Malaysia still lacks Shariah financial planners, says Donald
KUALA LUMPUR, Malaysia still lacks Shariah financial planners despite being a world leader in Islamic finance, capital market and the takaful industries, says Deputy Finance Minister Datuk Donald Lim Siang Chai.
"It is a largely underserved market today that represents an opportunity for Malaysia and require specialised knowledge such as Shariah compliant wills and estate planning.
"To capture this opportunity, Shariah planning capability needs to be built.
However, Malaysia currently lack Shariah financial planners," he said after launching Malaysian Financial Planning Council (MFPC)''s Registered Financial Planner Capstone Programme here today.
Lim said the financial services sector was the one of the fastest growing industry of the economy in the past decade and was identified as one of the National Key Economic Areas.
"The growth potential of this sector is seen in the Islamic financial services as well as in derivatives for risk management by local and regional players," he said.
Realising the shortage of highly skilled workers in the sector, Lim said
MFPC was assuming a proactive role in the development of the urgently needed pool of highly skilled, knowledgeable and professional Shariah and conventional financial planners.
"Distinctive human capital is required for the Islamic financial services industry to ensure Islamic financial planning professionals posses the right blend of technical knowledge and understanding of the Shariah," he added.
He also said there was a need to develop technical skills but emphasis must also be continouslly given to the adoption of the highest level of professionalism and good market conduct.
"This is an area of particular importance. It involves educating consumers, having great reverence for and understanding of client needs, ensuring that clients are suitably advised in the financial planning process," he added.
First appeared in BERNAMA Online news on 28 May 2011.
"It is a largely underserved market today that represents an opportunity for Malaysia and require specialised knowledge such as Shariah compliant wills and estate planning.
"To capture this opportunity, Shariah planning capability needs to be built.
However, Malaysia currently lack Shariah financial planners," he said after launching Malaysian Financial Planning Council (MFPC)''s Registered Financial Planner Capstone Programme here today.
Lim said the financial services sector was the one of the fastest growing industry of the economy in the past decade and was identified as one of the National Key Economic Areas.
"The growth potential of this sector is seen in the Islamic financial services as well as in derivatives for risk management by local and regional players," he said.
Realising the shortage of highly skilled workers in the sector, Lim said
MFPC was assuming a proactive role in the development of the urgently needed pool of highly skilled, knowledgeable and professional Shariah and conventional financial planners.
"Distinctive human capital is required for the Islamic financial services industry to ensure Islamic financial planning professionals posses the right blend of technical knowledge and understanding of the Shariah," he added.
He also said there was a need to develop technical skills but emphasis must also be continouslly given to the adoption of the highest level of professionalism and good market conduct.
"This is an area of particular importance. It involves educating consumers, having great reverence for and understanding of client needs, ensuring that clients are suitably advised in the financial planning process," he added.
First appeared in BERNAMA Online news on 28 May 2011.
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