Malaysia: Islamic wealth management needs to develop further
KUALA LUMPUR: Islamic wealth management is still new in Malaysia and needs to be developed further, said Professor Datuk Syed Othman AlHabshi, chief academic officer of INCEIF, the global University for Islamic Finance.
He said that only a few high net-worth individuals had embraced Islamic wealth management as they wanted their wealth to be well-managed by experts.
“Wealth management is not confined to only the rich but is also for the poor. We should not look at the wealth creation and accumulation aspects only, but also distribution and the taking care of the poor,” he said after speaking at the BNP Paribas-INCEIF Centre for Islamic Wealth Management’s inaugural colloquium.
Othman, who is also the centre’s chairman, added that people were still doing what they used to do in the conventional system to manage their wealth.
“Now with syariah compliance policy, there is more to it,” he said.
On waqaf (property put under a trustee’s care), he said that once set up it would be transferred to an Islamic council to be managed, but whether they had the expertise to manage the property was an issue as the property should not be idle and should benefit the beneficiary.