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It’s Time to Start Your Sharia Business

Jun 16, 2020
4 Minutes

What is the first thing that comes to your mind when you see the word sharia? For most people, sharia business only revolves around the economy sector, one example being sharia banking services.

Contrary to popular belief, business sharia is so much more than that, with a larger scope! You can start your own sharia business as long as it operates in accordance with sharia Islamic law. Before you begin the preparation for starting a sharia business, you need to learn more about this business. Here is the key information about sharia business.

What is Sharia Business?
The most fundamental difference between sharia business and conventional business is the sharia law that acts as the foundation of business operation. In performing a sharia business, the goal is not just getting material profit, but also being blessed with the RIDA from God. With this in mind, it is important to honor and obey the sharia Islamic law as you are doing business.

Sharia Business Rules
To be able to operate a sharia business, you must follow several sharia rules in every business activity. Here are the main sharia business rules that you must be aware of:

  • Halal products and services
    This is an absolute rule, the products and services that you sell must be halal. Buying and selling haram products, such as pork, dog meat, blood, or alcoholic beverages; including renting buildings for haram and sinful activities like gambling are prohibited in the eyes of sharia Islamic law.
  • Transaction agreement does not include Maisir, Riba, and Gharar
    One of the main objectives of starting a sharia business is to be blessed with God’s rida. To have that blessing, you must commit that every business transaction is based on goodwill. The details of sharia business transactions are arranged in an agreement called Akad. Akad in sharia is basically an agreement that validates the sharia transaction between more than one party.

Therefore, sharia business obligates you to not do any Maisir (gambling activities), Riba (profits outside sharia law), and Gharar (uncertainty) elements. Riba is the most popular sharia prohibition. 

There are several types of Riba that you must avoid in business. To honor the sharia law, the first Riba that you must avoid is Riba Qardh that can be defined as additional cost or money charged to the debtor. The prime example of Riba Qardh is the interest rate in debts.

Secondly, Riba Nasiah happens when there is a delayed payment within the akad that arranges the exchange of ribawi commodities (gold, silver, dates, wheat, and salt), be it one kind or several different kinds, a delay from one party or both parties.

The third Riba is Riba Fadhl that happens when there is an exchange of the same type of product with the unequal quantity, whereas the products fall under the ribawi categories. Example: Someone exchanges 10 gr gold (916 types) with 12 gr gold. Sharia law prohibits a business transaction with inequity in terms of quality and quantity.

Fourth, you must avoid Riba Yad, which happens when there is uncertainty in the price of a transaction process during business operations.

  • The Presence of Ijab-o-Qubul
    Usually present in an Islamic wedding ceremony, ijab-o-qubul is also an integral part of sharia business transactions. The buyer and seller must perform an ijab-o-qubul as a token of the agreement as well as acceptance of the business transaction.

Types of Sharia Business
As you have understood the sharia business rules, now you need to pick the type of sharia business that you can do, one that is in accordance with the sharia Islamic law. There are various types of sharia business available. Let’s start with these 3 types of sharia business below.

  • Buy and Sell
    Buy and sell or ba’i is the most sought after business and has been popular since the early ages of humanities. Buy and sell sharia business can be divided into several categories, depending on the transaction process for each category.
    • Murabahah is an akad that binds direct transaction between buyer and seller, where the prices determined by the seller is the sum of production costs and profit margins that have been agreed upon by both parties.
    • Salam is an akad that binds the order and next-day delivery process, where the seller pays up at the same time the akad is agreed by both parties.
    • Isthisna is an akad in the form of the pre-order of a product with several terms and conditions that have been agreed by the seller and buyer. Financing benefits from a bank can be granted to customers who buy the ordered product.
  • Rental
    Similar to other rental businesses, you have to make sure that the products and services are halal. Some examples are car rental, house rental, and service providers. Ijarah is the akad used in the rental sharia business.
  • Profit-Sharing
    If you wish to start a sharia business with a partner, try to consider a profit-sharing business. An AKAD must be created for at least two different parties to start this business. Profit, fund, and loss must be divided accordingly. Mudarabah and Musharakah are the two types of akad used for this sharia business.

How to Get Halal Business Fund?
If you are ready to start this sharia business, you can get financial aid from PertamaBank Syariah. There are three available PermataBank Syariah business fund products that you can use, all are in accordance with sharia Islamic law.

iB Investment Financing is a long-term business fund that can be disbursed using the margin, ujrah or profit sharing basis. Binded by Murabahah, IMBT, or Musyarakah Mutanaqisah akad.

iB Fixed Financing offers sharia business funds that can be easily disbursed with automatic payment installments. Payment installment from 5 to 60 years. 

iB Revolving Financing offers repeated business fund to help you start and perform your sharia business. Using Murabahah, Musyarakah, or Musyarakah Mutanaqisah akad.

Trust in PermataBank Syariah as the solution for your sharia business. Obey all of the sharia business rules consistently and willingly, thus you will be granted the rida from God almighty, endless happiness on earth and afterlife.

Long-term financing to purchase the asset ownership based on Murabahah, IMBT or MMQ contracts

Investment Financing iB

Facility to finance working capital with Islamic principles

Fixed Financing iB

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