Z B SOLUTIONS LTD was incorporated on the 19th of June 2014 and has been set up as a company limited in its shares, to provide financial risk analysis services to businesses in the locality. It is currently based at 13 HANNAH STREET, MANCHESTER, M12 5SN and another more suitable location will be considered in the near future so as to accommodate other employees. MR MUHAMMAD ZIA ASHRAF BUTT owns all the 100 shares of the Company at the present time. He founded the business after achieving the degree of Master of Arts with Merit, in Islamic Banking, Finance and Management, from the University of Gloucestershire, and gaining experience of working with other businesses. He has high expectations of the Company and expects to deliver quality services to its customers. Z B SOLUTIONS LTD currently employs only its director, but aims to have acquired a minimum of 5 other employees by third year operations. The business also currently enjoys a start-up capital of A£50,000 that has been made available by Mr. Butt.
Our Objectives are:
At Z B SOLUTIONS LTD, we view to exceed our customers’ expectations. Our consultancy will lift our customers’ innovative ideas and will help them stand as improved businessmen. The plan is to develop a sustainable financial management companythat generates valuefor our customers.We want to double our customer base every year until year 3 at least. Z B SOLUTIONS LTD will offer comprehensive financial planning services to our customers, and we aim to employ more educated and certified staff, to be able to widen the range of services we provide.
The mission of Z B SOLUTIONS LTD is;
Z B SOLUTIONS LTD values its:
At Z B SOLUTIONS LTD, we want to grow and be successful. To do this, we have set ourselves some small goals. These are;
Z B SOLUTIONS LTD will provide the following services:
The Company aims to increase its service provision to include other financial services so as to provide a more complete service to its customers and increase its competitive edge. This will be achieved through the recruitment of other skilled professionals.
Our target market will be young and experienced SME businesses in Lancashire Z B SOLUTIONS LTD will market our services by:
Z B SOLUTIONS LTD will adopt a penetrative pricing strategy initially so as to attract customers and to overcome the barrier that might be faced due to being a new business.
Although the recent financial crisis caused a lot of large consulting firms to downsize and many other businesses to shut down, the UK is now recovering from this crisis and a lot of new businesses have appeared which is causing an increase in competition and resulting in the increase to the threat posed to the business. In order to gain a good market share, Z B SOLUTIONS LTD will not only give its customers an expert service, tailored to their needs; but will also attract customers through a penetrative pricing strategy and an innovative niche approach to finances tailored to those who wish to manage their corporate finances in compliance with their religious legislation.
Since Z B SOLUTIONS LTD specializes in the provision of services relating to Islamic Finance otherwise known as Sharia Compliant Finance (SCF), the director has researched the Islamic Finance sector, its history and future projection below.
The idea of Islamic Finance first saw its origins developed between the eighth century and the twelfth century. It picked up the form of modern financing in the 1950s and 60’s, when the subject of interest free banking was researched by authors such as Muhammad Uzair in 1955, Nejatullah Siddiqi in 1960’s and Baqir Al-Sadr in the 70’s. In 1963, Ahmad Elnagger undertook a pioneering effort to set up sharia compliant banking in a small town known as Mit Ghamr in Egypt, and this effort was closed down by the government in 1968. Although this effort was shut down, it had given birth to a new way of thinking and nine other banks had set up with the same idea in the country. The 1973 oil crisis and the ‘October War’ assisted the development of this sector which led to the set-up of the Islamic Development Bank in 1975. This was set up to provide funding to projects within member countries. The Dubai Islamic Bank in 1975 was the first bank to become a modern commercial bank, although it offered very basic products that were highly influenced by conventional financial products. In 1995, there were approximately 33 such banks worldwide that were government run, 40 Islamic private banks and 71 Islamic investment companies. 2008 saw the growth of the Islamic Banking system at a rate of 1pproximately 15% per annum, and according to the Global Islamic Financial Review, over the last 30 years, the Sharia-compliant finance sector has grown to $1.6trillion in assets. This banking sector has now be-come difficult to ignore even by the Non-Muslims with over 300 institutions in over 51 countries across the globe. According to Ernst & Young, the 20 leading Islamic banks in the world have been growing at an astonishing rate of approximately 16% per annum in the last 3 years. This has attracted the attention of Muslim and non–Muslim investors worldwide.
According to ‘The Economist’, today an estimated 822 billion US dollars’ worth of Shari-ah compliant assets are managed worldwide and this banking sector is increasingly attracting Muslims and non-Muslims alike. As an example, Muslims make up a 5% of the UK population, yet the UK has more Sharia-compliant banks than any other Western country. This is because the social and political views in the UK and the West are becoming increasingly pro-Islamic Banking. Muslims may be interested in the idea of Islamic Banking and Finance so that they can be more compliant with their religious practices. However, non-Muslims have shown a great interest in Islamic Banking, not only because it has an aspect of social-responsibility which appeals to customers much in the same way as a green products would appeal to an environmentally conscious customer, but because the industry has grown rapidly and has the potential to tap into huge, previously untapped, investor funds from Malaysia and the Gulf as well as Africa. Recently, at the 2013 World Islamic Economist Forum, David Cameron disclosed that he would like “London to stand alongside Dubai and Kuala Lampur, as one of the great capitals of Islamic finance anywhere in the world”. This shows a promise for Islamic Banking related business to profit and succeed within the industry if the company is managed well.
As two of the largest Islamic finance markets; the countries of the Gulf and Malaysia, recover, a growing investor market is being realized with enough investment capital to make a huge difference. This will mean a further growth in the Islamic Banking and Finance market which will be quickly capitalized on by Z B SOLUTIONS LTD.
From the research above, it is evident that Z B SOLUTIONS LTD has a decent plan for business, in a growing sector that has further potential. Z B SOLUTIONS LTD also has a good strategy to be able to harness this potential and use it to grow the business for the financial betterment of its owners, and employees as well as the betterment of the economy and locality.
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