Kuala Lumpur, 1 Oct 2014 – BNP Paribas-INCEIF Centre for Islamic Wealth Management (CIWM) today organised a conference on “Malaysia, the Future Global Private Banking Hub: Opportunities and Challenges”.
Current trends towards regional financial integration have presented significant opportunities to tap into the enlarged pool of savings in Asia. Besides institutional wealth, the rapidly expanding middle class has been a key factor sustaining the high savings rate. In Asia alone, there are now more than 2.6 million high net worth individuals (HNWI) who collectively control an estimated US$8.4 trillion in financial assets. These trends underpin the increasing demand for private banking by HNWIs with taste for more sophisticated consumer finance and wealth management products. Malaysia, an established global Islamic Financial hub with well-developed financial infrastructure is well positioned to tap on the first-mover advantage to develop the untapped Islamic private banking market and further develop the niche area of private banking in general. This initiative will further enhance its reputation as the global leader in Islamic Banking and Sukuk market. The half-day conference, which is organized in association with the Malaysia International Islamic Financial Centre (MIFC), have arranged for two industry experts to share their expert experience in the following areas:
- Global Market Overview of the Private Banking
- Creating a Successful Environment for Private Banking: Singapore Experience
- Discussion on the Future of Islamic Private Banking in Malaysia
The two invited industry experts are Mr. Pathik Gupta, McLagan and Scorpio Partnership Director and Asia-Pacific Head of Wealth Management and Mr. Justin Ong from PriceWaterCoopers (PWC) Singapore.
Following their presentations, Q-and-A session will be held moderated by MIFC’s Deputy Director (Promotion Unit) Mr. Najmuddin Mohd Lutfi.
This is in consonance with the welcoming remarks by INCEIF’s Governing Council Chairman Dr. Rozali Mohamed Ali, that : “Involved as we all are with the Islamic Finance Industry, we must feel a sense of satisfaction and fulfillment at the rapid growth of Islamic finance in recent years. There appears to be a growing realization worldwide that financial systems based on moral and ethical principles can form an alternative and better basis for fostering general economic and social well-being, justly and equitably. INCEIF is proud to be part of this trend”.
The conference, the fifth for the Centre since its inception in January 2013, is part of CIWM’s mission to support the growth of the Islamic wealth management industry by encouraging industry players to share their experience and develop innovative financial solutions to meet the more sophisticated investment demands of the increasingly affluent population, particularly in Asia and Middle East. This is in consensus with Bank Negara’s vision of positioning Malaysia as the International hub for Islamic finance, as stated in the Bank Negara’s Islamic Financial Sector Master plan.