Business is booming. So is Islam and the Muslim community in Australia. Muslims make up 3% of the population. They have higher rates of Bachelor’s degrees and skilled blue-collar jobs than the general population. With such a well-educated and skilled worker base, Muslim entrepreneurship has room to grow.
But many Muslims have questions about running a business. They wonder if they can run a business that cooperates with halal law.
You can. Here are ten tips on how to start your halal and ethical business.
1. Familiarise Yourself With Halal Practices
The best way to start a halal business is to understand halal rules. Talk to your local imam and other religious officials about how to conduct your business. Ask for literature you can review.
Study the Quran again. Take note of the rules and regulations that animate business and commerce.
You may conduct your business ethically, but your investments may not be ethical. Make sure everything you invest in follows halal practices. Your business associates do not have to be Muslim, but they should conduct themselves with ethics and honesty.
2. Intent for Good Things
Your life should not be about making money. It should be about providing for the needy and living out your Muslim beliefs.
Think about what you want your business to accomplish. You may want to provide services or products. But everything your business offers should meet a substantial need.
Make profit your secondary aim. You can think about making money, but that should not be your sole objective. People consider deeds through intentions, so if you have a greedy intention, your deeds will be considered wrong.
3. Seek Advice
You should practice strong guidance and leadership. But you should seek expert advice when you need it.
Shura is the process of consulting with those around you. Talk to experts in your field before you start a business. Ask them about how you can distinguish yourself from your competition.
Talk to your investors. Loop them in on your decisions and ask for their advice. If they offer you good tips, follow them.
Once your business is in operation, keep talking with people. Provide chains of communication so low-ranking employees can communicate with you. Organize company events where people can express ideas on how to grow.
4. Learn From Your Mistakes
When you make a mistake, own up to it. Offer an apology and explain what you will do differently. If you need to provide compensation, provide it in full.
Take responsibility on behalf of your company. Even if an employee was fully responsible for a mistake, you are the one who put them in charge. You need to reform your leadership and hiring strategies.
Don’t let one mistake ruin your plans. Change your strategy so you can make your company stronger. Keep moving your workers forward, focusing them on the future, not the past.
5. Connect With Others
You cannot run a successful and ethical business on your own. Connect with local Muslims. Sign up with associations that promote Muslim living and organize businesses together.
Work with non-competing Muslim-run businesses whenever you can. Share their content on social media and offer to sponsor events they run.
Build strong relationships with your customers. When they send you a message or leave a comment, respond back to them. If you get a negative remark, reform your company so that doesn’t happen again.
Create trust and get to know your customers personally. Wish them well on birthdays and important anniversaries. Extend deals and offer giveaways to loyal customers.
6. Finish Everything You Start
When you commit yourself to something, get it done. Break a task down into individual components. Get at least one component done every day until your task is done.
If you have to multitask, rotate through the different things you have to do. This allows you to advance all of your priorities on an equal footing.
Finishing what you start is essential to the right intentions. Your word means nothing if you don’t follow through on it. You prove your ethical nature when you finish the goals you set for yourself.
7. Be Careful With Your Finances
Avoid waste and debt wherever possible. If there is something you are losing money on, shift your money away from it.
Secure your finances through halal loans, not riba-based loans. Interest is unlawful in Islamic law. It is also risky for beginning companies since many need time to pay off their loans.
Explore your options and investment deals before signing any contracts. Consult with your financial advisers and board of directors. Learn how Islamic investors earn interest under sharia law
8. Structure Your Day Around Salah
You can pursue a normal workday and follow salah. You should be able to perform the Fajr, Maghrib, and Isha prayers with minimal interruption.
Get your most essential duties done before the Zuhr prayer. This gives you time in the afternoon if you need to review those duties. It also keeps the Asr prayer from interrupting too much of your day.
You do not have to pray as soon as you hear the call. If you are in the middle of an essential duty, you can finish that duty. Pray as soon as you can and carry on with your day.
9. Avoid Haram
Haram consists of a variety of behaviours and objects. Do not sell or invest in haram food and drink products. This includes alcohol and tobacco.
Do not invest in gambling services. This includes pokie machines. Gambling is a game of chance that poses the risk of serious addiction.
Do not invest in pornography or adult media. Avoid advertising with overtly sexual imagery.
You should also avoid investing in weapons. This includes firearms, explosives, and other harmful devices.
In general, you should avoid any industry that causes direct harm to people. Check every company you invest in, including in your superannuation. If you notice an investment in haram, remove your money right away.
10. Continue to Learn
Your business may become successful. That doesn’t mean you should stop learning.
Study the Quran and Islamic principles of ethical entrepreneurship. Follow your local laws and keep your business up to date with them.
Tap your connections and ask them about news in your industry. Talk to them about how they provide premium services.
If you stop learning, your business will stop growing. Never assume you are perfect. Look for flaws and correct them whenever you can.
Running Your Halal Business
You can run a halal and ethical business. Start by familiarizing yourself with Islamic ethical codes.
Focus on good intentions, and craft those intentions with smart counsellors. Learn from your mistakes and build trust with your coworkers and community. Finish what you start, but be smart with your finances.
You can structure your day around salah easily. Avoid haram, including in your super investments. Continue to learn, even after you establish your business.
Go to experts on Islamic investment. Crescent Wealth Super is Australia’s premier Islamic investment organization. Contact us today.
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