About Islamic Financial Planner (IFP)
The Islamic Financial Planner (IFP) is a training and certification programme designed especially for professionals and executives serving the retail segment of the Islamic financial market. This programme is a joint collaboration between Islamic Banking and Finance Institute Malaysia (IBFIM) and the Financial Planning Association of Malaysia (FPAM).
BNM recognised Islamic Financial Planner (IFP) for Financial Adviser’s representative
FPAM is pleased to announce that its Islamic Financial Planner (IFP) qualification has been recognised by Bank Negara Malaysia (BNM) for the purpose of becoming a Financial Adviser’s representative. The business of financial advisory in respect of insurance products is a regulated activity under the purview of BNM.
SC recognised IFP for CMSRL for Financial Planning
FPAM is pleased to announce that its newly developed IFP qualification has been recognised by Securities Commission for the purpose of applying for a Capital Markets Services Representative’s License (CMSRL) to carry out the regulated activity of financial planning.
The IFP programme is a certification programme jointly developed by FPAM and IBFIM to produce competent financial planners capable of meeting the financial planning needs of the client in conformity to Syariah laws.
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 five 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, real estate investment trusts (REITs) and exchange-traded funds (ETFs).
FPAM and IBFIM, which signed a memorandum of understanding in June 2005 to jointly develop a certification programme 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 programme.
FPAM and IBFIM received RM1.15 million grant from CMDF for Islamic financial planning certification programme
FPAM) and IBFIM received a grant of RM1.15 million from the Capital Market Development Fund (CMDF) for their joint collaboration in the development of a certification programme for Islamic financial planning.
This certification programme is targeted at all professionals and executives serving the retail segment of the Islamic financial market. The training syllabus covers six modules covering all aspects of financial planning, similar to the CFP®, but will be in full compliance with Syariah principles and Islamic tenets.
The CMDF chairman, Datuk Zarinah Anwar said, “The Malaysian Islamic capital market is one of the most dynamic and rapidly growing in the world, but there is still much that must be done for Malaysia to be recognised as an international Islamic financial centre. To achieve this, one of the critical gaps that must be addressed is the lack of skilled resources in Islamic finance.
“The CMDF has therefore granted RM1.15 million for FPAM and IBFIM to develop a certification programme for Islamic financial planning, as this will produce qualified professionals and help build up a pool of talent with the right blend of financial knowledge and understanding of Syariah principles.”
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