Assalam alai kum sisters,
In todays world,we find that there is a culture of both partners earning . Alhamdulillah its fine if a woman goes out and earns some money as long as she observes the complete hijab with modesty. But a woman who is at home could also start earning and be financially independent without compromising on her hijab,family time etc. Halal business and investments have opened this gateway for woman. It has already been a success in the west and is also growing in Asian countries .
So Alhamdulillah we have today brother Rashid Sheriff who is the Head- Investments at Rehbar financial consultants to guide us on Halal Investment opportunuties .You can check out their amazing team at http://www.rehbar.co.in/our-team
An excerpt from interview
Rehbar Financial Consultants is a financial intermediary that connects businesses that are looking for Sharia-compliant sources of funding and investors that are looking for Sharia-compliant avenues of investment. We do initial screening of businesses, conduct a detailed due diligence and structure the investment in a way that is fair to both parties. Further, we prepare the contract and monitor the business post investment until exit. My job is mainly to do a financial due diligence of the business and structure the deal using either a profit-loss sharing (PLS) structure or a Lease (Ijarah) structure.
We have a dedicated and professional team that includes the top minds of Islamic finance in India. For instance, our founder director, Mr. MH Khatkhatay is considered the father of Islamic finance in India. We also network with other like-minded institutions in India and abroad, to further the cause.
3)What suggestions can you give for Muslim women housewives who would like to invest. Are there any monthly or quarterly schemes by which they can get benefit.?
Financial literacy and budgeting is very important for any family to prosper. While we do not have any schemes, such as systematic investment plans (SIPs) that will allow them to save, if they are creative, they will be able to come up with something which they can do either individually or with friends and family. If they are investing with a company/institution, it is important to do a thorough research and check about them and the people involved, to ensure that you are not cheated. There is no dearth of fraudulent actors in the field of investments, even among those claiming to be Islamic.
At Rehbar, we do not encourage consumer finance. We believe the best utilization of funds is if it is put to productive use, via business finance. However, since this is a new concept, we have to be very selective about the projects which we choose. Hence, despite the high demand from startups and budding entrepreneurs, we are unable to cater to them. However we do have plans to enter startup finance within the next year or two. The basis of Islamic finance is that there is risk sharing. Investors are getting returns based on the premise that they are sharing the risk of loss with the promoter. Hence an investor can face reduction in his capital in the case of loss in the business.
Pure Halal investment opportunities are few and limited. A lot of the schemes being sold as Islamic are not exactly so. There is huge scope for growth in both these markets.