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Thursday, January 2, 2014

'Islamic Wealth Management next phase of growth for Islamic Finance' - Tun Dr Mahathir Mohamad

KUALA LUMPUR: Some two years ago, Malaysia’s former Prime Minister Tun Dr Mahathir Mohamad delivered a thought-provoking talk themed “Islamic Finance as the means for Revival of Islamic Renaissance.” He spoke at length on how managing wealth efficiently can contribute to a country’s growth.

What Dr Mahathir was trying to say was by leveraging on expertise and skills, especially in wealth 
management, a country can benefit not only from the spinoffs of the products but also the potential of the industry moving forward.

Managing wealth, according to him, is not just commercial sense, but it is also a duty and responsibility for Islamic bankers and financial experts to take on so that wealth can be better managed which can further lead to the awakening of Islamic renaissance.

“The wealth of the Muslims and their banking system should enable Islamic countries to grow and become fully developed.

“If they have not been able to develop their countries, it is due to their failure to acquire or innovate ways of using their resources and wealth in a productive way,” he said.

Dr Mahathir said wealth is not just for acquiring and enjoying the good things of life.

From wealth itself, it can create more wealth through management skills, through investments, through application of the resources acquired to produce goods and services and to trade.

Wealth does not only contribute to the development of good administration, but also the building of infrastructures, while at the same time eradicate poverty.

More importantly, wealth can contribute to the acquisition of knowledge, which is really necessary for a country to become a developed nation.

Why is this niche industry was given emphasis for the past few years? For some time now, the focus has been on the conventional wealth management but industry players and the investing public are gradually realising that the potential also lies through Islamic instruments.

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