Mohd Mohsin Khan, Imran Khan, and Mohd Asif, Founders, JaZaa Financial Advisory Pvt Ltd.

Ethics, Principles, Social Responsibility

In an age where investments and banking systems are viewed with suspicion and greatly deliberated over, a system has emerged which might nullify all paranoia. Three friends turned entrepreneurial partners have hit upon the ultimate in dependability when it comes to financial products. JazaaFinancials is a business idea that demonstrates its dedication to honesty and ethics by basing itself on Shariah laws.

Mohd Mohsin Khan, Imran Khan, and Mohd Asif, are the three entrepreneurs behind Jazaa. They revealed to YourStory how their business idea will work where others have failed to satisfy.

How would you explain the JaZaa business idea to a prospective investor?

The word JaZaa means 'Reward' and we are looking forward to reward our clients by offering a platform to grow their money in the most ethical and permissible way.

JaZaa Financial Advisory is a Shariah based investment and financial services company. Our business model is based on Shariah Law and is basically a platform for people looking for Shariah based investment.

How far do you think you can go with Shariah based services?

We are planning to launch Shariah based products as a separate national platform for all the Indians looking for low risk investments, currently we are dealing with equity investments and in future we would like to move in different areas of Islamic Investment. We have identified diverse fields for expansion like Shariah-Microfinance, Shariah Loans, Corporate investments and Islamic banking in the long run.

What makes your financial venture different from others?

The main differentiator we have is the business modus operandi i.e. Strict Shariah Based.

Shariah - It is the code of law for the Muslim community. It imposes certain restrictions on conventional system. Interest on money is prohibited. Companies that deal in products such as pork, music, liquor or take excessive debts have also been prohibited for investment purpose. Speculative activities such as day-trading are discouraged. In spite of the restrictions, it is however a safe way to invest by relying more on the fundamentals of the company and focusing on long term returns at minimum risk. So we are providing a platform to every Indian interested in Shariah Based Investment.

How do you plan to scale-up the business?

We are planning to build our expertise in equity research and other relevant fields of sharpie finance and going forward we are planning for both forward and backward integration to scale up the business.

Why did you choose to be an entrepreneur rather than stick to a regular 9-to-5 job?

The dream to have our own creation in the finance industry and getting the right kind of people in the team at the right time, made us believe in our capabilities. The learning associated with this is immense and is like a lifetime experience. Whatever we are doing, be it legal or marketing or finance issue, we are doing it for the first time in life.

What has been the biggest challenge for you so far, and how did you overcome it?

Getting right kind of partners for trading platform and Shariah research was the biggest challenge and I think our networking helped us a lot to overcome that.

What is the biggest mistake you made as an amateur entrepreneur?

I think improper financial projection is the only big mistake we did but at the same time I would like to say you are bound to cross your budget when you are doing it for the very first time.

Where did you find the seed capital for your company? How much was it?

Being a service company we did not spend much on initial setup but if you consider opportunity cost of leaving jobs and other investments, it is obviously huge.

At any point, did you feel like giving up and finding a regular job?

It happens when you have family obligations and no financial backups but one should be firm on the decision because more than your business the experience you will get can take you to the top.

What drives you to stay buckled on the rollercoaster ride of entrepreneurship?

Support from the business partners, friends and family and most importantly support from our mentors and faculty of IMT Ghaziabad.

What is your vision for your organization in 2011?

To be the most preferred choice for all Shariah-compliant investments and financing needs in terms of quality of service and returns in the sharpie-compliant financial products in India.

The most prestigious awards you have received? And the awards which meant the most to you?

Mohsin: I was chosen to lead a big and highly qualified team at Infosys technologies Limited because of an initiative taken by me to increase efficiency of all the teams in the department by creating a reuse model. I was awarded Reuse Champion for the same.

Imran: Being a topper of the board examination was one of the biggest achievements for me as it was the dream of my parents. I realized how it feels to make your parents pride and I always try to repeat such instances of pride to my family.

Asif: Received medal for securing 80% in Mathematics in National Talent Search Contest. Was elected Cabinet member of Aligarh Muslim University Student’s Union in 2004-05

Do you have any tips to share with budding entrepreneurs?

Lack of resources, money or past failures - nothing matter if you have a clear vision and passion. Have an open mind set and be flexible. There would be a lot of changes in your original ideas once you enter the industry, you might even have to scrap your original idea altogether and take a new direction.

YourStory wishes Mohd Mohsin Khan, Imran Khan, and Mohd Asif many long entrepreneurial years at JaZaa Financial. We hope they continue their unique work and get their just rewards, To learn more on their business idea go to http://jazaafinancials.com/