The BNP Paribas – INCEIF Centre for Islamic Wealth Management (CIWM) and Labuan International Business and Financial Centre (Labuan IBFC) hosted the Islamic Wealth Management Symposium, at Sasana Kijang, Kuala Lumpur.
This event marks the first jointly organised Islamic wealth management symposium aimed at raising awareness of Islamic wealth management in Malaysia.
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Professor Datuk Dr. Syed Othman Alhabshi, chief academic officer, INCEIF and chairman of BNP Paribas – INCEIF Centre for Islamic Wealth Management (CIWM) Advisory Board, said: "To tap the fast developing Islamic wealth management sector locally and globally, CIWM has taken this synergistic initiative to work together with Labuan IBFC to bridge both industry experience and Islamic finance knowledge for the benefit of all stakeholders."
Labuan IBFC’s Chief Executive Officer, Saiful Bahari Baharom said Malaysia has the infrastructure and expertise in the Islamic finance space to develop a strong competitive value proposition in Shari’ah-compliant wealth management.
Saiful added: "The Islamic wealth management value chain is long, starting with the acquisition of assets, advisory and management services, in addition to legal, taxation and Shari’ah advice; to trust and custodial services and, right at the end, distribution of the assets. Each of these parts contributes to a specific value-added competency that we must strive to enhance to help grow our domestic high-value wealth management industry. It is for this reason that Labuan IBFC, which already offers a range of legal entities for the purpose of wealth management, took the decision to jointly host the inaugural Islamic Wealth Management Symposium today, in association with CIWM."
The Symposium attracted more than 150 delegates. A total of six speakers and panelists, ranging from regulators, Islamic scholars, academicians and industry practitioners, convened to share their insight and knowledge of the Islamic wealth management industry. Speakers included:
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By GlobalData- Ahmad Hizzad Baharuddin, Director General, Labuan Financial Services Authority
- Dato’ Dr. Nik Ramlah Nik Mahmood, Managing Director, Securities Commission Malaysia
- Dr. Mohd Daud Bakar, President & CEO, International Institute of Islamic Finance Incorporated, Amanie Business Solutions
- Dr. Muhammad Yusuf Saleem, Assistant Professor, INCEIF
- Professor Datuk Dr. Syed Othman Alhabshi, CAO, INCEIF
- Saiful Bahari Baharom, CEO, Labuan IBFC Inc.
During the Symposium, speakers and delegates deliberated on practical issues and challenges in further developing the Islamic wealth management industry and its relevant management structures, such as Labuan Islamic trusts and foundations, to gain a competitive advantage in establishing Malaysia as a preferred Islamic wealth management destination.
