Bank Sarasin urges stronger focus on Islamic Financial Planning

WAM Abu Dhabi, 18 April 2011(WAM) – In its second annual Islamic Wealth Management Report, Bank Sarasin urged the Islamic banking community to take a stronger focus on Islamic Financial Planning. Bank Sarasin also calls for the industry to move forward by developing the Sharia framework, diversifying products and differentiating its offerings.

Islamic Financial Planning, a religious obligation requested in the Qu’ran, involves the acquisition, preservation and philanthropic distribution of wealth. It is a religious duty that Muslims must have a will, so proper Estate Planning is required, often including a trust structure.

Bank Sarasin’s Islamic Wealth Report 2011 provides investors with an in-depth overview of developments in the Islamic Wealth arena in 2010 and explains how best to manage assets according to religious requirements. This approach exemplifies Bank Sarasin’s aim to minimise risk and maximise opportunities for its clients, a key objective in today’s volatile markets.

This year’s Report opens by explaining the required approach to Islamic Financial Planning before focusing on the key areas of philanthropy, the family office service, mutual funds and Sukuk, before concluding with an insight into Bank Sarasin’s current economic outlook for 2011. The Report also notes that the Islamic requirement to distribute part of acquired wealth is driving philanthropic giving in the GCC region (Kuwait, Saudi Arabia, UAE, Qatar, Bahrain, and Oman). Annual philanthropic giving in the GCC is already estimated at as much as USD 50 billion.

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