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Monthly Archives: February 2018

Islamic Banking Model

This banking system is based on the principles of Islamic law, also referred to as Sharia law, and guided by Islamic economics. The two basic principles are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors. Islamic banks neither charge nor pay interest in a conventional way where the payment of interest is set in advance and viewed as the predetermined price of credit or the reward for money deposited. Islamic law accepts the capital reward for loan providers only on a profit- and loss-sharing basis, working on the principle of variable return connected to the actual productivity and performances of the financed project and the real economy. Another important aspect is its entrepreneurial feature. The system is focused not only on financial expansion but also on physical expansion of economic production and services. In practice, there is a higher concentrated on investment activities such as equity financing, trade financing and real estate investments. Since this system of banking is grounded in Islamic principles, all the undertakings of the banks follow Islamic morals. Therefore, it could be said that financial transactions within Islamic banking are a culturally distinct form of ethical investing. For example, investments involving alcohol, gambling, pork, etc. are prohibited.

For the last four decades, the Islamic banking system has experienced a tremendous evolution from a small niche visible only in Islamic countries to a profitable, dynamic and resilient competitor at an international level. Their size around the world was estimated to be close to $850 billion at the end of 2008 and is expected to grow by around 15 percent annually. While system of banking remains the main component of the Islamic financial system, the other elements, such as Takaful (Islamic insurance companies), mutual funds and Sukuk (Islamic bonds and financial certificates), have witnessed strong global growth, too. Per a reliable estimate, the Islamic financial industry now amounts to over $1 trillion. Moreover, the opportunity for growth in this sector is considerable. It is estimated that the system could double in size within a decade if the past performances are continued in the future.

Pros and Cons of an Online Wallet

If you are still thinking of obtaining an online wallet, the following things can make your decision pretty fast:

  1. Convenience. Carrying around a lot of money makes you a potential target for theft. Many will notice you and you may even feel paranoid-always looking around you-wondering if people nearby can potentially detect the amount of cash you bring. When you have an online wallet, you can do the same transaction from the convenience of any mobile connection that will allow you to transfer the amount necessary to purchase items or pay for services (like the EPS system).
  2. Time. Since you can transact as long as you have a connection to your wallet and the entity holding up your balances, you will have the ability to transact at any time from the convenience of your own home. You are in control of your availability and when you will do your purchases so even if your schedule is hectic, you can still do what you want to do.
  3. Traceability. Your transactions are connected to an entity who is able to provide you with a ledger of all the transactions that you have made and how much have been debited or credited into your account that is why every single centavo you sent is traceable and you can verify them or dispute should there be any existing inconsistencies.

However, having an online wallet can also prove to have its own inconvenience especially if your financial network does not provide services for such connections. The following are the major concerns for having an online wallet:

  1. Limitations. Not all services are tied up with all banks. There are payment networks that although they honor online transactions, do not honor certain financial institutions or are not yet coordinated with them-coordination may usually take a long time that is why there are still some items that you need to purchase by yourself.
  2. Security. Although all programmers and developer of online wallet providers do the best that they can every day to make their services better, the security of networks can still be vulnerable that is why there are still problems concerning online fraud and money laundering. One has to make sure that they are always doing their purchases and access on secured and trusted servers alone-although sometimes this can be unsecured too.
  3. Additional Charges. There are some banking or financial institution that will charge up extra-or businesses to-for online transactions as they will be charging it to the amount they also need in keeping their online businesses. So, what you normally pay for two dollars can now cause you two and a quarter.

Qualify Leads And Prospects

You should invest your money and time only after qualifying someone. Only then you should start selling the service or product to the prospect.

If you are not quite experienced you will jump at the given opportunity without properly studying the prospect. What happens here is you are trying to selling something on an assumption without the proper background check. It may or may not culminate in sales. Only mindless salespeople will do this kind of marketing and they will end up losing their energy and time chasing wrong leads.

Instead of talking all the time, try to listen to your prospect. Then you will understand whether he/she is a qualified prospect. If you listen to them your chances of selling will be much higher.

Spend time on qualified prospects, and you’ll achieve significantly more costly deals.

Even if you get a qualified lead you must put in a lot of effort to make him/her your customer. You must know all about your valuable prospect or else you will miss an opportunity to sell your product or service to them.

If you end up selling a product to a wrong customer or to people who should not have bought your product, it is not just bad for the customer but bad for you and your company.

To find a quality lead you must know how to evaluate a prospect. For instance, you must know what their drawbacks are. How have they evaluated your solution? What type of an organisation they belong to? These details are essential to personalise your pitch for your prospects.

Know their pain points and also about their organization and personality. If a salesman is not able to close a deal it shows that he did not know all the important details about his prospect and hence he did not properly qualify as lead.

Ask as many questions as possible to your customer and gather the correct information. There are certain qualifying questions which every salesman should be aware of. We list out the most important ones.

Customer profile

A prospect should match your ideal customer profile. How big is the company? What industry are they in? Where are they located?

Needs

You must know your customer’s needs to qualify the prospect. And you should know how to fulfil their requirements and requests. You should have an idea what result they are aspiring for, and how the result is going to impact their company or team.

Decision making process

You should also know how they make decisions and how many people are involved in the decision-making process. Are they impulsive buyers or do they take time to buy products?

For instance, some companies take almost a year to purchase products. But if you have a sales target to achieve in the next four months then they are not your qualified prospects.

Mobile ATM

1) Future:

Apart from cities in US, there are remote places where wired connections are not available. At these places wireless is the only option and works very efficiently.To reach to this untapped potential market it is very crucial for the banking sector to survive and grow into the tough competition.

2) Cost:

Before the wireless ATMs came the older one were connected by the landline and the rent had to be paid to the carrier. As there were advancements and now ATMs are operated with the modems which can be carried with them. If we compare the cost of the wired and the wireless. The wireless costs you almost half of the amount, this is for just one machine. If you are having plenty of them calculate the amount that you can save. No installation costs and no extra cost even if you move the machine. You have pay monthly just like your cellphone bill.

3) Installation:

The installation of the machine is too quick compared to the other one. If a bank decides suddenly to come up with a new branch and they want to attract the people they can use this option. For the older one you may have to request for the installation then they will give an appointment, etc. No need for all this. Ideally wireless modem needs 10-15 minutes for the installation as they are already programmed.

4) Flexibility:

Due to the progress in the wireless technology the data transfer has become faster than never before (4G). The towers that have come up for the communication in the cellular sector has been of a great importance. Earlier these mobile ATMs got a interference due cellphones at crowded places like events, exhibitions, etc. But now they can as fast as possible with no faults even at crowded places. You can move it anywhere at anytime.