In 2019, the global Islamic wealth management sector is on the rise, with support from predominant regulators and strong demand from Muslim and non-Muslim investors. Malaysia is recognized as the top Islamic finance hub in establishing its name in Islamic Wealth Management (Islamic Finance News, 2013). With collaborative eco-system stemmed from a well-supported government, central bank, expertise and other Islamic financial institutions, the potential to rise is promising especially beyond 2020 where Covid19 has affected the global financial eco-system. Islamic Financial Literacy has made the agenda clearly interacted to the basic objective of the revelation, i.e. to seek knowledge from the word Iqra’. Many financial products in the markets, be Shariah-compliant or none compliance require layman explanation to meet the understanding of the society as a whole. The complexities and jargons used when explaining the products have created disadvantage for the expansion of Islamic finance and Islamic wealth management. A set of skills and knowledge in order to make informed and effective decision makings is required hence experts are needed for a crystal-clear explanation to the end users. With the emergence of Fintech, the agenda will be taken by IFWMI via online and media social channels to disseminate the information thus supporting the main agenda of IFWMI.
The target group of IFWMI, ranges from society as a whole to the Islamic finance players. Hence, knowledge dissemination is conducted via researches, academic discussion, forums, seminars on several aspects of Islamic finance and Islamic wealth management. Four arms of Islamic Finance have been engaged by IFWMI researchers; Islamic banking, Islamic capital market, Takaful and Islamic Social Finance. Additionally, five dimensions of wealth management have also been the niche area of the research activities; wealth generation, wealth protection, wealth accumulation, wealth purification and wealth distribution.
We pray Allah to grant us, strength and to bless our small effort in making Islamic finance and wealth management as the main holding pillar when the society make decision about their wealth management matters.
Prof Fauzias binti Mat Nor