share my thoughts. Please correct me if I am wrong.
As an investment banker, I was well aware and exposed to the various Islamic financing instruments although not in depth: the murabaha, musyarakah and so forth. It basically serves as an alternative to conventional loans that has interest, ursury or riba which is haram in Islam. It is stated as such in the holy Quran.
The lingering question in my head is the basic principle of 'Islamic' financing. As I see it (in the most lay-man's terms), ursury requires an interest in the form that it is guaranteed to lender. It falls back on the principle of "Time Value of Money" or opportunity cost; that money, in its purest form, has income. Why? because if it was not lent to the borrower, it could have been used in other investment that it is assumed would bring in profit. It is assumed that returns are guaranteed. In contrast, business venture in the form of equity investment, does not guarantee return.
Therefore, it strikes me that the existing Islamic financing still has an element of 'guaranteed' return albeit worded as profit/coupon. It then goes back in support of the principle of "Time Value of Money", which is the foundation of 'interest'. The instruments seeks to protect and guarantee both the principal and profit attributable to the lenders.
Allah states that he alone decides the wealth or 'rezki' and hence renders these guarantees as mere hopes. There is no certainty but from Allah. And before you misunderstood this to be an easy lament, an excuse to be lazy, I want to tell you that it is not the case. Search for Allah's bounty we must, but the act of guaranteeing return could be the contentious issue here.
And how strong is this man-made guarantee of return? We have seen the strongest of financing instruments being defaulted upon. If banks are considered stronger than instruments, we have seen banks failed and defaulted. If we think that a country is stronger than a bank, we have seen countries going bankrupt. If an economic region is considered stronger than a country, the asian financial crisis proved us wrong. If we think the whole world is the strongest, the great world depression serves as a bitter reminder of how wrong we are.
Wow, I can sense that people would be feeling more and more depressed reading my thoughts here. But the opposite is what I want to convey. I want to convey that Allah, our god, is much stronger than everything we can conceive in our minds. And faith in him and following what he says would beget rewards no human can alter.
The muslim community, entrepreneurs, no doubt need funds; funds to start or grow their businesses. However, most of the funds are already in the capital/debt market where it is ruled by the principle of time value of money, instead of "faith in Allah and hard work". The latter may have sounded too flimsy to all of us, bordering absurd; why? because we are more used to the first principle rather than the second. We cannot quantify the return on our faith to Allah; we cannot quantify divinity. Therefore, we tried to work within the same core principle of Time Value of Money, but change its form, so that we can give the access to our funds. But we need a capital market that hinges on our own basic principles.
I would therefore support the promotion of a Pristine Islamic Private Equity model. A model that invest purely on equity and lends (a small portion) free of any interest. If all the other business qualities are taken care of (feasibility studies, strong management, good products etc), I believe that the small step of sacrificing that interest portion will be rewarded. Anyway, if you do not get the monetary reward on the loan, it is just 15% per annum. If you are rewarded in terms of equity profits, it is technically unlimited: could be 15%, 15%, 100% or even 1000%.
Salam and work smart everybody.
As an investment banker, I was well aware and exposed to the various Islamic financing instruments although not in depth: the murabaha, musyarakah and so forth. It basically serves as an alternative to conventional loans that has interest, ursury or riba which is haram in Islam. It is stated as such in the holy Quran.
The lingering question in my head is the basic principle of 'Islamic' financing. As I see it (in the most lay-man's terms), ursury requires an interest in the form that it is guaranteed to lender. It falls back on the principle of "Time Value of Money" or opportunity cost; that money, in its purest form, has income. Why? because if it was not lent to the borrower, it could have been used in other investment that it is assumed would bring in profit. It is assumed that returns are guaranteed. In contrast, business venture in the form of equity investment, does not guarantee return.
Therefore, it strikes me that the existing Islamic financing still has an element of 'guaranteed' return albeit worded as profit/coupon. It then goes back in support of the principle of "Time Value of Money", which is the foundation of 'interest'. The instruments seeks to protect and guarantee both the principal and profit attributable to the lenders.
Allah states that he alone decides the wealth or 'rezki' and hence renders these guarantees as mere hopes. There is no certainty but from Allah. And before you misunderstood this to be an easy lament, an excuse to be lazy, I want to tell you that it is not the case. Search for Allah's bounty we must, but the act of guaranteeing return could be the contentious issue here.
And how strong is this man-made guarantee of return? We have seen the strongest of financing instruments being defaulted upon. If banks are considered stronger than instruments, we have seen banks failed and defaulted. If we think that a country is stronger than a bank, we have seen countries going bankrupt. If an economic region is considered stronger than a country, the asian financial crisis proved us wrong. If we think the whole world is the strongest, the great world depression serves as a bitter reminder of how wrong we are.
Wow, I can sense that people would be feeling more and more depressed reading my thoughts here. But the opposite is what I want to convey. I want to convey that Allah, our god, is much stronger than everything we can conceive in our minds. And faith in him and following what he says would beget rewards no human can alter.
The muslim community, entrepreneurs, no doubt need funds; funds to start or grow their businesses. However, most of the funds are already in the capital/debt market where it is ruled by the principle of time value of money, instead of "faith in Allah and hard work". The latter may have sounded too flimsy to all of us, bordering absurd; why? because we are more used to the first principle rather than the second. We cannot quantify the return on our faith to Allah; we cannot quantify divinity. Therefore, we tried to work within the same core principle of Time Value of Money, but change its form, so that we can give the access to our funds. But we need a capital market that hinges on our own basic principles.
I would therefore support the promotion of a Pristine Islamic Private Equity model. A model that invest purely on equity and lends (a small portion) free of any interest. If all the other business qualities are taken care of (feasibility studies, strong management, good products etc), I believe that the small step of sacrificing that interest portion will be rewarded. Anyway, if you do not get the monetary reward on the loan, it is just 15% per annum. If you are rewarded in terms of equity profits, it is technically unlimited: could be 15%, 15%, 100% or even 1000%.
Salam and work smart everybody.
Sunday, September 18, 2011
Rezeki/Wealth
Salam and welcome dear friends.
This is the first entry of this blog and rather than shoving my opinions and ideas down your throat, I decided to tell you why I started this blog ; then i will shove my opinion and ideas down your throat [we shall keep our discussions lively here :-) ]
I am a man of finance, learned in the way of the financial world. I was happily climbing up the corporate ladder when a sequence of event forced me to take the plunge into entrepreneurship. It was a harrowing experience, coming from an annual six figure salary to a big fat zero.But it was also the time I had an epiphany, an inspiration on the concept of 'rezeki' / wealth which gave be tremendous strength and has kept me strong since.
I had 'issues' with my CEO then. We just seemed unable to get along and he was visibly uncomfortable with me; safe to say it was a bitter relationship and I can certainly feel the animosity. I refused to quit for there was no valid reason for one. Eventually he won and I was strongly advised to quit. I looked at the 'advisory letter' and I felt downtrodden, rotten to the core. Then out of nowhere it hit me.
"Why I should I be afraid? My rezeki/wealth is not determined by my boss, or his boss, or even the bank itself. Even their rezeki - my boss, his boss and the bank - are determined in the Al-Mighty Allah" it rang in my head. Have faith in the Al-Mighty Allah for real for once, I told myself again. All while I believe Allah exists in all the majesty, but i realized that I had subconsciously suppressed the faith in Allah's ability to direct change; I attributed my successes to mainly my efforts alone; good university because of good grades; good job because of good university; good money because of good job. It was then, a time for a change. An opportunity to correct my perspective and move forward.
Moved forward I did and I never looked back since. I find that the more I put my faith in Allah, the stronger I get and the better I was rewarded, in the most unthinkable way. And as I journeyed my way through as an Muslim entrepreneur, in the so-called capitalist word that is filled with 'so called necessary evil' to succeed, i found that misconception and negative-fallacies regarding Islam and entrepreneurism are abundant. That Islam could not grasp the concept of the value of money (interest) which is the central pillar of the world economics; in Islam riba (usury/interest) is Haram. And that the characters of a Muslim does not fit the mold of an entrepreneur; that one has to dabble in the necessary evil to succeed as an entrepreneur. I just do not agree to these. Islam and Entrepreneurism is perfect!
Please follow this blog and we can discuss more on this wonderful topic.
This is the first entry of this blog and rather than shoving my opinions and ideas down your throat, I decided to tell you why I started this blog ; then i will shove my opinion and ideas down your throat [we shall keep our discussions lively here :-) ]
I am a man of finance, learned in the way of the financial world. I was happily climbing up the corporate ladder when a sequence of event forced me to take the plunge into entrepreneurship. It was a harrowing experience, coming from an annual six figure salary to a big fat zero.But it was also the time I had an epiphany, an inspiration on the concept of 'rezeki' / wealth which gave be tremendous strength and has kept me strong since.
I had 'issues' with my CEO then. We just seemed unable to get along and he was visibly uncomfortable with me; safe to say it was a bitter relationship and I can certainly feel the animosity. I refused to quit for there was no valid reason for one. Eventually he won and I was strongly advised to quit. I looked at the 'advisory letter' and I felt downtrodden, rotten to the core. Then out of nowhere it hit me.
"Why I should I be afraid? My rezeki/wealth is not determined by my boss, or his boss, or even the bank itself. Even their rezeki - my boss, his boss and the bank - are determined in the Al-Mighty Allah" it rang in my head. Have faith in the Al-Mighty Allah for real for once, I told myself again. All while I believe Allah exists in all the majesty, but i realized that I had subconsciously suppressed the faith in Allah's ability to direct change; I attributed my successes to mainly my efforts alone; good university because of good grades; good job because of good university; good money because of good job. It was then, a time for a change. An opportunity to correct my perspective and move forward.
Moved forward I did and I never looked back since. I find that the more I put my faith in Allah, the stronger I get and the better I was rewarded, in the most unthinkable way. And as I journeyed my way through as an Muslim entrepreneur, in the so-called capitalist word that is filled with 'so called necessary evil' to succeed, i found that misconception and negative-fallacies regarding Islam and entrepreneurism are abundant. That Islam could not grasp the concept of the value of money (interest) which is the central pillar of the world economics; in Islam riba (usury/interest) is Haram. And that the characters of a Muslim does not fit the mold of an entrepreneur; that one has to dabble in the necessary evil to succeed as an entrepreneur. I just do not agree to these. Islam and Entrepreneurism is perfect!
Please follow this blog and we can discuss more on this wonderful topic.
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