Shariah, or Islamic law, governs all aspects of Muslim life. This includes financial transactions, commercial agreements, and civil arrangements that fall under the scope of mu’amalat (معاملات). When one comes across the term “Shariah-compliant businesses”, this refers to businesses that adhere to Islamic principles, ethics, and values when conducting their …
Differences between Conventional and Shariah Financing
Finance has grown tremendously over the recent decades. Conventional finance saw an evolution since the rise of mercantile States in the Middle Ages. A newer mode of finance gained traction in the 1970s: Islamic finance. Islamic financial institutions were established in the Middle East and Asia. Malaysian banks like Bank …
CSR Vs Sustainability
The terms Sustainability and Corporate Social Responsibility (CSR) have gained immense traction in recent years. We often hear these two terms used interchangeably in business, but do they mean the same thing? What is CSR? Corporate Social Responsibility (CSR), is a voluntary practice adopted by businesses to demonstrate their responsibility …
Islamic Financing 101: Understanding the Basics and Benefits for SMEs in Malaysia
As a small and medium-sized enterprise (SME) in Malaysia, it is crucial to understand the basics of Islamic financing and how it can benefit your business in the long term. Islamic financing is a financial system based on the principles of Shariah law, which prohibits the charging or paying of …
An SME’s Guide to Halal Exporting
“Halal” refers to the Islamic law concept meaning “allowed”, “permissible,” or legal. In contrast to this is “haram” which means “prohibited” or “forbidden”. One way to ensure consistent halal goods is by obtaining halal certification. Malaysia’s halal industry is expected to grow to USD 11.2 billion (RM500 billion) by 2030. It …
Driving Business Expansions Through Shariah-Compliant Micro Financing
What is Shariah-Compliant Micro Financing Small and Medium Enterprises (SMEs) play a vital role in the Malaysian economy, accounting for more than a third of the GDP and job opportunities. However, many entrepreneurs and small businesses face challenges in accessing capital through traditional financing methods. Shariah-compliant Micro Financing offers a …
5 Strategies for Boosting Your Small Business’s Online Presence
How to improve your online business presence? Having a well-established online presence could mean the difference between gaining more sales or requests for your services or being left in the dark without brand awareness. By having a good online presence, you can gain traction to access the majority of people …
Importance of Digital Transformation in Business
How SMEs Benefit by Going Digital The world around us is changing at an accelerated pace. From the way we communicate to the way we work; digital transformation plays a huge role in all aspects of our lives. With this change, businesses and professionals are also moving towards digitization. This …
5 Tips to Understanding Your Target Market: A Key Element of Business Strategy
In today’s highly competitive business landscape, it’s more important than ever to identify business target markets and understand them. Knowing who your ideal customer is, what they need, and how to effectively communicate your value proposition to them can be the difference between success and failure. Your target market represents …
Malaysia Budget 2023: How do the changes in corporate tax regimes affect MSMEs?
The first budget tabled by Prime Minister Anwar Ibrahim after winning the 2022 national elections was to change corporate and individual tax rates for middle earners and micro, small, and medium-sized enterprises (MSME), while also expanding the tax base among higher-income earners. With the high effects of inflation felt throughout …