In order to create more room for the Islamic Finance industry to come together and provide proactive solutions, especially in financial planning and wealth management, the Islamic Banking and Finance Institute of Malaysia (IBFIM), a business advisory and professional development organisation for the industry, partnered the Financial Planning Association of Malaysia (FPAM) to organise the 2nd Islamic Financial Planning and Wealth Management Conference on May 21 . The auspicious event was officiated by Jamaluddin Nor Mohamed, Head, Islamic & Alternative Markets, Bursa Malaysia.
“IBFIM’s goal is to assist in upgrading the talent capital component for the industry. We need to evolve together to be able to support Malaysia in its goal to become a global hub for Islamic finance. IBFIM is honoured that FPAM has agreed to come on board to organise this key event,” said Dato’ Dr. Adnan Alias, Chief Executive Officer of IBFIM .
The event will address important issues such as in Regulatory Framework, World View of Islamic Asset and Wealth Management, The Path to Corporate Transformation and Issues in Talent Development in Islamic Wealth Management. It will feature distinguished speakers from the regulators, learning and research institutions, as well as industry players such as Bank Negara Malaysia, Securities Commission, Maybank Investment Bank Bhd, Safa Investment Services, Riyadh, Bank Sarasin & Co Ltd, Switzerland, Labuan IBFC, ZI Shariah Advisory, Agensi Kaunseling dan Pengurusan Kredit (AKPK), and PlanPlus Inc.
Wong Boon Choy, President of FPAM, shared: “As Malaysia moves towards transforming itself into a high-income nation, financial planning and wealth management will play an ever more crucial role. Islamic financial planning offers Muslims and non-Muslims an alternative financial instrument based on ethos of profit- sharing, risk-taking and trust. The industry has grown in leaps and bounds and will continue to grow bigger in the near future.”
The Islamic finance market is expected to grow at an annual rate of 25% while Islamic assets are expected to grow at 15% and exceed US$ 1 trillion by 2016 (Grail Research, 2007). Currently, Islamic banking assets make up 20.8% of the whole banking system as at the end of 2010. (KFH Research, 2011).[mc4wp_form id="23907"]