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:
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.
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.
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.
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