Core Component to Becoming a Multi-Millionaire with an Islamic Perspective

One of the key components that leads people to become multi-millionaires from nothing and acts as a stepping stone for them to become billionaires, is leveraging an idea that fulfils the need/want for masses of people across the globe. It could also be a solution/better way of doing something for tens of millions or billions of people. In this piece, we'll be looking at real life examples, extracting the crucial mindsets and insights in order to internalise this reality.

Utilising creativity to fulfil the need/demand of millions or billions of people around the globe

First of all, ask yourself: what fulfils a need/fixes a problem/provides the solution to an issue or improves the quality of people's lives on a global scale? In other words, there is or would likely be, a demand from millions or billions of people for this product/service/substance etc. Why think like this? By finding the answer and channelling it as a product/service/substance etc. for which you get money in exchange, you can very soon potentially get purchases for it from tens of millions or billions of people. Let's now look at some theoretical scenarios using numerical values, for the matter to become clear.

Suppose an individual researches, reflects and comes to realise people's lives would be much better if they had a mug with a slightly different make in terms of material that causes the taste of coffee to be much better. They then find the right links in their network, get it manufactured and start selling it. Since '2.25 billion cups of coffee are consumed every day worldwide' and around '1 billion people consume coffee worldwide,' there is likely to be a vast demand for it. [1] Suppose eventually only 5% of those 1 billion people buy this mug. That would amount to 50 million people. Let's keep the profit margins very low for argument's sake. If one makes just £1 profit per mug, that would amount to £50 million in profit made. Of course in reality, they could actually sell it to multiple times more people, making multiple times more profit. Take Starbucks for example. According to 'The Commons Café' coffee blog, 'in 2019, Starbucks sold a total of 459 million coffee mugs worldwide. This accounted for approximately $2.2 billion in revenue for the company.' [2]

Returning the focus back on the potential mugs which make coffee taste better, what would be the cause behind earning a possible 8 to 9-Figures from their sales? It would be that one improved the quality of life by coming up with the idea of a mug that makes coffee taste better. They've done the necessary market research to have confidence and surety there is the right market for it. After that, they get the mugs manufactured, marketed and sold. It starts locally and eventually spreads globally. To understand this concept further, we'll now be looking at some real life examples.

Muslim Billionaire Syed Mokhthar Al-Bukhary & the rice industry

Syed Mokhthar Al-Bukhary is a muslim billionaire who is still alive today. According to Forbes, his current net worth is $1.4 billion and he is Malaysia's 15th richest man based on the 2022 rankings. [3][4]

He wasn't well off during the early part of his life. During that period, he helped his father with his cattle business. However, due to foot-and-mouth disease (FMD), it had to be closed off. Consequently, he had to leave high school as 'his family could not afford to pay for his examination fees.' [5] Syed then decided to use the money he made from helping his father with his cattle business, to start his own business. [6]

He then got himself into the rice industry. In terms of this type of food being needed/wanted by people across the globe, it is extremely high in demand, much more than coffee. Half the world's population have rice as their staple food. Numerically, this is more than 3.5 billion as stated by National Geographic. [7] Suppose one establishes a system whereby they regularly provide tonnes of rice, for millions of people. They produce that which the masses of people like and are loyal to due to its taste, quality, price and so on. If one succeeds in that, establishes and manages the process well, they can earn tens of millions of pounds if not a whole lot more. As a matter of fact, this is what Basmati Rice has done.

According to Forbes India, owner of Basmati Rice, KRBL, 'for the financial year (that) ended (in) March 31, 2016,... a net profit of Rs 334 crore' was made. [8] This is equivalent to around 33 million pounds.

Let's return the focus back on Syed getting into the rice industry. If we now look at the population of Malaysia where he has been residing in, it is currently 33.5 million according to Worldometer. [9][10] Most, if not all of this population consume rice. According to Khazanah Research institute, '31 million people consume rice in Malaysia'. [11] Therefore, the demand for rice is extremely high in this country. One just has to make sure they do everything right and with ihsān (excellence) to ensure at least a good chunk of the population purchase from them. This of course goes back to having strong foundational knowledge and experience in business. The better one's knowledge and experience is of the particular business, in this case the rice industry, the more likely millions will purchase from them.

An important principle of Islām that needs to be understood for those who seek to earn millions or billions in profit, is that practicing something known as ihtikār is forbidden. Ihtikār can be understood as monopoly that leads to injustice such as causing harm and difficulty for the people. To understand further what entails a harmful monopoly, let's look at the following example:

Suppose the staple food for a people is rice. There are only a few producers in that land who produce rice. These producers decide to collude and form a cartel in order to control the price. [12] They then withhold the rice in order to increase the price to an extremely high level. This is now causing harm and difficulty for the people as rice is their staple food which they eat everyday.

The prohibited monopoly is based on the fact that the Prophet (ﷺ) said:

"Whoever withholds food (in order to raise its price), has certainly erred!" [13]

Greed for wealth is what can cause a person to fall into such practices and so one should regularly keep their heart and īmān (belief) in check during this journey of becoming rich and getting richer over time.

To understand this prohibited monopoly further, the classical scholar, 'Imam an-Nawawi (may Allāh have mercy upon him) said:

"The wisdom behind prohibiting monopolistic practices is to prevent the harm that would befall people as a result. Scholars are in agreement that if a person possesses items that people are in dire need of, and they cannot find anyone else to supply it, he is to be forced to sell it in order to lessen the harm and remove difficulty from people."' [14]

Furthermore, another great, renowned, scholar of the past, Ibn Taymiyyah (may Allāh have mercy upon him) said:

"...if people are accustomed [or, have restricted access] to foods and other products being sold only by certain people, in such a case it is a must that pricing be controlled, such that they can only sell at reasonable cost." [15]

Looking at it from the UK law's perspective, we can see serious consequences for a cartel offence.'The Competition and Markets Authority (CMA) can 'impose fines of up to 10% of an undertaking's worldwide turnover in the last financial year for breach of the UK competition rules prohibiting cartels and restrictive agreements.' In addition, those who commit 'a cartel offence under the Enterprise Act 2002 can be imprisoned for up to 5 years.' [16]

Further studying, researching and reading can be done in the topic of harmful monopolistic practices which are forbidden, if need be. Moreover, if one is still unsure about a particular scenario on whether it is the harmful monopoly or not, a reliable islamic scholar/person of knowledge, ideally one who has expertise in this field, can be consulted.

Let's return the focus back on Syed Mokhtar Al-Bukhary's journey of becoming a billionaire, particularly his involvement in the rice industry. He started his business involving rice with Zainal in the 1990s. Upon finding success, he then moved onto the rice trading business. He was bestowed with the rice trading license and continued to succeed. [17] Syed's wealth grew as he diversified by entering into 'areas such as plantation, property development, construction, engineering, power generation, infrastructure and ports.' [18]

What is inspiring particularly about Syed is his exceptional level of philanthropy and service for the Ummah. Forbes Asia ranked him as one of the 48 heroes of philanthropy in 2014. [19] They highlighted that a year ago (in 2013), he had donated more than $500 million. According to Forbes, his net worth during early 2013 was $2.75 billion. [20] Based on these figures, he donated close to a sixth or 18% of his wealth. He also contributed to other needed causes by establishing The Albukhary Foundation. [21] Through this foundation, up until 2015, 897 poor muslims had been sponsored to go for the pilgrimage of Hajj. [22] Furthermore, Syed was included in The Muslim 500: The World's 500 Most Influential Muslims, 2022. They highlighted other important needed causes he contributed to. These include 'rebuilding the lives of Afghan refugees, helping Pakistan's tsunami victims, and establishing an AIDS hospital in Uganda.' [23] Imagine the potential reward one can attain with Allāh by helping not just 1 needy individual, which in of itself is highly rewarding, but rather helping masses of people across the globe, making big positive differences to their lives.

Toyota Corolla - the best selling car of all time

A great example of how meeting the 'need/want' of the masses can lead one to become very wealthy is the case of Toyota Corolla which is the best selling car of all time. Goodwood highlighted over 50 million units of Toyota Corolla have been sold as of 2021 over the course of 55 years. [24]

There's an important lesson to be learnt from this. It's not always about producing that which is the most powerful/nice looking thing in an industry even though they are important factors that lead to the success of a product/service. But what is more important is understanding that which the masses of human beings would need/want. People chose to buy the Toyota Corolla over other cars due to its reliability, affordability, how comfortable it is, safety measures, design and so on. [25]

Let's look further into one of the strongest aforementioned factors - the affordability. Most people of the globe aren't rich. This can be understood further by the statistic based on the Global Wealth Report 2022 by Credit Suisse. [26] Their data highlights that in 2021, "adults with less than $10,000 in wealth make up 53.2% of the world’s population." [27] Their stats also highlight that the rest of the population earn $10,000 or more. We can also see that 33.8% of the global population earn from $10,000 - 100,000; 11.8% earn from $100,000 - $1000,000 and 1.2% earn more than $1000,0000. [28] Therefore, most people of the world cannot afford an expensive car. As a result, they would desire good value for their money when purchasing a car. In general, a car that is not pricey, can take them from a to b, has longevity and is decent in quality at least, would be of interest to them. That's where Toyota Corolla comes in and meets their requirements. As a result, in 2022, according to data presented by Statista, £197 billion in revenue was made through the selling of Toyota Corolla cars, for the 2022 fiscal year alone. [29]

Prophet Dāwūd's (David) [peace be upon him] production of coats of mail

Dāwūd (David) [peace be upon him] was a righteous, courageous, intelligent Prophet and king. He was also a great judge, leader and manager.

There came a time in his life when he decided to produce coats of chain mail with ihsān (excellence). Allāh says:

'And indeed We bestowed grace on Dāwūd (David) from Us (saying): "O you mountains. Glorify (Allāh) with him! And you birds (also)! And We made the iron soft for him." Saying: "Make you perfect coats of mail, balancing well the rings of chain armour, and work you (men) righteousness. Truly, I am All-Seer of what you do."' [30]

Coats of chain mail were products 'highly needed' by soldiers as body armour and protection during warfare. Allāh says:

'We taught him (Dāwūd (David)) how to make coats of mail for the benefit of you [people], to protect you in your wars, but are you grateful for this?' [31]

This means the demand for such a product/relevant military equipment would be high even if it's expensive. It is also due to the fact that it helps to cover the basic need of protection and security for the people of a land. Furthermore, the success of a battle is dependent upon reducing the chances of soldiers from an army being wounded/killed as much as possible. This means they need to have the best protective gears, tools and weapons. Therefore, we find leaders of countries around the world investing in their defence, willing to pay huge sums of money for the needed gears, tools and weapons.

Prophet Dāwūd (peace be upon him) was probably earning much revenue from the production of these coats of mail despite being a great King of his time. This is due to the fact that we know he would not eat except from the earnings resulting from the work of his own hand, having such self-respect and dignity, despite being a King. How do we know? Abu Hurairah narrated that Allah's Messenger (ﷺ) said:

حَدَّثَنَا يَحْيَى بْنُ مُوسَى، حَدَّثَنَا عَبْدُ الرَّزَّاقِ، أَخْبَرَنَا مَعْمَرٌ، عَنْ هَمَّامِ بْنِ مُنَبِّهٍ، حَدَّثَنَا أَبُو هُرَيْرَةَ، عَنْ رَسُولِ اللَّهِ صلى الله عليه وسلم " أَنَّ دَاوُدَ ـ عَلَيْهِ السَّلاَمُ ـ كَانَ لاَ يَأْكُلُ إِلاَّ مِنْ عَمَلِ يَدِهِ ".

"The Prophet Dāwūd (David) used not to eat except from the earnings resulting from the work of his own hands." [32]

Furthermore, Al-Miqdam narrated that the Prophet (ﷺ) said:

حَدَّثَنَا إِبْرَاهِيمُ بْنُ مُوسَى، أَخْبَرَنَا عِيسَى، عَنْ ثَوْرٍ، عَنْ خَالِدِ بْنِ مَعْدَانَ، عَنِ الْمِقْدَامِ ـ رضى الله عنه ـ عَنْ رَسُولِ اللَّهِ صلى الله عليه وسلم قَالَ " مَا أَكَلَ أَحَدٌ طَعَامًا قَطُّ خَيْرًا مِنْ أَنْ يَأْكُلَ مِنْ عَمَلِ يَدِهِ، وَإِنَّ نَبِيَّ اللَّهِ دَاوُدَ ـ عَلَيْهِ السَّلاَمُ ـ كَانَ يَأْكُلُ مِنْ عَمَلِ يَدِهِ ".

"Nobody has ever eaten a better meal than that which one has earned by working with one's own hands. The Prophet of Allāh, Dāwūd (David) used to eat from the earnings resulting from the work of his own hands." [33]

This encourages us to reflect, research and learn about the world of production/entrepreneurship/trade to become financially independent. If this great Prophet of Allāh and king was producing coats of mail to improve the lives of many, then why should we not also produce a product/service/substance etc. to improve the lives of many? It is praiseworthy and highly rewarding provided we are doing it in line with the limits of Allāh and seeking His pleasure.

2 advantages in deciding to embark upon the journey of producing that which fulfils needs of the masses

1. We increase the chances of our earnings being more pure, i.e. halāl (permissible). This is due to the reality that what would be 'needed' by the masses of people are likely to be something original, organic, natural, and permissible, created by Allāh for us by His Grace. Examples of such things include: copper, metal, aluminium, oil, rice, wheat, barley, cattle, milk and eggs.

2. Have the potential to become financially independent, possibly a multi-millionaire, used as a stepping stone to become a billionaire.

Being rewarded for coming up with ideas that translate into making the lives of many better.

Thinking and coming up with a way which fulfils the need of many or making their lives better whilst also earning millions/billions, can steer you towards being from amongst the highest possible rank in the sight of Allāh, after the rank of Messengers and Prophets. That is the rank of the Siddeeqoon. How so?

Ibn Umar reported: The Prophet (ﷺ) said:

“The most beloved people to Allāh are those who are most beneficial to people. The most beloved deed to Allāh is to make a Muslim happy, or to remove one of his troubles, or to forgive his debt, or to feed his hunger. That I walk with a brother regarding a need is more beloved to me than that I seclude myself in this mosque in Madīnah for a month... Whoever walks with his brother regarding a need until he secures it for him, then Allāh Almighty will make his footing firm across the bridge on the day when the footings are shaken.” [34]

Allāh has blessed us with an intellect. Suppose one utilises it to learn, reflect and come up with an idea that 'fulfils the need/fixes a problem/provides a solution to an issue people are facing globally and improves the quality of people's lives on a global scale. He then makes a serious intention and takes practical steps in order to achieve this, in turn, benefit hundreds of millions or billions of people for the sake of Allāh. If that's the case and they end up benefitting let's say 25 million people, then imagine how beloved they can potentially be to Allāh. Think of their possible reward with Him. What's more amazing is that if one seriously intended to benefit 100s of millions or billions of people and started to take the steps towards it, then even if they end up benefitting only a fraction of that number, they can hope to still be rewarded as if they benefitted all of them. How?

The scholars have discussed regarding the concept of being rewarded for a good deed due to having a serious intention to execute it despite being unable to carry out the deed afterwards due to external factors. It is based on the following verse whereby a person who leaves their home, begins migrating for the sake of Allāh, but dies on the way, would still be rewarded for his migration. Allāh says:

'Whoever emigrates in the cause of Allāh will find many safe havens and bountiful resources throughout the earth. Those who leave their homes and die while emigrating to Allāh and His Messenger—their reward has already been secured with Allāh. And Allah is All-Forgiving, Most Merciful.' [35]

Therefore, this quest to fulfil the needs or improve the lives of many across the globe whereby we also earn millions or billions in the process, is an excellent opportunity. Of course we're earning profit from this endeavour, but if we take care to ensure our intentions are sincere in making lives better to please Allāh, we can surely be rewarded. We can hope to also be rewarded by Allāh for intending to use the riches earned to provide for ourself and our family which is also 'ibādah (worship) if we have the right intentions whilst doing it in the right way. On top of that, we can also hope to attain a lot of reward with Allāh through spending from our surplus profit for needed, relevant charity causes and projects for the Ummah. Thus, we add another heap of tremendous rewards to our scales by the permission of Allāh.

Direction towards becoming a billionaire from nothing - questions to contemplate

1. Think about which natural substance, product, service etc. is needed/wanted in millions/billions of quantity across the globe that you think might be best to get into for yourself specifically. Would it be a special mug that makes coffee taste better, a particular type of education, oil, copper, iron, aluminium, cattle, milk, rice, bread or something else?

2. If our preference is to take the innovative approach in order to produce something new like Toyota Corolla, then we can think in the direction of the following:

> What problems/discomforts are experienced across the globe by people in the masses. How can it be solved?

That with which it can be solved by is the key to not only earning hundreds of millions or billions but simultaneously making lives much better for those millions or billions of people who made the purchase. With the right course of action, right intention and sincerity to Allāh, we hope for a grand reward in treading such an endeavour.

The 3-step process to executing your goal/vision

Step 1 - reflection:

Spend some time reflecting to: [36]

1. Be aware of the problems, issues, needs and wants faced by masses of people across the globe.

2. Think of likely solutions for such problems, issues, needs and wants.

3. Now think about which one of the above solutions would be best for you to go ahead with. Consider the following:

a. Which one falls more in line with your passions, strengths and abilities?

b. Which one is likelier to have a greater positive impact or benefit to more people compared to the other solutions.

Step 2 - Realistic Planning:

Now map out a realistic short-term and long-term plan as well as a vision comprising of milestones/targets by which you can produce the aforementioned solution(s).

Step 3 - Application of the Realistic Plan (mentioned in step 2 above) + adjusting it to make the plan better when necessary as well as solving problems or overcoming obstacles if need be:

During this phase of applying the realistic plan, one has to be disciplined and driven enough to consistently translate the planned actions into reality. At the same time, we may realise/learn new slightly better approaches to our current realistic plan. So what we need to do is get used to regularly adjusting the plan if need be.

During this phase, we may find ourselves stuck at a particular obstacle, not able to progress until we have overcome it. We now need to reflect, research, consult/seek advice in order to gain the relevant knowledge/guidance required to overcome this obstacle and continue on towards achieving our long term goal/vision. That is the goal/vision of producing something which is a solution, fulfilling the needs/wants of the masses across the globe.

Footnotes

[1] M, Yaqub (2023) How Many People Drink Coffee in the World [2022 Update]. Available at: https://www.businessdit.com/how-many-people-drink-coffee/

[2] Linda (2022) 2019 Starbucks Coffee Mug Sales: 459 Million Mugs Sold Worldwide. Available at: https://www.thecommonscafe.com/2019-starbucks-coffee-mug-sales-459-million-mugs-sold-worldwide/

[3] Forbes (2023) F PROFILE Syed Mokhtar AlBukhary. Available at: https://www.forbes.com/profile/syed-mokhtar-albukhary/

[4] Forbes (2022) Malaysia's 50 Richest. Available at: https://www.forbes.com/lists/malaysia-billionaires/

[5] Wikipedia (no date) Syed Mokhtar Albukhary. Available at: https://en.wikipedia.org/wiki/Syed_Mokhtar_Albukhary

[6] Ibid.

[7] National Geographic. (no date). Food Staple. Available at:

https://education.nationalgeographic.org/resource/food-staple

[8] Chatterjee, P (2017) Returns on rice: The making of India's biggest basmati exporter. Available at: https://www.forbesindia.com/article/8th-anniversary-special/returns-on-rice-the-making-of-indias-biggest-basmati-exporter/46923/1

[9] Worldometer has arrived at this figure through elaboration of the latest United Nations data.

[10] Worldometer (2023 (live)) Malaysia Population. Available at: https://www.worldometers.info/world-population/malaysia-population/

[11] Khazanah Research Institute. The Status of the Paddy and Rice Industry in Malaysia. p168. Available at: https://www.krinstitute.org/assets/contentMS/img/template/editor/Rice%20Report_Chapter%206.pdf

[12] definition of cartel: an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition. [Oxford Languages]

[13] Muslim. Accessed from: https://www.islamweb.net/en/article/164929/prophetic-prohibition-against-economic-monopolies

[14] Islamweb (2018). Prophetic prohibition against economic monopolies. Available at: https://www.islamweb.net/en/article/164929/prophetic-prohibition-against-economic-monopolies

[15] Ibid.

[16] Practical Law Competition (no date). UK cartels and restrictive agreements: a quick guide. Available at: https://uk.practicallaw.thomsonreuters.com/0-381-9658?transitionType=Default&contextData=(sc.Default)&firstPage=true

[17] Peoplepill (no date). SYED MOKHTAR AL-BUKHARY. Available at: https://peoplepill.com/people/syed-mokhtar-al-bukhary

[18] Ibid.

[19] Koppisch, J (2014). 48 Heroes Of Philanthropy. Available at: https://www.forbes.com/sites/johnkoppisch/2014/06/25/48-heroes-of-philanthropy-3/

[20] Karmali, N (2013). Full List: Asia Pacific Billionaires Of 2013. Available at: https://www.forbes.com/sites/naazneenkarmali/2013/03/06/full-list-asia-pacific-billionaires-2013/

[21] Albukhary Foundation. Available at: https://albukharyfoundation.my

[22] Hajj pilgrimage Programme. Available at: https://albukharyfoundation.my/hajj-pilgrimage-programme/

[23] The Muslim 500: The World's 500 Most Influential Muslims, 2022. The Royal Islamic Strategic Studies Centre. p154

[24] Jupp, E (2021). The 11 best‑selling cars of all time. Available at:

https://www.goodwood.com/grr/road/news/2021/9/the-11-best-selling-cars-of-all-time/

[25] Akhim, E (2022). This Is Why The Toyota Corolla Is The World's Best-Selling Car Of All Time. Available at: https://www.hotcars.com/why-toyota-corolla-is-worlds-best-selling-car/

[26] Credit Suisse (2022). Global Wealth Report 2022. Available at: https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html

[27] inequality.org (no date). FACTS Global Inequality Our world's deepest pockets — "ultra high net worth individuals" — hold an astoundingly disproportionate share of global wealth. Available at: https://inequality.org/facts/global-inequality/#:~:text=Their%20data%20also%20show%20that,85.6%20percent%20of%20global%20wealth.

[28] Credit Suisse, loc. cit.

[29] Carlier, M (2022). Toyota's net revenue 2012-2022. Available at: https://www.statista.com/statistics/262752/total-net-revenues-of-toyota/

[30] Al-Qur'ān, Saba(34):10-11

[31] Al-Qur'ān, Anbiyā'(21):80

[32] Sahīh al-Bukhārī 2073. Translation amended. Accessed from: https://sunnah.com/bukhari:2073

[33] Sahīh al-Bukhārī 2072. Translation amended. Accessed from: https://sunnah.com/bukhari/34

[34] al-Muʻjam al-Awsaṭ 6/139, Sahīh - Al-Albānī. Translated amended (slightly). Accessed from: https://www.abuaminaelias.com/dailyhadithonline/2013/01/22/most-beloved-to-allah-beneficial-people/

[35] Al-Qur'ān, Nisā'(4):100

[36] To learn how to reflect productively, read my article 'productive reflection and evaluation analysis + the best decision-making process.' Available at: https://www.siddeeqoonsuccess.com/post/the-productive-reflection-evaluation-exercise-the-best-decision-making-process