Financial Planning Association of Malaysia (FPAM) is pleased to announce that its newly developed Islamic Financial Planner (IFP) qualification has been recognised by Securities Commission for the purpose of applying for a Capital Markets Services Representative's License to carry out the regulated activity of financial planning.

The Islamic Financial Planner (IFP) program is a certification program jointly developed by Financial Planning Association of Malaysia (FPAM) and Islamic Banking and Finance Institute Malaysia (IBFIM) to produce competent financial planners capable of meeting the financial planning needs of the client in conformity to Syariah laws.

Mr. Steve Teoh, President of FPAM said, "We are very proud of this recognition by our respected regulatory body of a qualification that is probably the first of its kind in the world catering to the Islamic financial retail market that is fast expanding, both nationally and internationally. It also underscores our commitment to the Government's continuing effort in establishing Malaysia as the premier Islamic financial hub.

The phenomenal growth of the Islamic financial services industry in the last 5 years has seen many new products being introduced into the market. This coincides with efforts by the Securities Commission to develop a comprehensive Islamic Capital Market with a wide array of products to meet the needs of investors who prefer to invest in Syariah compliant products. Islamic financial planners will be well-positioned to service these clients and meet their portfolio needs as there is a broad range of Syariah-compliant products ranging from equities, sukuks, unit trusts, takaful, REITs and exchange-traded funds.

FPAM and IBFIM, which signed a memorandum of understanding in June 2005 to jointly develop a certification program for Islamic financial planning, received a grant of RM1.15 million from the Capital Market Development Fund (CMDF) in August 2007 to cover the development cost of the program.