Need to Further Complement Islamic Financial Planning & Wealth Sectors

By Kenny Teng Khoon Hock KUALA LUMPUR, May 22 (Bernama) -- There is a need to further complement the Islamic Financial Planning and Wealth Management (IFPWM) sectors for Malaysia to become a global hub for Islamic finance. The Islamic Banking and Finance Institute Malaysia (IBFIM) Chief Executive Officer Dr Adnan Alias said towards achieving this target, the sectors needed a solid career development framework. "Malaysia needs talent of high quality and there should be no compromise in this. The IBFIM's goal is to assist in upgrading the talent capital component for the industry," he told Bernama when met on the sidelines of the one-day 2nd Islamic Financial Planning and Wealth Management Conference here on Tuesday. He said Islamic Finance Planners (IFP) should not only have to appreciate the dual economy they work in, but most importantly, understand public demand. "IFP's need to go beyond just selling their products. They also need to understand their role and with that, the knowledge and intellect to keep up with sophisticated clients," he added. Adnan said the IBFIM, industry-owned and regulator-linked, has the objective of serving the needs of the Islamic finance industry stakeholders in talent and business development. "We have trained 32 per cent of the Islamic Finance industry. "We are in a position to reach out to both clients and planners to ensure a synergy that will result in positive growth for the economy," he added. He said according to a research report, the Islamic financial market is expected to grow at an annual rate of 25 per cent and Islamic assets at 15 per cent, to exceed US$1 trillion by 2016. Meanwhile, Adnan said the conference, co-organised by the IBFIM and the Financial Planning Association of Malaysia (FPAM), is aim at creating more room for the Islamic Finance industry to come together while providing proactive solutions in financial planning and wealth management. "We need to evolve together to be able to support Malaysia in its goal towards becoming a global hub for Islamic Finance," he added. The conference, officiated by the Jamaluddin Nor Mohamed, Head, Islamic and Alternative Market Bursa Malaysia, addressed important issues such as the Regulatory Framework, World View of Islamic Asset and Wealth Management, the Path to Corporate Transformation and Issues in Talent Development in Islamic Wealth Management. FPAM President Wong Boon Choy said the financial planning and wealth management sectors will play a crucial role in assisting the country move towards transforming itself into a high income nation. "Islamic financial planning offers Muslims and non-Muslims an alternative financial instrument based on the ethos of profit sharing, risk taking and trust. "The industry has grown leaps and bounds and will continue to grow bigger in the near future," he added. -- BERNAMA