Products & Services

            AL-AMANAH BUSINESS SERVICE SOLUTIONS
                                        Product & Services

We are tagging this: “THE 3 IN 1 COMBO” products and services

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  Al-Amanah Contribution  (Reloaded)

This is a membership based contribution where members save on a monthly basis. The members are given a ten (10) days additional grace to pay up after the month expires. For example at the expiration of month of April, you are given a grace of ten days till May 10TH; after this grace, yet you have not paid, you would be fined accordingly (see financial section for fine rates).

The reloaded aspect of the contribution are our paying options, whereby you can make your deposit(contribution) through the bank nearest to you if you wish not to pay by cash.

The essence of the reloaded is to broaden our contribution to other states and far distanced members and security purposes. It is more secured and convenient. 

                                            CONTRIBUTION PER MONTH

AMOUNT                    CARD FEES                         ADMIN FEES / MONTH
       #                                       #                                                    #
     5,000                                500                                                 250
     7,500                                500                                                 300
    10,000                               500                                                 350
    15,000                               500                                                 400
     20,000                              500                                                 500

RULES & REGULATIONS APPLIES

Al-Amanah Investment

YOU CAN INVEST AS LITTLE AS #10,000 IN OUR INVESTMENT PROGRAM

In any economy, private investment occurs in two different ways: active investment, where one or more persons put their own capital into a project, manage it themselves and enjoy the fruits of their labour and capital themselves; and passive investment, where the investor provides the capital and receives a return but takes no further part in the project. Broadly speaking, a passive investor has three options: one, buy shares in a company and receive a dividend; two, buy bonds or securities and receive interest;three, deposit in a bank and receive interest.

 In an Islamic economy, active investment and the first option are permissible while the last two options would be regarded as riba  (interest) income and therefore prohibited. On the entrepreneur side, he may finance his project using his own capital, by selling shares in his enterprise, or by borrowing on interest (from a bank or by issuing bonds/securities). In an Islamic setting, the first two methods are permissible while the last is not. For clarity the scenarios are depicted.

Al-Amanah Financing

MUDARABA (PARTICIPATORY FINANCING)

Concept of Mudaraba

Mudaraba is an ancient form of financing practised by the Arabs since long before the advent of Islam. It suited the Meccan Arabs because of their location at the cross roads of the ancient trade caravans. They themselves were merchants carrying goods north to Syria in the summer and south to the Yemen in winter. They took goods from their homeport to sell at their destination, and with the proceeds bought other goods and brought them back to sell at home and/or to re-export to another destination. When a trading caravan is organised it was the practice of the Meccans either to join it with their own goods and money or to send such through agents who did the business on their behalf. When a caravan returned home and the goods were all sold, the mission was complete and it was time to prepare the ‘balance sheet’ and calculate the profit/loss. Traders who took their own money and goods assessed the success of the mission by the profit/loss they made and enjoyed the fruits of their labour or mourned their loss on their own. Those who combined their fortunes with that of one or more of their colleagues and undertook the project together had to go one step further and divide the fortune or loss among the partners, according to a per-agreed pattern.

MUSHARAKAH ( PROFIT SHARING)

‘Musharakah’ is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and

distribution. In the modern capitalist economy, interest is the sole instrument indiscriminately used in financing of every type. Since Islam has prohibited interest, this instrument cannot be used for providing funds of any kind. Therefore, ‘Musharakah’ can play a vital role in an economy based on Islamic principles.

This is a basic philosophy which explains why Islam has suggested Musharakah as an alternative to the interest based financing.

AREAS OF INVESTMENT SPECIALIZATION: SHORT TERM & LONG TERM

SHORT TERM                                                LONG TERM

TRADING & GENERAL MERCHANDISE            FARMING

EXPORT & IMPORT                                         HEALTH (CLINICS & HOSPITAL)

CONTRACT SUPPLY                                        REAL ESTATE (PROPERTIES)
INFORMATION TECHNOLOGY                         EDUCATION
OTHER SECTORS                                             HOSPITALITY                  

INSHA ALLAH, OTHER FINANCING WOULD BE DISCUSSED.

SUCH AS MURAHABAH, IJARAH etc

 

 

We will not finance the following business below and they are some business that are lawful but mix with unlawful business. Example a caterer  that supplies food or catering food with alcohol will not be financed.

Unlawful Businesses

The following set of business activities are considered prohibited (forbidding) in Islam, and thus investing in these kind of businesses is not something a Muslim should undertake.   Food and Beverage Related Alcoholic Beverages Islam forbids a Muslim to manufacture, consume or sell all intoxicating material, which include all Alcoholic beverages (such as Wine, Beer, ...etc.) Pork and Pork Products Tobacco products Even though many Muslims do consume Tobacco, its harmful effects on one's own health (as well as other passive smokers) is undisputed. Therefore, many scholars are of the opinion that Tobacco products are prohibited in Islam. Gambling Gambling in all its forms is prohibited. This includes Casinos, Internet Gambling Outfits, betting, such as Horse and Dog racing, Lottery schemes...etc. Pornography and Adult oriented Material Whether in the form of Video tapes, Magazines, Internet images, or stripping clubs, all Adult oriented material is prohibited, whether for minors or adults alike.   Interest and Businesses based mainly on Interest Interest is considered Usury (Riba) and therefore business that have a significant portion of its income from interest are considered prohibited. This includes Banks, Credit Card, Financing, Mortgage, ...etc.  Illegal Activities Many illegal or unlawful activities are prohibited in Islam, either explicitly of implicitly. These include: Prostitution Extra marital sexual relationships are forbidden in Islam. Therefore, it goes without saying that profiting from such activities are also prohibited. Drugs Because of their intoxicating effect, drugs are considered the same as alcohol (see above). Moreover, because of the deeply addictive nature of drugs, and their effect on ones health, finances, family and society, they are prohibited. Other Activities Some activities may not be explicitly prohibited, and Muslims may disagree on whether they are lawful or not. Commercial Insurance Many scholars have held that Insurance, in its present for is prohibited, since you pay money for something that may or may not happen. The insurer takes this money, and in most cases gets to keep it all, and (if too many claims occur) may end up with a loss.This imbalance is unfair, and have led to a tendency to prohibit present-day insurance. An alternative is Cooperative Insurance where all participants co-own the pooled premiums. Day Trading and Speculation Day Traders and Day Trading Web Sites clearly acknowledge that their business has nothing to do with investing. All they do is watch the market and buy and sell on short term price fluctuation (normally within one day). For this reason, this is closer to Gambling than anything else, and is best avoided, not only for religious reasons, but also because of the very high risk it involves. Margin Trading Margin trading is buying stocks with money loaned from the broker. Interest is paid for this loan, and therefore it is prohibited. It is also very risky (and complicated), since you can lose more than what you have borrowed, when you are asked to cover up the loan (if the stock price goes down). Options and Futures You are actually purchasing the right to buy a stock at a future date for a fixed price (regardless of the current price in the market). If you exercise the option, you buy at the price set in the past, otherwise, you do nothing and the option expire (and you lose what you paid for the option). Certain scholars are of the opinion that Options trading is prohibited. Shorting Shorting is borrowing stocks and selling them when the stock is going down. Later, when the stock is going up, it is sold at a higher value and the borrowed stock given back to the lender.                             ASK IF YOUR BUSINESS CONFORMS

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