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Cash flows from 'beautiful loan' |
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Written by Houston Business Journal - by Casey Wooten
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Friday, 16 April 2010 16:41 |
Friday, April 16, 2010 Cash flows from ‘beautiful loan’Local members of Dawoodi Bohra religious sect finance businesses outside banking system
Slipping off his shoes, Mohammad Millwala places them neatly in a row with two dozen other pairs as he enters the annex to a mosque, just east of Katy. He says it’s going to be a busy day. Millwala and some 200 other members of the Dawoodi Bohra congregation at the Mohammedi Masjid mosque, clad in traditional knee-length white robes and skullcaps adorned with gold Arabic lettering, have set up about 60 booths displaying their businesses. Entrepreneurs meander around the hall, exchanging business cards and networking. Like other similar business events, experts give lectures on starting and maintaining a business and peers offer advice and mentorship. Yet among these business owners, the typical buzzwords heard around Houston at other trade shows and business conferences in the wake of the credit crunch and recession are missing. There’s no talk of foreclosures here. No worrying about credit scores, or finance charges or repo men. In fact, there’s little talk of debt at all. That’s because for the owners who gathered last month at the Burhani Business Expo — including multimillion-dollar health care technology companies, manufacturing and import companies and sign installation companies — traditional bank financing does not exist. Millwala, CEO of Houston-based bio-tech company  DM Clinical Research, as well as most of the other business owners gathered on this balmy Sunday afternoon, received startup capital through what’s known as Qardan Hasana, an interest-free loan scheme kept within their religious sect. Tightly knitSystems like Qardan Hasana are gaining popularity among various religious groups, notably the Muslim community, which are creating an underground economy of sorts with a cooperative lending model in a time when most traditional banks are patching up their recession-battered books and have tightened loan criteria to an extent not seen in years. “We don’t take interest from banks, we have our own financing system where we give out loans to people and they have 24 months to pay it back,” says Nooruddin Yamani, president of the Burhani Business Counseling Center of Houston, the community organization that sponsored the event. “We are able to do all our business interest free,” he says. “We are blessed with that.” Yamani and the rest of the group gathered on that Sunday afternoon belong to the tightly knit Dawoodi Bohra community, a subsect of Shia Islam with strong ties to the region around Mumbai, India. The Dawoodi Bohra began to settle in the U.S. in the 1960s, mostly in New York City and Chicago. Houston’s community was established in 1978 with about 60 families and today has grown to more than 400 families, centered largely in the Katy area. Worldwide, there are an estimated 1 million Dawoodi Bohra. Like many other sects of the Muslim faith, it is against the beliefs of Dawoodi Bohras to engage in business deals that involve interest-based financing. Credit cards, car loans and home mortgages are all off limits. “It’s one of the main principles of Islam,” says Yamani, pointing to the screen on his iPhone displaying the appropriate verses of the Quran regarding interest, or riba. So wherever they settle, Yamani says, Dawoodi Bohra communities incorporate their age-old tradition of interest-free financing. Guarantors requiredIn Qardan Hasana — which translates to “beautiful loan” — community members can apply to a local or national board for loans to start a business, go to college or buy cars and homes. In accordance with their beliefs, all the transactions are interest-free. The system works much like a credit union in that it is a cooperative funded by members of the community for the benefit of the group as a whole (see box above). When a member wants a loan, two guarantors — who must also be members of the community in good standing — must be lined up to offer to repay the loan if the borrower defaults. The borrower then submits an application explaining what he intends to do with the funds, be it purchase a home or use it as capital to start a business. For commercial loans, he must include a business proposal. A Qardan Hasana board traditionally loans between 30 percent to 60 percent of a project, with about 30 percent put up-front by the borrower and another 20 percent to 30 percent supplied by the borrower’s family. Borrowers must also offer a series of post-dated checks and a symbolic item of monetary or emotional value as collateral. Once accepted, borrowers have 24 to 36 months to pay back the loan. The “loan” pool is funded by successful business leaders in the community and through grants from the state or national Qardan Hasana governing bodies.
Read more: Local members of Dawoodi Bohra religious sect finance businesses outside banking system - Houston Business Journal: |
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new phones from Tmobile available at radioshack |
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Written by hozefa hassanali
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Friday, 09 April 2010 16:31 |
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 HTC HD2 available at Radioshack......with a limited stock in hand.Also Direct 2 u in also availabe at Radioshack. Meaning we can ship it to you directly to your residence or business with 3-4 business days. please hurry while the supplies last.
 Nokia Nuron 5230 available at Radioshack with a limited stock in hand.Also Direct 2 u in also availabe at Radioshack. Meaning we can ship it to you directly to your residence or business with 3-4 business days. please hurry while the supplies last.
P.S. if anyone is eligable for an upgrade or wanna add a line and get a different phone .....please dont hesitate to contact me as well. Please contact Hozefa Hassanali Immediately @ 281 948 0213 |
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Last Updated ( Monday, 26 April 2010 10:37 )
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Written by Mustafa Raja
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Monday, 22 March 2010 15:57 |
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BBCCH Biz Expo celebrated the auspicious event of the 99th Milad Mubarak of Aqa Maula Syedna Mohammed Burhanuddin (TUS), BBCC Houston organized a trade expo on Sunday, March 21, 2010. The main goal was to achieve the Rida (happiness) of Aqa Maula (TUS) in promoting mumin owned business. n these economic times BBCCH is holding this expo to help create a) Awareness about how many other mumineen are doing businesses in Houston
b) Foster close businesses relationsships between mumin businesses
c) Introduce tradeshows as a main-stream marketing tool for mumineens to use
d) Leverage this event to hold an annual tradeshow event and inshallah hold a US level tradeshow in a couple of years Most mumineen in Houston and around the US only know of the "Sign Business" in Houston, despite the many other mumin businesses in the city. Our goal was to promote such businesses including Professional Services, IT based businesses, Allied Healthcare Services, Construction and Remodeling, Glass Wholesale & Manufacturing, Hardware Distributors, Recycling, Jewelry, Clothing, Catering, Bakery, Beauty Products etc. The Event turnout to be a extreme success. we had 64 Business represneted and lots of attendees all over Texas attended the show. We also had the Houston Business Journal and a Rice MBA faculty attend the event to see what our community is doing when it ocme to businesses Visit the Photos gallery to see pictures |
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Last Updated ( Monday, 22 March 2010 16:57 )
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BBCCH Milad Event - Sunday, March 21, 2010 @ 12:30 pm |
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Written by Mustafa Raja
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Monday, 08 March 2010 20:21 |
Invitation to  Burhani Business Expo,HoustonMarch 21, 2010 |
| | | | | | | | | Media Coverage from HBJ
Congratulations! The Houston Business Journal has expressed interest in the BBCCH Expo on Sunday, March 21, 2010. A coverage from the Journal is expected for this unique community business event. If you or someone you know has media contacts with other news agencies, kindly contact BBCCH for additional coverage options on this and other 99th Milad Mubarak events. |
| BBCCH Biz Expo To celebrate the auspicious event of the 99th Milad Mubarak of Aqa Maula Syedna Mohammed Burhanuddin (TUS), BBCC Houston is organizing a trade expo on Sunday, March 21, 2010. The main goal is to achieve the Rida (happiness) of Aqa Maula (TUS) in promoting mumin owned business. In these economic times BBCCH is holding this expo to help create a) Awareness about how many other mumineen are doing businesses in Houston b) Foster close businesses relationsships between mumin businesses c) Introduce tradeshows as a main-stream marketing tool for mumineens to use d) Leverage this event to hold an annual tradeshow event and inshallah hold a US level tradeshow in a couple of years Most mumineen in Houston and around the US only know of the "Sign Business" in Houston, despite the many other mumin businesses in the city. Our goal is to promote such businesses including Professional Services, IT based businesses, Allied Healthcare Services, Construction and Remodeling, Glass Wholesale & Manufacturing, Hardware Distributors, Recycling, Jewelry, Clothing, Catering, Bakery, Beauty Products etc. |
| Additional Event Details This event is free of cost for all participants including the business owners presenting at this event, as well as the attendee mumineen and muminaat. The event will be held at the Mohammadi Masjid Complex. The event is open to all mumineen & muminaat owned business in Houston. Limited space is also available for out-of-town businesses from other cities in US & Canada.
Each business will display their flagship products. For businesses that are unable to present their products, space will be provided for displaying marketing materials/ product brochures. |
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| | Sponsors / Door Prizes BBCCH is looking for Businesses to sponsor the event and offer door prizes to make the whole event exciting and memorable |
| SEMINARS Business Seminars will be provided by the following Professionals. Additional details will be provided in upcoming emails Mohammed ZakirJoozer Palanpurwala |
| Event Timings SUNDAYMarch 21, 201012:30 pm - 6 pm |
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Last Updated ( Thursday, 18 March 2010 16:42 )
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9 Businesses You Can Start In Your Pajamas in 2010 |
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Written by INC
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Saturday, 16 January 2010 13:42 |
9 Businesses You Can Start In Your Pajamas in 2010 Internet Marketing –– Jason Sadler, IWearYourShirt.com So you've got a ton of friends on Facebook and a loyal Twitter following. Why not profit off them? Jason Sadler has found a way to capitalize on all the hype surrounding social media marketing. Three-hundred sixty-five days a year, Sadler serves as a live billboard for companies and charities on all the major social media sites. Sadler, who launched IWearYourShirt.com at the end of 2008, wears a shirt a day, and sells each calendar day according to its numerical value. On January 10, for example, a company would pay Sadler $10 to wear its shirt. He works from his home in Jacksonville, Florida, and leverages his social media following by blogging, tweeting, filming a live video show, and updating his Facebook photo, all while wearing the designated T-shirt of the day. And, yes, he will still wear your shirt to a wedding, or even if he's sick in bed. Now that the idea has taken off, Sadler has hired a West Coast counterpart -- with a whole new following -- to expand the company's marketing reach. Franchising –– David and Stuart Pikoff, Games2UFranchises are becoming an increasingly popular and easy way for anyone to start their own business from home, thanks to entrepreneurs like David and Stuart Pikoff. The brothers left their corporate jobs with the intent to get into the franchise space, but after researching different options, none appealed to their offbeat personalities. So they ventured out on their own. In October 2007, they launched Games2U -- a mobile entertainment center complete with video gaming stations and big screen TVs -- after concluding that there wasn't much new in the kids entertainment space. The brothers sell the completely self-contained vehicles to franchisees, who then rent them out for birthday parties, community events, and the like. Games2U, which began franchising in early 2008, now has 97 franchises in 23 states, and Joel Kocher, a former president at Dell, has signed on to help the Pikoffs with their 2010 high-growth expansion plan. Online Advice –– Amanda Steinberg, DailyWorthIn the past decade, the Web has become the go-to place for consumers to seek out advice and scope out the newest trends and deals. Sites like DailyCandy and Thrillist have been successful at monetizing this online community by publishing daily e-mail newsletters packed with exclusive information for subscribers. After operating Soapbxx, a Web consultancy, for 10 years (the past four of which have been home-based), Amanda Steinberg launched a second business from home last January to provide personal financial advice to women. Building off of the DailyCandy model, Steinberg's DailyWorth publishes daily e-mail newsletters with tips and advice from financial experts, including MP Dunleavey, a former finance columnist for The New York Times. With 9,000 subscribers and counting, Steinberg simultaneously runs her start-up and Soapbxx from her home in Mount Airy, Pennsylvania, while playing mom to two young kids. Insurance –– Chris Jordan, Atlanta Insurance LiveInsurance may not be the most exciting field, but opportunities abound for businesses owners willing to break away from the traditional corporate model and add their own spin. That's exactly what Chris Jordan did last March when he left his corporate insurance sales job and founded Atlanta Insurance Live, a home-based sole proprietorship that is built on the premise of interacting with clients virtually. Jordan maintains a video blog about insurance issues and chats live with customers through his website. He employs a casual style and remains transparent about his home-based status -- as a new way to market his business and dispel the stigma of stuffy insurance agents in suits and ties, in order to attract a younger demographic. So far, it seems to be working, with a steadily growing customer base. Personal Fitness –– Franklin Antoian, IBodyFit.comAs a personal trainer who held private sessions in people's homes for many years, Franklin Antoian discovered a growing trend of people who didn't want to trek to the gym. In 2006, he launched IBodyFit.com, a site that allows anyone to get the complete personal training experience online. Through the website, members get individualized attention from a personal trainer and have the ability to access online fitness classes and exercise videos. Trainers create customized workouts for clients and are fully available to them via phone, e-mail, and IM. Members can work out on their own time at home, or download their custom workouts to their iPod at a cost much lower than the average gym membership, which is an increasingly expendable luxury in a down economy. In 2009 alone, Antonian, who is based in Del Rey Beach, Florida, signed up 2,000 new members. Specialty Travel –– Deborah Mayer, Shop Around ToursThere are always good deals to be had in the travel industry, if you know where to look. After spending several years working for travel companies putting together itineraries for group tours, Deborah Mayer had an idea to structure a tour around outlet shopping in Italy. She had been watching the outlet scene grow there, and since many of the stores were off the beaten track, she knew it was the type of tour that would need a guide. In the spring of 2001, Mayer launched Shop Around Tours from her Manhattan apartment. Within the first few weeks of putting up her website, the first tour was sold out. Mayer now runs three to four shopping tours around Italy per year and continues to grow her business primarily through word of mouth. Her business grew dramatically after a mention in O, The Oprah Magazine in 2006, and with a niche focused on discount shopping, she's managed to fill all her tours, even during the recession. Government Contracting –– Jim Anderson, LeadDog Consulting Just because you work from home doesn't mean you can't sell to the world's biggest customer -- Uncle Sam. Jim Anderson has digitally mapped over 100 countries from his home office nestled in the hills of Anchorage, Alaska, which he describes as the crossroads of the grizzly and black bear populations. Founded in 2000, Anderson's company, LeadDog Consulting, has carved a niche in the mapping industry by documenting roads and major points of interest in developing countries, where major infrastructure knowledge is lacking. The company got attention for its extensive mapping efforts in Iraq and Afghanistan, making it one of the only providers of those materials to the U.S. government and military. After the start of the Iraq war, NBC News commissioned LeadDog to produce a map of Basra that the network could display as part of their broadcasts. In addition to the government, LeadDog works with GPS tracking companies to develop maps, as well as private companies on projects like location scouting. Children's Wholesale and Retail –– Michelle Tunno Buelow, Bella Tunno After having her first baby in 2004, Michelle Tunno Buelow started making clothing and other baby items that fit her funky style. Friends started taking notice, and before long, she was selling her custom-designed line called Bella Tunno in local markets in Charlotte, N.C. Soon after, she received an order from a store in Beverly Hills where celebrity moms like Nicole Kidman shopped. The owner was putting together swag for new moms at the Golden Globes, and asked Tunno Buelow if she would like to donate one of her products. Once the brand name was out there and attracted a celebrity following, Tunno Buelow started receiving calls from major retailers like Gap and Nordstrom. Today, the Bella Tunno brand is sold in over 4,000 stores worldwide and includes practical yet trendy "necessories" such as laminated bibs and smocks. Tunno Buelow, who founded the company in her late brother's memory, also donates a portion of every sale to drug- and alcohol-related charities. Online Content Aggregation –– Michael Sitarzewski, Callisto.fm With so much content consumed on the Web these days, the door has opened for entrepreneurs who have found ways to not only catalogue some it, but to make it easier for users to consume the information. While plenty of sites existed for streaming TV shows, Michael Sitarzewski realized that there wasn't anything comparable for listening to podcasts. So in 2008, at a podcaster conference, he pitched his idea for a site that would stream podcasts and organize all the content by channels, giving visitors a place to consume podcasts all in one place. Immediately, he had interest from developers, and within months, Callisto.fm was launched. The site now has 4,500 shows listed and operates primarily through ad revenue. Sitarzewski, who works from home and in places all over his hometown of Boulder, also runs Hypersites, another company he founded in 2001 that serves as a website development application for designers. --Tamara Schweitzer
Links:
[1] http://www.inc.com/articles/2010/01/home-based-business.html
[2] http://www.inc.com/ss/how-run-business-home
[3] http://www.inc.com/ss/essential-tools-every-home-office
[4] http://www.inc.com/ss/how-make-10-million-home-4-easy-steps
[5] http://www.inc.com/ss/6-questions-ask-starting-business
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