Imagine answering questions before even being asked.
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Partner Handbook is where we excel. We also provide other complementary services such as, ‘Partnership Refreshing Guide’, annual zakat calculation and other advisory services for businesses.
We take a holistic approach to partnership structuring whereas most online partnership agreement templates are mostly restricted to legal or management aspects only.
It depends. In our research, we found one in every three small informal partnerships more or less non shariah compliant. This is because Islamic partnership ethics isn’t just common sense, it’s a science. It’s founded on a complex web of interdependent and inter linked principles, tempering with one of which often has a domino effect on the whole structure. So although most people know that interest, gambling etc is impermissible and avoid it, they have no idea of the intricacies of the principles-web mentioned above and often put together a partnership deal which violates some of the key Islamic principles regarding partnerships in one way or another. This not only renders it religiously unacceptable but also susceptible to failure. Some of the most frequently violated Islamic principles that we found revolved around the partnership structure and profit/loss distribution.
No, we strictly abide by Islamic corporate ethics because we believe that they hold the key to prosperity for all, Muslims and non Muslims alike. Apart from that, we extend the same level of commitment and service to our clientele regardless of their religious affiliation.
We strictly follow AAOIFI standards (Accounting and Auditing Organization for Islamic Financial Institutions) in all our services.
We have experienced shariah scholars on board who ensure that.
No one can be expected to know anything in future, much less something as unpredictable as a business venture. But as entrepreneurs who have had experience both at home and abroad, we know that our questionnaire is a good litmus test for the commercial viability of your partnership. We strongly recommend that you carry out a good market research and consult at least three people from the industry that you plan to get into, and incorporate their advice in
your answers to the questionnaire. If you pay due diligence to the questionnaire, and answer all questions as best and specific as possible, it will open your eyes to a lot of factors you might never have considered before. If, after filling the questionnaire, you decide to go ahead with your venture, it would be an informed decision and a lot more likely to survive and grow. Please remember that just like you trust our judgment in making this questionnaire, we trust your judgement in filling it right and reaching a rational decision. And when all is said and done, let’s both of us trust in Allah that it succeeds.
We use the term ‘comprehensive partnerships’ for those partnerships where all partners are generally investing both time and resources (albeit in varying degrees perhaps) under one company and sharing profit/loss. This is the structure that we had in mind when formulating our questionnaires and interviews. And this is the type of partnership that we think is most underserved and vulnerable to fall in absence of a structure.
What sets these partnerships apart from strategic partnerships or alliances is that in most strategic alliances a) partnering companies retain their own identity b) operations aren’t necessarily shared and there is no profit/loss sharing in many cases. Affiliate partnerships for marketing or partnering with banks for payments, or with courier services for delivery fall under this category and are not in our scope.
Note that there are no ‘text book’ partnerships and pigeonholing them would cause more confusion that it’s worth. Above classification is for convenience only to give you a rough idea what to expect from PartnershipXperts.
Our specialty is small comprehensive partnerships, (see next question for what that means) but every partnership that’s based on profit/loss sharing and has yet to draw up a non-standard partnership agreement can benefit from our service. In today’s complex corporate landscape characterized with increased focus-on-the-best and outsource-the-rest attitude, there is hardly a company that is completely insular but above criteria may serve as a general guide. Please note that there are so many different types of partnerships and strategic alliances that it’s virtually impossible to classify them neatly and then decide which may benefit from our service and which not. So, if it’s a simple referral agreement or a supply chain deal with a fixed percentage commission on every order for example, or any other partnership deal where there is no profit/loss arrangement and the rules are already set and clear and needs no further brainstorming, then our Partner Handbook isn’t for you.
No. The reason why we separated the Part 2 containing sensitive details is to double check their confidentiality. This part is included as part of our service for your own ease of reference. However, if despite all that you want to skip this part for any reason, you may do so. In this case we will deliver the Partner Handbook with blank spaces so you can add this information on your own.
If due diligence has been performed to fill out the questionnaire; the interview is not really needed (whether individually or in a group.) The purpose of the interview is just to clarify any discrepancies in your answers, fill any important information that you missed and satisfy any doubts or questions that you may have. Hence, just like the questionnaire, a group interview is recommended but not necessary and one partner (the partnership representative) taking it on behalf of others will suffice as well.
No. Interview is recommended but not necessary.
First, purpose. We love to fill market gaps and add genuine value instead of following the crowd. You can find many attorneys at your fingertips who will formalize a legal partnership contract but none who will readily offer the customized structuring service that we offer. Also, the legal document that you receive in exchange of an attorney services has little practical value in day-to-day partnership affairs or business strategy. And that too if the jargon-laden document is read and comprehended by partners in the first place. Unlikely.
Second, prevention. Most of the standard partnership templates that are used by lawyers aim to focus on securing partners’ rights in case of disputes or business failure. Yet, how the disputes or failure can be prevented in the first place isn’t their area of expertise. This is the area of positive psychology and where PartnershipXperts comes into play. We believe that keeping a fire extinguisher may be a rational idea, but wisdom demands that we check the gas pipeline structure for cracks and leaks and adopt Best Practices to avoid fire in the first place.
Third, unnecessary. Most partnerships are formed with a fair amount of trust and sincerity. Problems arise because in the first phase of startups especially, partners get so preoccupied with making critical business decisions that they lose sight of the bigger picture. Consequently, they end up managing everything else but themselves. Also, with no structure in place to lean on, they sink despite the best efforts. This is further illustrated by the fact that a majority of failed partnerships never end up in court. They just don’t survive.
No, you may fill in multiple sittings. Just don’t forget to hit the ‘save’ button before you log off.
It may be filled by one partner on behalf of all with mutual consent, yet we strongly recommend to do it as a group activity. Filling as a group is a lot more likely to ensure proper implementation of it in future, which is why we are here to begin with.
The questionnaire is designed to give words to your thoughts and plans, shake you out of any pipe dreams you may have built, and bring home to you the nuts and bolts of running and sustaining a venture. Many times partners avoid making a commitment or feel uncomfortable discussing negative aspects about when things go wrong, our questionnaire aims to nail them down on those specifics as well. Overall, it’s a combination of partnership structure, strategy, profit/loss distribution, operations and inter-personal management amongst partners. Some questions are purely technical, others leading or loaded so that partners no longer sit on the fence.
20 mins to 3 hours in total.
We offer two types of frameworks and thus there are two types of questionnaires. Basic and Premium. Basic takes 10-15 minutes to complete. Premium is more comprehensive and dynamic and thus may take up to an hour or more.
3-10 working days, depending on the complexity of the model and the interview schedule.