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Kuala Lumpur, 13 March 2008 ¿ Kuwait Finance House (Malaysia) Berhad (KFHMB) has implemented its first phase of Shariah-based wealth management solutions, in collaboration with FIRIUM Solutions (M) Sdn Bhd. Firium will provide a suite of Wealth Management Solutions which include modules for the distribution of unit trust, Bancatakaful, structured products, Wasiat writing and an integrated Islamic Financial Planning Solutions. The Islamic Financial Planning consultation will be provided by Amanie Business Solutions Sdn Bhd. As part of the phased roll-out of the retail banking expansion plan for KFHMB, the KFH Wealth Management and Islamic Financial Planning Solutions is the first available in the Malaysian market.
Dato' K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad highlighted, "Drawing on the 30 years' experience of Kuwait Finance House, we will work with our business partners and customers, to create innovative solutions to manage, preserve and develop wealth for now and for future generations."
The challenges brought about by the changing banking industry environment in Malaysia, makes it more important to focus on customer relationships. "With an ageing population and an increasingly affluent society, financial institutions are focusing more and more on serving the wealth management needs of the mass affluent customer segment," said Mr Edward Yee, Chief Executive Officer of FIRIUM Solutions (M) Sdn Bhd.
"Banks and companies engaged in unit trust management, asset management, trustee and broking are all competing to become full financial service providers or a so-called Global Financial Institution" he added.
Dr Mohd Daud Bakar, Chief Executive Officer of Amanie applauded KFHMB for its strength and the foresight to embark on this project. Dr Daud commented how theF introduction of the Islamic Wealth Management Solution may create a paradigm shift. "The foray into Islamic Wealth Management is not merely an advent of a new Islamic instrument. Pertinent principles such as Wakaf, Faraid, trust and Zakat shall be made part and parcel of this shift into Islamic Wealth Management and this will definitely augment the credibility of our Islamic Finance industry."
He added, "Through KFH's proven methodology and their wealth of market expertise, together we are able to jointly develop a robust Islamic Wealth Management programme that will supplement the instruments in today's Islamic finance industry. The KFH Wealth Management programme will elevate the level of expertise of our professionals and will bolster their efforts to innovate the industry even further."
The KFH Wealth Management Solutions is introduced in three phases, starting with the implementation of the unit trust and Bancatakaful modules on 29 February 2008. The second phase of structured product and Wasiat or will writing will follow suit and finally the Islamic Financial Planning services will be incorporated at a later stage. "With the provision of the KFH Wealth Management Solutions, we hope to take a holistic and more comprehensive approach to integrating our customers' needs," concluded Dato' Salman.
Dato' K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad highlighted, "Drawing on the 30 years' experience of Kuwait Finance House, we will work with our business partners and customers, to create innovative solutions to manage, preserve and develop wealth for now and for future generations."
The challenges brought about by the changing banking industry environment in Malaysia, makes it more important to focus on customer relationships. "With an ageing population and an increasingly affluent society, financial institutions are focusing more and more on serving the wealth management needs of the mass affluent customer segment," said Mr Edward Yee, Chief Executive Officer of FIRIUM Solutions (M) Sdn Bhd.
"Banks and companies engaged in unit trust management, asset management, trustee and broking are all competing to become full financial service providers or a so-called Global Financial Institution" he added.
Dr Mohd Daud Bakar, Chief Executive Officer of Amanie applauded KFHMB for its strength and the foresight to embark on this project. Dr Daud commented how theF introduction of the Islamic Wealth Management Solution may create a paradigm shift. "The foray into Islamic Wealth Management is not merely an advent of a new Islamic instrument. Pertinent principles such as Wakaf, Faraid, trust and Zakat shall be made part and parcel of this shift into Islamic Wealth Management and this will definitely augment the credibility of our Islamic Finance industry."
He added, "Through KFH's proven methodology and their wealth of market expertise, together we are able to jointly develop a robust Islamic Wealth Management programme that will supplement the instruments in today's Islamic finance industry. The KFH Wealth Management programme will elevate the level of expertise of our professionals and will bolster their efforts to innovate the industry even further."
The KFH Wealth Management Solutions is introduced in three phases, starting with the implementation of the unit trust and Bancatakaful modules on 29 February 2008. The second phase of structured product and Wasiat or will writing will follow suit and finally the Islamic Financial Planning services will be incorporated at a later stage. "With the provision of the KFH Wealth Management Solutions, we hope to take a holistic and more comprehensive approach to integrating our customers' needs," concluded Dato' Salman.
