3 Things to Keep in Mind when Looking for Banking Services as a Muslim in Australia


1. Planning and Managing Your Wealth

How much thought have you given to your future and that of your loved ones? If you have given it any thought at all, you may have set up a fund of some sort and made a few plans about how to provide for it financially. At the same time, the need for finance will vary as time goes by. Therefore, it is important to have a sound strategy in place when it comes to wealth planning and a well-grounded structure to support it. You can speak to an Islamic financial investment services provider for specialised knowledge and a personalised planning process. The wealth plan that is best suited for you will depend on many variables such as your profession, the nature of wealth you possess, your estimated annual monetary requirement in the future, etc. Your bank or financial institution of choice should be able to offer you a customised wealth management plan based on these factors. Hejaz Financial Services provides investment opportunities for Islam. 

2. Insurance for Your Properties and Assets

Providing insurance services is another important feature that can be provided by a financial institution. These procedures too must fall in line with the criteria of Islamic finance Australia and therefore your financial services provider should have a sound understanding of these guidelines and be able to advise you on the same. Managing your assets and most importantly, arriving at accurate valuations and calculating the returns on your investments as well as providing insurance for reimbursement for damage to any of your properties are some of the connected services that your bank or financial institute must essentially provide. Also, providing additional support to your family and monetary consolation especially in the event of an emergency is another feature you must look for.

3. Dealing with Taxation

Taxation is a bit of a problematic area to most high income earning individuals as well as small to medium sized business owners. Therefore, your banking services provider should essentially know all things tax. The company you choose should have a team of qualified professionals available to help you with preparing your accounts, taxation documentation, gearing and depreciation calculations and finding possibilities of tax exemptions. An accounting firm may be able to provide these services for you but if your bank can do the same, why look for someone else? Also, because they are more aware of your savings and wealth, they will be able to advice you better on how to deal with taxation. It will be an added bonus if your banking services provider also has experience in handling double taxation and international tax laws, especially if you have overseas investments or do business in more than one country and in more than one currency.

Saving Money For Your Future

Although most people end up with no money at all in their bank accounts at the end of the month and wait until pay day with open arms, the truth is that if we analyse are monthly spending, we will find that we make many unnecessary spends. If you want to save up some money for your future, you are going to have to be more careful with your spending and you are going to have to put away some money from your salary at the beginning of the month instead of waiting to do so at the end of the month.

Budget your salary
One of the most effective ways of saving up money is to budget your salary at the beginning of the month and sticking to the allocated amounts for each area. It would be even more effective for you to have different accounts that you can use for the different amounts you have allocated. It is important for you to put away a certain amount of your salary for your SMSF life insurance and another small amount in to a savings account that has been allocated specially for the money that you save every month, get more info.

It is important that you do sufficient research about the company providing you with the smsf life insurance as many insurance policies have been known to break their promises when you are faced with an emergency and need the money urgently. In car insurance for example, many insurance companies require that they are called to the scene of the accident immediately to analyze the accident. This rule is often so strict that you are required to do so even in the case where you have been injured in the accident and failing to do so can cause you to lose all the money that you are due from the company irrespective of the years you have been paying your premium. Similarly, a life policy can have rules that are surprising and unexpected.

Limit the money you spend on entertainment
Without you even realizing it, you might tend to spend a lot of money each month on food at restaurants and other forms of entertainment. It is important for you to therefore allocate a set amount for entertainment purposes and stick to that amount irrespective of the situation. If you find mid-month that you have run out of your entertainment allowance and you have a party to go for, skip the party instead of pulling out of your savings. It is more difficult than it sounds however, it is the only way that you will be able to secure your future. To know more about insurance through super, contact super hero insurance.