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Tuesday, 17 April 2012

KL Conference on Islamic Wealth Management 2012 (18-19 April 2012)

3rd KL Conference on
Islamic Wealth Management

Date    : 18-19 April 2012
Venue : Crowne Plaza Hotel, Kuala Lumpur, Malaysia
“An international gathering of practitioners, scholars and experts to discuss and share their knowledge, expertise and experience on the principles, instruments and issues related to Islamic wealth management and financial planning to be held at the world’s leading Islamic financial centre…Kuala Lumpur.”

Event site :

This 2-day conference will explore the key principles and avenues of Islamic wealth management which includes Islamic wealth creation, accumulation, protection, distribution and purification in the Wealth Management Cycle. This conference will enable individuals, investors and corporations to learn and understand more about the Islamic wealth management and financial planning from industry experts with wide spectrum of expertise and will be able to implement them. This conference will also be an excellent platform for networking and exchange of experience, ideas  and outlooks about the industry and services.

- Islamic Financial Planning & Wealth Management: An Overview
- Islamic Funds Management & Investment
- Sukuk
- Tax Planning for Individuals
- Retirement Planning: Managing Wealth for Golden Years
- Islamic Estate Management (Faraid, Wills, Hibah, Waqf)
- Risk Management and Takaful (Wealth Protection)
- Tax Planning
- Zakat: Wealth Redistribution and Purification
- Business Continuity Plan
- The Need For Prudent Financial Management

- Financial planners
- Wealth advisors
- Financial consultants
- Bankers
- Insurance operators
- Unit trust agents
- Insurance / Takaful agents
- Remisiers
- Lawyers
- Academicians
- Entrepreneurs
- Other professionals

Ahmad Sanusi Husain
CEO & Chief Consultant, Alfalah Consulting
(Certified Islamic Financial Planner)

Bursa Malaysia

AmanahRaya Berhad

Takaful Operator

Malaysian Association of Tax Accountant (MATA)

Zakat Collection Centre

Credit Counseling and Debt Management Agency -
Agensi Kaunseling dan Pengurusan Kredit (AKPK)

Early Bird Fee: 
Registration with payment by 16 March 2012
Malaysian   :  RM1,700
International  :  USD700

Normal Fee:
Registration with payment after 16 March 2012
Malaysian  :  RM2,000
International  :  USD800
Special fee for Malaysian university lecturers :  RM1,200 (group discount not applicable)

Fee is inclusive of lunch, refreshments and seminar package only.

Group Discount:
Enjoy 10% discount for 3 or more delegates registered from the same organisation and the same billing source.

Special Gifts
Participants will receive free book and magazine from sponsors including a business / economic report from  OBG valued at USD210 (RM600) each.





GTower Hotel, Kuala Lumpur, Malaysia
[a 5-star business hotel located next Tabung Haji (Haj Fund) Building]


Kuala Lumpur

Kuala Lumpur




The challenge of Islamic finance

With Britain now in talks to sell part of the government’s 82% stake in the Royal Bank of Scotland to Abu Dhabi sovereign-wealth funds, the Islamic world’s growing financial clout is once again on display. That clout also poses a systemic challenge to the dominant way that finance is now practiced around the world.

From humble beginnings in the 1990’s, Islamic finance has become a trillion-dollar industry. The market consensus is that Islamic finance has a bright future, owing to favourable demographics and rising incomes in Muslim communities. 

Despite scepticism regarding accommodation between Islamic and global finance, leading banks are buying Islamic bonds and forming subsidiaries specifically to conduct Islamic finance. Special laws have been enacted in non-Muslim financial centres – London, Singapore, and Hong Kong – to facilitate the operation of Islamic banks and associated financial institutions.

How should these developments be viewed from the perspective of Western finance and mainstream economic analysis? Does Islamic finance really constitute a viable alternative financial system?

The very fact that such a question is asked nowadays is significant. Not so long ago, Islamic finance was superficially dubbed a zero-interest-rate system that would lead to inadequate and inefficient resource mobilization and utilisation. 

Ironically, mainstream central bankers today routinely use precisely such policies when pursuing massive “quantitative easing”.
There are two central precepts of Islamic finance: absolute prohibition on charging interest on financial transactions and high moral standards on the part of lenders and borrowers.
Interestingly, the best economic rationale for a zero-interest-rate system is provided in John Maynard Keynes’s The General Theory: “Provisions against usury are amongst the most ancient economic practices of which we have record….In a world, therefore, which no one reckoned to be safe, it was almost inevitable that the rate of interest, unless it was curbed by every instrument at the disposal of society, would rise too high to permit of an adequate inducement to invest.”

Keynes suggested that only a very low or zero interest rate could ensure continuous full employment and distributional equity. Keynes’s endorsement of such a policy does not necessarily make it right, but his analysis does suggest that it should be regarded as a serious proposition.

Importantly, although interest is prohibited under Islamic finance, profit is not; the latter is derived from various arrangements that combine finance and enterprise. In essence, this is a profit-sharing and risk-sharing system that is based entirely on equity finance. 

Islamic finance thus contrasts with the current dominant system based on interest-bearing debt, in which risks are theoretically transferred to debt holders, but in practice are socialised during crises. Other things being equal, most economists will agree that debt finance leads to greater instability than equity finance.

It follows from the second major tenet of Islamic finance that if people adhered strictly to its ethical requirements, there would be fewer moral-hazard problems in Islamic banking. Moral hazard exists in all systems in which the state ultimately absorbs the risks of private citizens. 
But, whether any particular system is efficient in avoiding moral hazard is a matter of practice, rather than of theory. Many would agree that, historically, Christian morality played an important role in the rise of Western capitalism. 

Secular capitalism, however, has experienced an erosion of values, whereby the financial sector has put its own interests above those of the rest of society. If the ethical values in Islamic finance – grounded in Shariah religious law – can further deter moral hazard and the abuse of fiduciary duties by financial institutions, Islamic finance could prove to be a serious alternative to current models of derivative finance.

Moreover, the basic tenets of Islamic finance force us to re-think the ethical basis of modern monetary arrangements, which have evolved into a global reserve-currency system founded on fiat money. In the past, gold had been the anchor of monetary stability and financial discipline, even if it was deflationary.

The test of any alternative financial system depends ultimately on whether it is – or can be – more efficient, ethical, stable and adaptable than the prevailing system. For now, there is no Islamic global reserve currency and no lender of last resort. But the Islamic world is the custodian of huge natural resources that back its trading and financial activities.As the Islamic world grows in stature and influence, Islamic finance will become a formidable competitor to the current financial system. 

The world would have much to gain if the two systems were to compete fairly and constructively to meet people’s needs for different types of finance. - Project Syndicate
l Andrew Sheng, president of the Fung Global Institute in Hong Kong and Chief Adviser to the China Banking Regulatory Commission, is a former chairman of the Securities and Futures Commission of Hong Kong. Ajit Singh is emeritus professor of economics at Cambridge University. This article is based on their forthcoming Cambridge Centre for Business Research Working Paper on Islamic finance.

(Gulf Times / 17 April 2012)

Alfalah Consulting - Kuala Lumpur:
Islamic Investment Malaysia:

Malaysian banks invited to expand Islamic banking in Pakistan

Pakistan's high commissioner to Malaysia, Masood Khalid said that the invitation to do so was made by the country's Prime Minister, Yusuf Raza Gilani, when he met his Malaysian counterpart, Datuk Seri Najib Tun Razak at the Commonwealth Heads of Government meeting in Perth last year.

“They discussed then, the possibility of cooperation in the banking sector. Of course, Islamic finance, Takaful and other such areas, are of great interest to us.
“Our Prime Minister invited Malaysian banks to open branches in Pakistan.Maybank is already there and bought a substantial stake in a Pakistani bank.
“I hope leading banks like CIMB will explore the possibility,” he told Bernama.
Masood expects Bank Negara Governor,Tan Sri Dr Zeti Akhtar Aziz to have a discussion on how Malaysian financial institutions could expand their operations to Pakistan, when she meets with the governor of the State Bank of Pakistan, Yaseen Anwar, in the near future.
Apart from banking, the business community is also being urged to explore, further cooperation to optimise the free trade agreement (FTA) between Malaysia and Pakistan, which came into force on January 1, 2008.
“The utilisation of the FTA is still not optimal. There are many areas that we can explore further cooperation.
“The business community must know what is available in the markets of the two countries,” Masood said.
“We would like to see more investments from Malaysia as well as joint ventures. There are many areas that can be further explored and I can say that, the sky is the limit,” he added.
He said major areas that provided opportunities included construction, surgical goods, energy, oil and gas, halal products, gemstones, pharmaceutical, textiles, leather products and rice.
He said several airports in Pakistan, excluding those in Lahore and Islamabad, would also be upgraded in phases.
“We will also be upgrading roads. We have discussed this with Datuk Seri S.Samy Vellu, who was in Pakistan recently, in his capacity as Malaysia's Special Enjoy to India and SouthEast Asia on investments.
He said many Malaysian construction companies were already in Pakistan, and involved in the construction of roads, houses, golf courses, hospitals and airports.
“The issue is for Malaysian companies to pursue further initiatives, even as they are being invited to do so,” he added.
Masood said that Pakistan, the fourth largest producer of milk in the world, needed enhanced technology and expertise to preserve the product and make by-products.
“We also have more than 50 semi-precious stones and gems. Malaysian businessmen do not know that this is another area of great potential,” he added.
(The Star Online / 16 April 2012)

Alfalah Consulting - Kuala Lumpur:
Islamic Investment Malaysia:

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