Many of you certainly have dreams of running your own sharia business. Those who have a passion for cooking may want to immediately open a culinary business. For those of you who like traveling, you may have started looking at the idea of opening a tour & travel business or halal tourism.
Whatever sharia business you want to start, having emergency funds before actually becoming an entrepreneur or business owner needs to be a priority.
Benefits of Having Emergency Funds for Your Sharia Business
Every business owner needs a sufficient amount of savings that can help them anticipate financial problems and events that may occur unexpectedly.
1. Helps when large expenses are needed for urgent or unexpected circumstances in business
Urgent or unforeseen situations can take various forms, such as equipment being damaged which causes operational activities to temporarily stop, building rental costs experiencing a significant increase, facing cases that require legal handling, and many more.
If you have an emergency fund that is easy to use whenever needed, you will be calmer in facing scenarios that might arise.
2. Helps during natural disasters
Natural disasters and various weather-related events can have a significant impact on your business, especially financially.
Without any prior prediction, the rain fell so heavily for days that it resulted in floods that never subsided.
All stock has been damaged due to flooding and you also have to bear losses due to stock damage and loss of inventory.
Having no stock can be bad news for business. Business is not running as usual, meaning no income is earned. In situations like this, having an emergency fund can be very helpful.
3. Helps grow business more quickly when opportunities become available
It turns out that emergency funds are not only useful when facing difficult situations, problems or disasters.
As a business owner, you will certainly be happy if you can grow your business. When the right opportunity for business growth is right in front of your eyes, it would be a shame if you don't take it.
It often requires quick action and a large investment of resources to take advantage of available opportunities.
By having a financial cushion in the form of emergency funds, you can immediately take advantage of these profitable opportunities without needing to go into debt or even sacrificing any of your long-term business goals.
How to Create Emergency Funds Before Saving Them in the Right Place
If you are just starting to build emergency funds, there is a way that can help you be disciplined and consistent in doing so, namely budgeting. Every month, allocate money to save as an emergency fund for your business.
Budgeting is easier and more practical with the Jago Syariah Pocket. Jago Syariah makes it easy for you to have multiple savings or accounts in 1 application, namely the Jago application.
Create 1 Saving Pocket for business emergency funds and allocate money regularly to this Pocket. To make it automatic and hassle-free, you can set a target and make saving happen with the Autosave feature.
Saving in the Jago Syariah Saving Pocket complies with sharia principles because it uses Wadiah Yad Dhamanah akad without interest.
4 Reasons to Save Your Business Emergency Funds in Sharia Deposit from Jago Syariah
When emergency funds have started to accumulate and reach an amount of at least Rp1,000,000, you can move them to a more suitable savings tool such as the Sharia Deposit. Why?
1. Sharia Deposit can be withdrawn at any time without penalty
Of course, in order to be able to deal with urgent situations right away, it is very important to be able to withdraw savings right away. By putting your emergency funds in the Sharia Deposit from Jago Syariah, you can withdraw it at any time.
No need to worry, withdrawal of your Sharia Deposit before its maturity date is not subject to penalties. In other words, you don't have to pay fines at all.
Apart from that, even if it is withdrawn prematurely, the Sharia Deposit will still provide profit sharing whose amount is adjusted to the length of time you keep the money in the deposit until it is withdrawn.
2. The savings period in Sharia Deposit is flexible, complete with an automatic roll over option
You are free to choose your own savings time in the Sharia Deposit, which is not only flexible but also varied, with a time range between 1 month to 24 months.
What's even better is that if you don't use your emergency funds, you can extend your Sharia Deposit, which includes the principal balance and profit sharing, automatically to the next period. However, there is still the option not to extend the deposit when it matures. You can arrange it the way you want.
3. Can have more than 1 Sharia Deposit
If you open a Sharia Deposit to save business emergency funds, what if you also want to build emergency funds for your personal life or want to use the deposit for other financial purposes?
No need to worry, because it is possible if you want to have more than 1 Sharia Deposit. With Jago Syariah, you can open up to 20 Sharia Deposits to realize your various financial goals and future dreams.
4. Sharia Deposit complies with sharia principles, using Mudharabah Muthlaqah akad
Building emergency funds can be more rewarding in the Sharia Deposit that uses Mudharabah Muthlaqah akad. This is the final reason which is no less important for those of you who want to manage your finances and save according to Islamic teachings.
In accordance with sharia principles, the Sharia Deposit provides a competitive and clear profit sharing ratio. The amount of profit sharing that you get has been agreed upon in advance before you deposit your money in a Sharia Deposit.
Ready to save your emergency funds in the Sharia Deposit from Jago Syariah? You don't need to take the time to stop by Bank Jago Syariah. Open a Sharia Deposit directly from the Jago application in a matter of minutes if you already have a Jago Syariah account.
