Some people say that 2020 should be a forgettable year in the history of the Pakistani economy. It was the Pandemic that severely hit businesses across the globe. Hence, it became difficult for the corporate sector to maintain its solid growth. Eventually, purchasing power suffered. But life has to move on. People need daily life products. They need food. The life cycle cannot be stopped. This is not only in Pakistan; indeed, the whole world is searching for alternative ways to sustain the demands and supplies. As if demands are quashed; the industrial sector will produce fewer commodities. Consequently; millions of factory workers in the world will suffer. So, it is better to keep running the “buying and selling” procedures by all means. This is the only way for humankind to get back on track. I will discuss some of the alternative buying options in my today’s blog with respect to Islamic Sharia-Compliant. I Hope, following contents will help you to develop a better understanding of substitute options.
- BNPL “Buy Now and Pay Later” Phenomenon
- How do Islamic Sharia-Compliant Services work?
- Why Islamic Sharia-Compliance is Better?
BNPL “Buy Now and Pay Later” Phenomenon
It is not a new practice at all. Business sectors are carrying this procedure for centuries. It is indeed a beneficial formula for both; customers and vendors. As customers instantly get their favorite products and vendors also sell them on higher profit margins. BNPL (Buy now and Pay Later) method hands over the goods to the customers immediately. Then buyer pays the remaining amount in easy monthly installments.
Brands and retailers have successfully reaped the benefits of BNPL in recent years. Even last year in America, millions of customers bought a lot of products by embracing these services. So, in developing economies like Pakistan, this code of business has considerable room.
How do Islamic Sharia-Compliant Services work?
Islam also purifies the BNPL mode of business by taking it under the wings. Our religion categorically presents us with the term of Ijara. “Ijara” precisely means to give something on rent. It is a contract of rent, hired-purchase of equipment, or leasing of any commodity. This is a mutually agreed rental agreement between the customer and the business organization. Ijara bounds the seller to fix the approved price with some profit for the approved period. Then Vendor receives that particular amount in installments in the agreed-upon time.
The time to pay the installments is also decided by both; seller and customer. Usually, the retailer also purchases a commodity beforehand from the manufacturer. Then the goods are given on rent (Ijara) to the customers. So, a lot of implications are there when it comes to the Islamic business code.
Why Islamic Sharia-Compliant is Better?
Islamic financing model protects us from a lot of implications. It refines the procurement from all the immoralities. Then nourishes and redeems the business in the right way. A lot of business organizations in Pakistan selling daily life products and home appliances on installments. But how many are there following the true Islamic guidelines? Here comes Sahoolat Kar as a national leader in hired-purchase services. We have meticulously collected the legal pronouncements (Fatwa’s) from distinguished Islamic Scholars.
This is the organization where you can see the strict following of Islamic business directives. So, a lot is to come under the banner of Sahoolat Kar. Wait for something marvelous. I will keep you updating!