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.
About Kuwait Finance House (Malaysia) Berhad
Kuwait Finance House (KFH) was incorporated in the State of Kuwait and is listed on Kuwait Stock Exchange. A market leader in the Islamic banking industry in Kuwait, KFH is engaged in providing Islamic banking services, including consumer banking, real estate financing, lease financing, trade finance, direct investments and portfolio investing, all of which are conducted in strict compliance with Islamic law.
About Amanie Business Solutions Sdn Bhd (ABS)
Amanie Business Solutions (ABS) has been established with the aim of fulfilling the global need for human capital development in Islamic finance and providing the additional impetus to further develop the Islamic Financial market worldwide. To achieve these goals, ABS focuses on providing quality Shariah advisory services, product development consultancy as well as research & development for both institutional and corporate clientele focused on the Islamic financial services. In addition, ABS also provides training and research, enhancing its industry’s expertise by capturing and documenting Islamic finance innovations through the design and development of Islamic Finance modules namely the SMA1. Amanie’s clientele list includes Khazanah Nasional Berhad, Petronas, Cagamas Berhad, CIMB Principal, Nomura Asset Management (Japan), Toyota Capital, Chartered Institute of Financial Accountant (UK), International Centre for Education in Islamic Finance (INCEIF) etc.
About Firium Solutions (M) Sdn Bhd
Firium was founded in Indonesia as Jatis Solutions in late 1997, headquartered in Jakarta, with local offices in Singapore and Malaysia. Firium is an investee company of Sumitomo Corporation Japan and Fuji TV. Firium’ experience and expertise allow it to provide complete consulting services in various major industries: the Financial Services Industry, Telecommunication Industry and the Retail and Distribution Industry. To offer best-of-breed solutions to our clients in these areas, Firium has forged close partnerships with several major vendors including BEA Solutions, Oracle, Sun MicroSystems, HP, IBM, Hyperion, Business Objects, Onyx Software, Progress Software, Marimba, and Microsoft.
The list of services provided by Firium includes: E-Strategy Formulation & IT Planning, Software Evaluation and Selection, E-Commerce Integration and Solutions Integration, Enterprise Application Integration, Program and Project Management, IT and Business Process Outsourcing.
n particular, Firium has significant experience in Wealth Management Solutions, having provided such services to EON Bank Group, Standard Chartered Bank, Hong Leong Bank, United Overseas Bank Group, Overseas Chinese Bank Corporation, ABN AMRO Bank and several other major institutions in the region.
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