Malaysia-based Labuan International Business and Financial Centre Sdn Bhd (Labuan IBFC) launched its new product, Islamic wealth management, designed to meet the demand from Muslim and non-Muslim businessmen seeking Islamic way to manage their wealth.
Labuan IBFC CEO Saiful Bahari Baharom said that Muslim investors had been moving from the conventional to syariah-compliant wealth management as the new product offers both the physical and spiritual aspects.
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"This has somehow create an awareness among the foreign investors to do so as they are convinced with the Islamic version to secure their properties," Baharom reported Bernama.
Baharom added that many efforts have been already made by foreign institutions to set up Islamic wealth management but they did not do well.
As part of the launch, the Malaysian agency is being approached by lawyers seeking advice on how they could service their clients.
The syariah-compliant Islamic wealth management offers services such as Islamic financial products, portfolio management, asset allocation and overall financial planning.
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By GlobalDataBernama quoted Datuk Ahmad Maslan finance deputy minister as saying: "Malaysia has been recognised as a global in Islamic finance by being the world’s third largest market for syariah assets, Islamic banking products and services, sukuk and takaful, so let’s hope that we can also champion Islamic wealth management."
"Several human capital development institutions, including the International Shariah Research Academy for Islamic Finance, International Centre for Education in Islamic Finance, Islamic Banking and Finance Institute of Malaysia and the Asian Institute of Finance have been established to crystallise the aspiration," he added.
