Industry growth requires innovation and greater transparency
Zürich (Sarasin) – In its second annual Islamic Wealth Management Report, Bank Sarasin urges 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.
Fares Mourad, Head of Islamic Finance, Bank Sarasin & Co. Ltd: „Islamic Financial Planning is largely neglected by the Islamic banking industry. It requires a detailed process, as well as structures and products to ensure Muslim investors are fully compliant with Sharia law. We are proud to have extended our holistic approach to offer a comprehensive Islamic wealth management service.“