MALAYSIA will be able to produce about 500 syariah financial planners annually which would help meet the future financial needs of investors said the Malaysian Financial Planning Council.
Its president Kee Wah Soong said the number can steadily increase in a year from now as the MFPC ties up with more local institutes of higher learning.
According to the Economic Transformation Programme, Malaysia has less than 300 syariah financial planners.
"Under the ETP, with emphasis on wealth and asset management, there is a need for more competent and qualified people with technical knowledge and expertise. As for syariah financial advisers, there is a need for more than the traditional advisers," he said after the signing of several memorandums of agreement (MOA) yesterday.
The MFPC signed a MOA with Open Unviersity Malaysia to develop and executive Master in Financial Planning programme as well as memorandums of understanding with four other universities for registered financial planner and syariah registered financial planner (RFP) programmes.
They are Universiti Kebangsaan Malaysia, Universiti Utara Malaysia, Universiti Sains Islam Malaysia and University College Sedaya International.
The MFPC has held two Capstone Syariah RFP programme, a fast track pathway for existing practitioners, accountants, lawyers or academicians to become a qualified syariah financial planner.
Meanwhile Bank Negara deputy governor Datuk Mohd Razif Abd Kadir, who was also present at the event, said it is important that financial planners and advisers be equipped with knowledge on the syariah requirements to be in tandem with growth of the Islamic finance industry.
He said Islamic banking assets have expanded to reach 21.6 per cent of the total banking sector in Malaysia.
The Malaysian Islamic banking sector has registered double-digit growth over the recent eight years with an average annual growth rate of 20 per cent in terms of assets.
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