What is Islamic Finance and How is it different from conventional finance ?

Islamic Finance is a form of finance that is based on Shariah, or the body of Islamic law. Shariah means "the path to the water source". Shariah is filled with MORAL purpose and lessons on the truth, and is hence more than just a set of legal rules. [1]

Shariah represents the idea that all human beings and governments are subject to justice under the law. Islamic law covers bigger scopes compared to conventional finance. Islamic finance has overarching requirement whereby every financial transactions must be shariah-compliant. To ensure that, five key prinsiples are strictly followed :

Belief in Divine Guidance - The universe was created by Allah and He created on earth to fulfil certain objectives through obeying His commands. These commands covers a substantial area of almost every aspect of life, including economic and financial transactions. Man needs such divine guidance because he does not have the power to reach the truth on his own. Not only is man imperfect, but also his 'reasons' are often confused with 'desires'.   

In conventional financial system, religion and government are kept separate and independent of each other. This is to uphold religious freedom and secularity in government (such that it is not influenced by any particular religion)

No Interest - You cannot earn interest on a loan or be required to pay interest on a loan. 

In conventional financing, this is like borrowing money from the bank and not having to pay a cent of interest. Islamic banks of course do not loan you money for free. If you were to obtain an Islamic loan for a project, instead of being charged interest for the loan, you could be paying fees or sharing a portion of your profits from the project with the bank. 

No Haram Investments - Money is to be invested in worthly causes, while companies that manufacture haram products like alcohol, tobacco, arms or pornography are avoided. 

This is similar in some ways to the conventional concept of socially responsible investing (SRI), which seeks to maximise both financial return and social good. Some practitioners of SRI abstrain from businesses similar to those that Islamic ventures would avoid. 

Risk sharing is encouraged - The idea of risk sharing is conscientiously promoted and regularly practised between business partners, such as between a customer and a financial institutions. For Islamic institutions, risk sharing is favoured in business dealings with its customers. This fosters the equitable distribution of risk, profits and losses. It also covers not only the creditworthiness of the customer risk sharing, but also the financial viability of the project. 

Risk sharing is meant to promote mutual trust and fairness in dealings among business partners, institutions and consumers. 

Financing is based in REAL assets - Financing extended through Islamic products can only expand in step with the rise of the real economy, thereby helping to curb excessive speculation and credit expansion. 

Conventional financing system typically based on the promise to pay where real assets are not tied to the transaction. This means that conventional financing activity can grow several steps ahead of the real economy, thereby causing speculation and UNJUSTIFIABLE asset price inflation. 

Islamic Finance is for all (muslim and non-muslim)

ref : 

Islamic Finance, Why It Makes Sense, Daud Vicary Abdullah and Keon Chee, Marshall Cavendish Business. 2010. printed in Singapore. 

To buy this book, please contact me. Recommended Price is RM69.90.   

Health or Healing ?

People think of their health in one of two ways. They will either invest their thoughts and money into creating great health OR they will spend money to heal their body when they are sick.


Whatever your attitude, the simple fact is that you cannot enjoy life if you are sick, so it it wise to learn about anything that will help you achieve better health, or heal faster when you are sick. Most People can remember the last time they were sick, but can YOU remember the last time you felt really well ?


The world is full of advise on how you can become or stay healthy. The basics or exercise, sound diet and reduced stress are obvious, yet most people have stressed lives, poor diets, live in polluted environments, take medication which has side effects and most importantly, their bodies are under constant attack from pathogens which cause illnesses.


 Spend money to create great health OR spend money to heal your body when you are sick ? you decide!

Do you have any unclaimed money ?

Starting end of 2010 onwards, you can perform an online search to see if you have any money with the Registrar of Unclaimed Moneys. The Unclaimed Moneys Act 1965 requires businesses to send to the goverment a report on any unclaimed money. It can be in a form of dormant bank account monies, life insurance policies, share dividends, unclaimed wages/salary and EPF contributions.

umaca.my allows free searches. All you need to do is key in your indentification number or full name. Based on record at Registrar of Unclaimed Moneys, approximately RM 1.5 billion of unclaimed money accumulated over the years, and millions ringgit added every years. the data in ucama.my covers records from 1998 onwards. New documents will be added from time to time once goverment releases new lists.

With this online information, you will save a lot of time and effort to claim your money. This system is free for individuals and fee will be charged for premium services to companies and professionals as well as INDIVIDUALS who seek their help to apply to the registrar to claim the money( go directly to registrar office in you dont want to pay..:p).

You can download the information pack from this website. If your money is less than RM500, you can download if for free. otherwise, 10 % of the value will be charged. this information pack includes a checklist and also a format of your application letter to the registrar.

what are you waiting for? click and check now!

http://www.umaca.my

How to Convince People Effectively

The ability make others believe what you believe is important for success in many fields. There is often a fine line between convincing somebody your views are valid and annoying them. In this article we’ll look at some of the techniques you can use if you want to convince another individual to believe what you believe.

Steps

• Do the homework. Make sure you understand your own viewpoint. If you are going to try to convince somebody that the Komtar Penang is taller than the Petronas Twin Tower, find out the facts first, don’t make assumptions.
  

• Learn the field. For certain areas you will need to know more than just the facts, as some subjects are subjective. For example, if you wanted to convince somebody that the Statue of Liberty was prettier than the Eiffel Tower you will need to know enough about architecture and aesthetics to argue about that subject, as well as the facts, like how tall they are. If you are selling something, like a car, you will need to know all there is to know about the car you are selling. Likewise, you will need to know all about the other cars that are in competition with your vehicle.
  

• Engage the person politely. Maintain eye contact where possible, but don’t be annoying about it.
  

• Establish mutual respect. You will never convince anybody of anything if they believe you do not respect them, so show the person you respect them and be good enough to gain their respect.
  

• Gain trust. To convince people of most things you will need their trust. They don’t have to trust you as a person, but they do need to trust that what you are saying makes sense, that you know your “stuff”. The best way to do this is to do your homework and fieldwork, that way you know a lot about the subject.
  

• Listen carefully to what your debate partner has to say. Respond thoughtfully to their point of view.
  

• When you can, back up what you say with real facts. Lying will only convince somebody until they find out about the lie, then you will never be able to convince them of anything again.
  

• Be willing to be convinced. Sometimes accepting one point from the other person and showing that you can change your mind when you are wrong will help them to be the same, and change their mind about the subject you care about.
  

• Practice active listening. Active listening helps you control a conversation and keeps it on track. Active listening techniques include:
• Non-verbal feedback. Nodding your head as the other talks etc.
• Paraphrase what the other person has said to make sure you understand it.
  

• Make sure you understand the other person’s objections and respond to them in an intelligent manner.
  

• Keep vigilant about your belief, but always respectful of the beliefs of others. Explain why your belief is important to you.
  

• Understand the other person’s motivations. If you know what another person wants, you are more likely to be able to give it to them.
  

• Rephrase your beliefs in a way that the other person is better able to understand.
  

• Follow up. Ask questions to make sure the other person understands their new views completely.

Tips

• To hold the eye of a crowd select individuals in the crowd and hold their eyes on-and-off through your presentation.
  

• Never lose your cool. Nothing lacks conviction more than a raving idiot.
  

• Always be friendly and respectful even if the other person does not change their mind.
  

• Beliefs fade. You may think you have changed somebodies mind but find that in a day or two, perhaps a week, they are right back to where they were before.
  

• Buy and read some books on sales techniques.

Paypal : Withdraw your money to Malaysian local banks.

Good news for Malaysian registered paypal users. from now on, you can withdraw your paypal money into malaysian local banks or to your cards. On top of that, you also can also pay and receive payment in Malaysia Ringgit (RM).

To add bank accounts, follow the steps below :





































MEPS routing code :















































































Transaction Fee :








Make sure your bank account number is valid. for any failed transaction, paypal will charge you RM15..

selamat mencuba!

TM Streamyx Super Upgrade Deals

i went to TM point just now to upgrade my streamyx connection under new Super Upgrade Deals. Promotion expires by 31st January 2010.

This promotion comes with 24 months contract.

For upgrading to 1Mbps, no modem provided. Free modem is available for upgrading to 2 or 4 Mbps only.

Packages Offered :

COMBO DEALS :

Existing Package : 384kbps

Upgrade to : 512kbps 1Mpbs 2Mpbs 4Mpbs

1st 4 months : RM60 RM90 RM110 RM140
5th months onwards : RM65 RM95 RM120 RM150

Existing Package : 512kbps

Upgrade to : 1Mbps 2Mpbs 4Mbps

1st 4 months : RM90 RM110 RM140
5th months onwards : RM95 RM120 RM150


Existing Package : 1Mbps

Upgrade to : 2Mpbs 4Mbps

1st 4 months : RM110 RM140
5th months onwards : RM120 RM150


Existing Package : 2Mbps

Upgrade to : 4Mbps

1st 4 months : RM140
5th months onwards : RM150

Simple analysis :

users upgrading from 384kpbs to 512 or 1Mpbs enjoys great saving in terms of monthly bill. Similar case for 512kbps users.

Example: existing 512kbps users need to pay RM90 per month for combo package. in Super Deal package, they just need to pay additional RM5 per month to enjoy 1Mpbs speed + Free for the first 4 months. (existing 1Mbps plan = RM110 per month). users could save Rm15 per month! (110 - 95 = RM15 + free 4 months).


For streamyx standard package ( phone bill and internet bill are separated), ask TM. Go to your nearest TM points for details.

i'm waiting for my upgrade plan approved..yeah! :)

i'm back!

salam to friends/readers,

After approximately 3 months "vacation",i'm back to blogging world! :).

i spent most of my time for the past 3 months to focus on final semester of post grad study and now, it's unofficially finished (waiting for official letter from uni).

i can start blogging again ..:)..huhu..

Carta Berbelanja Rakyat Malaysia

Berdasarkan kajian Visa Travel Smart, pengembara Malaysia berada dalam senarai lima teratas gemar berbelanja barangan bebas cukai di Asia Pasifik dengan purata kos perbelanjaan AS$195 (RM678) seorang.

Malaysia berada di tempat keempat yang mana Korea berada dalam posisi teratas, dengan perbelanjaan sebanyak AS$358 (RM1,245.84) seorang, di ikuti oleh China sebanyak AS$333 (RM1,158.84) dan Hong Kong sebanyak AS$224 (RM779.52) seorang.

Kajian itu dilakukan terhadap 2,226 pengembara dari seluruh rantau Asia Pasifik.

Penilaian tabiat mengembara yang dilakukan terhadap pengembara menunjukkan pengembara Korea dan China membelanjakan lebih banyak wang mereka kepada barangan bebas cukai dengan masing-masing membelanjakan AS$358 (RM 1,245.84) dan AS$333 (RM1,158.84).

Jumlah perbelanjaan tersebut lebih AS$100 (RM 348) daripada purata perbelanjaan di rantau Asia.

Selain itu jugak, kajian ini juga ada menyatakan bahawa pengembara Australia dan New Zealand adalah paling banyak menggunakan kad kredit diikuti Korea dan China. Kemudahan pembayaran secara kad kredit di mana-mana mendorong para pengembara memilih kaedah pembayaran tersebut. Pembayaran tunai dilihat menyukarkan proses tukaran wang asing.

Kartika to be caned after fasting month

Part-time model Kartika Sari Dewi Shukarno, who was scheduled to be caned yesterday for drinking beer, has been released temporarily after religious authorities taking her to the Kajang prison literally made a U-turn.Kartika was released temporarily as it was not advisable for the sentence to be meted out during the fasting month.

She will now be sentenced after Ramadan.

The Pahang Religious Department enforcement officers, who took Kartika in a van from her parent’s house in Sungai Siput near here, only went 200m away from the house before they were ordered to send her back.

Kartika faces six strokes of the rotan for drinking beer in public but caning was deferred at the 11th hour.

In Kuantan, Pahang’s Religious Affairs, Dakwah, Unity and NGOs committee chairman Datuk Mohd Sahfri Abdul Aziz said the state religious department enforcement officers had gone to Kartika’s house in Sungai Siput, Perak, yesterday to

issue a warrant of arrest for her to be sent to the Kajang Prison for the whipping sentence to be carried out.

At the same time, they received a letter from the Attorney-General’s Chambers advising them to release Kartika temporarily.

However, the sentence remains. She will be caned after the fasting month.

The 32-year-old mother of two girls told reporters outside the district police contingent here in Kuala Kangsar that she wants to be whipped.

“No matter what, I still stand by my decision that I want to be whipped", said Katrina.

On July 20, the Pahang Syariah High Court had fined Kartika RM5,000 and ordered her to be given six strokes of the rotan after she pleaded guilty to drinking beer at a hotel lounge in Cherating last year.

Shukarnor told reporters that he and his daughter had lodged separate police reports to safeguard themselves in the matter.

The 60-year-old resort operator explained that Kartika had decided to go through with the caning to put an end to the agony she and the family had to go through for the past year.

This case has caught international attention from most of the countries in the world. From Australia to Indonesia, Thailand, China, Germany, the United States and Britain, news of her impending sentence has thrust Kartika into the international limelight and into most blog chats.

CNN (Cable News Network), BBC (British Broadcasting Corporation) and other leading television stations have also highlighted her case as one of the top stories of the day.

They carried a story of her predicament yesterday, especially when her sentence was temporarily aborted because of the fasting month.

It was also among the top stories for CNN and BBC with both websites listing it as the fifth most popularly read story.

A Google search for her full name resulted in 63,900 hits while there were over 1,700 news stories on Kartika.

There was also a Facebook account listed as “HELP Kartika Sari Dewi Shukarno”.

Hopefully, this will be a good lesson to all muslims.

wassalam...