6th March 2022, Manama, Kingdom of Bahrain | The General Council for Islamic Banks and Financial Institutions (CIBAFI) the global umbrella of Islamic financial institutions, has successfully inaugurated the first day of the 2-day interactive Online Technical Workshop that focuses on wealth management and financial planning within Islamic finance.
According to CIBAFI's most recent publication, the global Islamic funds market has been developing steadily in recent years, with Assets under Management (AuM) increasing by more than 300 percent since 2012. This has been fuelled by several factors, including changes in investment preferences and the increased interest in Shariah-compliant investments. Investment planning and continuous monitoring of investments, as well as estate planning, tax planning, and retirement planning will all see a surge in demand as a result of these considerations. Islamic banks and financial institutions, wealth managers, and financial advisors should be prepared to offering more comprehensive Shariah-based wealth management services.
This Technical Workshop is organized with an aim to provide a complete and holistic understanding of the notion of wealth in the Shariah context, the wealth management cycle, Islamic wealth management and financial planning frameworks, and how to construct and strategize a Shariah-compliant financial plan.
In her opening remarks, Mrs. Zainab Al Owainaty, Director of Administration and Finance at CIBAFI welcomed all participants and highlighted CIBAFI’s commitment to continue organising timely and relevant workshops to provide platform for knowledge sharing and capacity building within the Islamic financial services industry (IFSI).
The workshop was attended by participants representing Islamic banks and financial institutions as well as Regulatory and Supervisory Authorities (RSAs). The participants will be engaged in fruitful discussions on the concept of wealth management and financial planning in the Shariah context, using a wide range of case studies and practical exercises.
The 2-day workshop will be facilitated by Prof. Dr Ahcene Lahsasna, Chief Executive Officer of Salihin Shariah Advisory Sdn Bhd and Accredited Trainer of CIBAFI. Industry experts and leaders, including Ms. Suzana Md Samsudi, Southeast Asia & GCC Advisor, TontineTrust, Malaysia and Mr. Fahad Sarwani, Client Relations Manager - Wealth Management, Kuwait Finance House – Bahrain also shared their practical knowledge as guest speakers.
CIBAFI Technical Workshops are aligned with CIBAFI’s third objective of Training and Professional Empowerment which endeavors to enhance capacity building within the Islamic financial service industry (IFSI). These programmes are practical in nature and are targeted to staff of Islamic banks and Islamic financial institutions, regulators, and practitioners. In addition, they aim to engage participants in the discussions on the current environment of the Islamic banking industry.
CIBAFI, as the ‘voice’ of the industry, aims to provide high-level platforms to develop the human capital and bring industry professionals together to encourage dialogue and enhance knowledge sharing on most relevant matters to the IFSI.