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Knowledge Of Syariah Vital For Financial Planners

News From : DagangHalal.com (15 Dec 2010)

KUALA LUMPUR: 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 deputy governor, Datuk 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 (RM 3.1 trillion) and is growing at 15%-20% 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 yesterday.

He said the need and demand for sound financial planning would rise 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, 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.

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 would help address the shortage of qualified syariah financial practitioners in the country.

– Bernama

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