Symposium highlights challenges and opportunities facing the development of Islamic trusts and foundations (waqf)
Kuala Lumpur, 28 April 2015 – The BNP Paribas – INCEIF Centre for Islamic Wealth Management (CIWM) and Labuan International Business and Financial Centre (Labuan IBFC) held their 2nd annual Islamic Wealth Management Symposium on 28 April 2015 in Kuala Lumpur, aimed at raising national awareness of Islamic wealth management, particularly Islamic trusts and foundations.
The Director of the BNP Paribas – INCEIF Centre for Islamic Wealth Management (CIWM), Professor Dr Shamsher Mohamad said:
“Waqf is the least exposed aspect of Islamic wealth management. It has great potential to spur economic growth and help develop the nation. History has provided us with evidence on how the waqf system can generate revenue to support education, welfare and even hospitals in Turkey and Egypt. The waqf is still functioning effectively today. In Malaysia, we have the potential, being a predominantly Muslim country, but need the support of the people and political commitment to make waqf a successful and complementary part of our nation’s economic support system. The Islamic Wealth Management Symposium 2015 is one of the many series of events planned and organised by CIWM to create awareness and seek ideas to lay the foundation to develop effectivewaqf structures in the country. There are many challenges ahead, but nothing is impossible, God willing.”
The Symposium also marked the public unveiling of Labuan IBFC’s international waqf foundation, the first Islamic foundation designed with the international market in mind.
Labuan IBFC’s Chief Executive Officer, Saiful Bahari Baharom said Labuan IBFC is committed to strengthening its position as an international Islamic wealth management centre, and is the first international business and financial centre to establish a waqf using globally-recognised laws.
“Labuan IBFC is Asia’s only midshore jurisdiction with conventional and Islamic wealth management solutions. Capitalising on this strength, the Labuan Financial Services Authority (Labuan FSA) established a waqf using widely-recognised foundation and trust laws, giving it greater international standing and appeal. It is our hope that the Labuan international waqf foundation will be taken up by Muslim communities in Malaysia and abroad,” he added.
The Symposium attracted more than 150 delegates. A total of 12 speakers and panelists ranging from regulators, Islamic scholars, academics and industry practitioners, convened to share their insights and knowledge of the Islamic wealth management industry. Speakers included:
- Saiful Baharom, Chief Executive Officer of Labuan IBFC Inc. Sdn. Bhd;
- Prof. Datuk Dr. Syed Othman Alhabshi, Chief Academic Officer of International Centre for Education in Islamic Finance (INCEIF);
- Prof. Dr Abbas Mirakhor, First Holder of INCEIF Chair of Islamic Finance;
- Che Jamaliah Abdul Thahir, Head of Islamic Finance Unit at Labuan Financial Services Authority (LFSA);
- Nik Norishky Thani, Senior Vice President and Head for Special Projects (Islamic), Group Chief Executive Office at Permodalan Nasional Berhad (PNB);
- Datuk Dr. Mohd Daud Bakar, Group Chairman of Amanie Advisors;
- Mohd Radzuan A Tajuddin, General Manager and Head of Development Department Islamic Capital Market at Securities Commission Malaysia;
- Angelia Chin-Sharpe, Chief Executive Officer and Country Head of BNP Paribas Investment Partners Malaysia;
- Ziyaad Mahomed, Managing Director of Islamic Finance Institute of Southern Africa (IFISA);Dr. Aida Othman, Partner at Zaid Ibrahim & Co;Monem Salam, Director of Saturna Capital Corporation and President and Fund Manager at Saturna Sdn Bhd; and
- Datin Isharidah Ishak, Consultant at Messrs Isharidah, Ho, Chong & Menon.
The Symposium addressed a number of issues pertinent to the future growth of Malaysia’s Islamic wealth management industry, including:
- Malaysia’s role in developing a global wealth management industry;
- The need for a more diversified Shariah-compliant investment product range;
- How Malaysia can better service the growing Islamic high-net-worth client base;
- The merits of establishing an international waqf foundation.