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News & Events News & Events Listing FPAM and IBFIM to jointly offer Islamic Financial Planner qualification
News & Events News & Events Listing FPAM and IBFIM to jointly offer Islamic Financial Planner qualification
| FPAM and IBFIM to jointly offer Islamic Financial Planner qualification |
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The Financial Planning Association of Malaysia (FPAM) and the Islamic Banking and Finance Institute of Malaysia Sdn Bhd (IBFIM) will jointly develop and introduce the Islamic Financial Planner (IFP) professional qualification. "The IFP is a six-module exam-based professional qualification that is intended for professionals and executives in the financial services industry serving the Islamic financial market," they said in a joint statement yesterday. The parties signed a memorandum of understanding (MoU) on the matter in Kuala Lumpur. FPAM was represented by its deputy president Steve Teoh and IBFIM by its chief executive officer Mustapha Hamat. The MoU will provide the framework for collaboration between FPAM and IBFIM and the working arrangements that need to be put in place to enable the programme to be delivered and the objectives met.
Mustapha said the IFP was an industry initiative to complement the various others to reinforce Malaysia's position as an international Islamic financial centre.
"We, as promoters of IFP, believe that raising the standards of competency and ethical practice of financial planning professionals shall meet the demands of discerning Muslim clientele that is ever-growing and put their financial goals and practices in line with the teachings of Islam," he added. Teoh said the industry with its consumer-centric focus was very much favoured by the consumer finance market and internationally recognised qualification such as the Certified Financial Planner (CFP) qualification had been developed to support this growth. "However, the IFP is unique as it will be the first time that we have a full fledged industry-sanctioned Islamicbased qualification. "We envisaged that the demand for this qualification will extend beyond the shores of Malaysia into the international arena," he added. Malaysia currently has nine Islamic banks, 23 conventional financial institutions with Islamic banking scheme, five takaful operators, 85 Islamic unit trust funds and 871 Syariah-compliant stocks, which represent 85% of stocks listed on Bursa Malaysia. In terms of personnel, there are some 14,059 takaful agents, 34,500 unit trust agents and 2,591 Bumiputera persons licensed by the Securities Commission. |
