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MALAYSIA:
Following exhaustive market research, Malaysia’s Labuan International
Business and Financial Center (Labuan IBFC) has successfully launched
Islamic wealth management services to meet the demands of both Muslim
and non-Muslim businessmen seeking Shariah compliant methods of
managing their assets. Derived from the fundamental Shariah concept of
wealth, Islamic wealth management extends to the structures of Islamic
financial products, portfolio management, asset allocation and overall
financial planning.
Saiful
Bahari Baharom, CEO of Labuan IBFC, explained that Muslim investors
have started to shift from the conventional to Shariah compliant wealth
management as the latter offers gains in both physical and spiritual
aspects. In an interview with a local daily, Saiful highlighted that
there is also now growing awareness among foreign investors of Islamic
wealth management; and due to the increase in Shariah compliant assets
and investment products, it is crucial to have a unit to manage it.
Malaysia’s
finance deputy minister, Ahmad Maslan, said that Malaysia is the first
to introduce this new product under the Islamic financial system. The
country hopes to be the champion in this new area; as it was for Sukuk.
According to Saiful there have been several attempts by foreign
institutions to establish Islamic wealth management, but few of these
have so far been successful.
Islamic
wealth management in Malaysia has been a topic under consideration
since mid-2013. In furtherance of its ambitions, Labuan IBFC entered
into an MoU last year with INCEIF, the global university for Islamic
finance, to jointly design frameworks and raise awareness on Islamic
wealth management on a global scale. Both parties are also looking to
publish an Islamic wealth management journal by the end of this year
with an aim to provide clarity and become a point of reference in terms
of the Shariah issues surrounding wealth management.
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