Good morning ladies and gentlemen,
It is my privilege and honour to welcome you all today to the inaugural public lecture of BNP Paribas INCEIF Centre for Islamic Wealth Management. Today’s event is a lecture on the topic of, “The Future of Islamic Wealth Management in Malaysia and the OIC World: Issues and Challenges”.
This is a significant collaboration between BNP Paribas and INCEIF from a diversity of angles:
- BNP Paribas is serious and committed about Islamic finance. After having obtained a full banking Licence in Malaysia in 2011, we have since played an increasingly active role in the field of Islamic finance in Malaysia, which will be our base for the Asia Pacific region.
- The Islamic finance industry is still a relatively young industry and to succeed in the long-term, talent development is crucial – in other words, there needs to be a parallel growth in both human capital and products.
- While some sectors such as Sukuk are already very developed, there are other untapped significant areas of growth and Bank Negara of Malaysia has identified wealth management as one of the key areas of growth as stipulated in the Financial Sector Blueprint 2011-2020.
With the above in mind, BNP Paribas and INCEIF have established the very first Centre dedicated to furthering education and research, industry innovation,and policy development in the specialized area of Islamic Wealth Management.
One of the key strengths of this partnership is how well INCEIF as a university and BNP Paribas as an industry practitioner, complement each other. This collaborative effort between a global bank with strong expertise in wealth management and a university aiming to be a thought leader in Islamic finance education augurs well for Malaysia as the country seeks to become an internationally recognised hub for Islamic wealth management. Industry gatherings Like today’s public Lecture are excellent examples of the importance of fostering the exchange of views and ideas.
Broadly, our approach is three-pronged:
- Firstly, to foster Islamic wealth management expertise through various thought-leadership platforms such as public Lectures, roundtable discussions, workshops, and conferences that cover wealth generation, accumulation, protection, purification and distribution. In doing so, we hope to promote innovation and talent development of practitioners, Shariah scholars, students,investors and the public.
- Secondly, to undertake applied research in specialized Islamic wealth management areas to provide solutions to issues in the global Islamic wealth management industry, thus further enhancing Malaysia’s position as a regional and international hub for Islamic finance.
- Thirdly, to actively engage with policymakers and regulatory agencies to generate ideas and research areas for existing and new regulations relevant to the development of Islamic wealth management globally.
I would like to thank members of INCEIF for the cordial and instructive relationship that we have enjoyed in establishing this Centre, and to congratulate Prof. Dr. Shamsher Mohamad for putting together this inaugural public lecture.
With this, I wish everyone a fruitful session ahead.