FINANCIAL PLANNERS NEED TO INCREASE KNOWLEDGE, UNDERSTANDING OF SYARIAH REQUIREMENTS

KUALA LUMPUR, Dec 14 (Bernama) -- It is vital for financial planners and
advisers to increase their knowledge and understanding of the syariah
requirements to cater to the growing demand for Islamic financial products and
services.

Bank Negara Malaysia (Malaysia's central bank) deputy governor, Mohd Razif
Abd Kadir, said in doing so, they could further help enhance consumer awareness
and understanding of the multitude of Islamic financial products and services
available in the market.

"Currently, the Islamic finance industry is worth over US$1 trillion and is
growing at 15-20 per cent annually. It is likely to reach US$2 trillion in the
next three years," he said at the ceremony to sign agreements between the
Malaysian Financial Planning Council (MFPC) and universities here Tuesday.

The deputy governor said the need and demand for sound financial planning
would increase and the professional advisers' role would become more crucial as
consumers became increasingly aware of the plan for their financial future.

He said the surge in demand for financial planners and advisers would be
driven by changes and advancements in the Malaysian economy and the
rapidly-growing consumer financial sophistication.

On a broader spectrum, Mohd Razif said, financial planners could play a key
role in mobilising the country's resources to generate growth and further
develop the financial system.

"This is achieved by actively engaging individuals within our community to
participate fully in the economy, monetising economic resources as well as
reaching out to those who are marginalised and including them into the
mainstream financial system," he said.

Mohd Razif said as the Malaysian economy was expected to continue its
growth, the financial planning industry has a vital role to play in developing a
full value chain of financial market intermediation services.

He said MFPC would play a vital role in upholding the quality and standards
of professional financial planners to drive the Islamic finance industry.

"Its efforts, via the syariah-registered financial planner programme
(shariah RFP) would help address the shortage of qualified syariah financial
practitioners in the country," he said.

Mohd Razif said the government would count on MFPC's continued support in
the grooming of financial planners as the financial planning industry was an
important enabler in promoting financial literacy in the country.

MFPC's president, Kee Wah Soong, said the council aimed to train 400-500
syariah financial planners annually to service the industry under its programme.

As stated in the Economic Transformation Programme, Malaysia has less than
300 syariah financial planners, he said.

MFPC signed a memorandum of agreement with Open University Malaysia to
jointly develop an executive master programme in financial planning to give
both experienced and new professionals the cutting edge.

The council also signed memorandum of understanding with four universities
as their education provider for registered financial planners and shariah RFP
programmes.

The universities are Universiti Kebangsaan Malaysia, University Utara
Malaysia, Universiti Sains Islam Malaysia and University College Sedaya
International.
-- BERNAMA


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