CIWM and Labuan IBFC Hold Inaugural Islamic Wealth Management Symposium 2014 - Labuan IBFC Inc

Press Releases

KUALA LUMPUR, Wednesday [30 April 2014] – The BNP Paribas – INCEIF Centre for Islamic Wealth Management (CIWM) and Labuan International Business and Financial Centre (Labuan IBFC) today hosted the Islamic Wealth Management Symposium, at Sasana Kijang, Kuala Lumpur. This event marks the first jointly organised Islamic wealth management symposium aimed at raising awareness of Islamic wealth management in Malaysia.

Professor Datuk Dr. Syed Othman Alhabshi, Chairman of BNP Paribas – INCEIF Centre for Islamic Wealth Management (CIWM) Advisory Board said, “To tap the fast developing Islamic wealth management sector locally and globally, CIWM has taken this synergistic initiative to work together with Labuan IBFC to bridge both industry experience and Islamic finance knowledge for the benefit of all stakeholders.”

Labuan IBFC’s Chief Executive Officer, Saiful Bahari Baharom said Malaysia has the infrastructure and expertise in the Islamic finance space to develop a strong competitive value proposition in Shariah-compliant wealth management.

“The Islamic wealth management value chain is long, starting with the acquisition of assets, advisory and management services, in addition to legal, taxation and Shariah advice; to trust and custodial services and, right at the end, distribution of the assets. Each of these parts contributes to a specific value-added competency that we must strive to enhance to help grow our domestic high-value wealth management industry. It is for this reason that Labuan IBFC, which already offers a range of legal entities for the purpose of wealth management, took the decision to jointly host the inaugural Islamic Wealth Management Symposium today, in association with CIWM,” Saiful added.

The Symposium attracted more than 150 delegates. A total of six speakers and panelists, ranging from regulators, Islamic scholars, academicians and industry practitioners, convened to share their insight and knowledge of the Islamic wealth management industry. Speakers included:

Ahmad Hizzad Baharuddin, Director General, Labuan Financial Services Authority
Dato’ Dr. Nik Ramlah Nik Mahmood, Managing Director, Securities Commission Malaysia
Dr. Mohd Daud Bakar, President & CEO, International Institute of Islamic Finance Incorporated, Amanie Business Solutions
Dr. Muhammad Yusuf Saleem, Assistant Professor, INCEIF
Professor Datuk Dr. Syed Othman Alhabshi, CAO, INCEIF
Saiful Bahari Baharom, CEO, Labuan IBFC Inc.

During the Symposium, speakers and delegates deliberated on practical issues and challenges in further developing the Islamic wealth management industry and its relevant management structures, such as Labuan Islamic trusts and foundations, to gain a competitive advantage in establishing Malaysia as a preferred Islamic wealth management destination.

Segments from the event, including speaker presentations, are available on demand at www.libfc.com and www.inceif.org/CIWM.

MEDIA CONTACTS:

Shamillia Sivathambu, Director, Communications

Labuan IBFC Inc. Sdn Bhd

Suite 3A-2, Level 2, Block 3A,

Plaza Sentral, Jalan Stesen Sentral, KL Sentral,

50470 Kuala Lumpur, Malaysia

Tel +603.2773.8977 (GL)

Baidura Ahmad, Marketing & Communication

INCEIF

Lorong Universiti A,

59100 Kuala Lumpur

Tel +603.7651.4035

ABOUT LABUAN IBFC - ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE

Labuan International Business and Financial Centre (Labuan IBFC) offers global investors the benefits of a leading international financial centre with access to Malaysia’s network of over 70 double taxation treaties. As a leading midshore jurisdiction, investors enjoy the benefits of Labuan’s efficient fiscal framework and market-friendly business environment, supported by professional service providers specialising in all aspects of insurance, takaful, international tax, trust and law.

Located off the North West coast of Borneo, Labuan IBFC is a leading jurisdiction for conventional and Islamic financial services.

Please visit: www.libfc.com.

ABOUT BNP PARIBAS – INCEIF CENTRE FOR ISLAMIC WEALTH MANAGEMENT

The Centre is a joint initiative between BNP Paribas Malaysia Berhad and INCEIF dedicated to support the growth of the Islamic wealth management industry, asset management and capital markets with the key objectives of furthering education and research, industry innovation, and policy development.

To facilitate the planned objectives, the Centre will undertake applied research, and conduct workshops, conferences, roundtable discussions and public lectures in the areas of Islamic wealth management that covers aspects of wealth generation, accumulation, protection, purification and distribution.

The Centre aims to be a catalyst of innovation in the nascent area of Islamic wealth management by enhancing the knowledge and know-how of practitioners, Shariah scholars, students, investors and the public. It will also 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.

The scope of the Centre is aligned to support the growth of the Islamic wealth management industry that can offer innovative financial solutions to meet the more sophisticated investment demands of the increasingly affluent population particularly in Asia and the Middle East, thus positioning Malaysia as a regional and international Centre for Islamic fund and wealth management, as stated in the Financial Sector Blueprint of Bank Negara Malaysia.

The Centre is an important collaborative effort between a global bank with a strong local presence and a university aiming to be a thought leader in Islamic Finance education. The setting up of the Centre augurs wells for Malaysia as the country seeks to become an internationally recognised hub for Islamic wealth management.