Wealth management as terminology is ‘a comprehensive and cohesive system aimed at protecting and preserving assets, growing and accumulating assets, and transitioning assets, a holistic approach that seeks to coordinate high net worth individuals; needs over their lifetimes with the needs of their families. It is the ability to engage in all aspects of our client’s financial situations. Wealth management is the most attractive and undervalued business for the banking universe in 2013, and global banks with wealth-management divisions. In the current uncertain macro and regulatory environment, wealth management is the only business in banks with low volatility in earnings and high return on equity and one that is less likely to be affected by new regulations. Because of this and other reasons, wealth management should be a big area of structural growth during the next few years for global industry players.
From global economy events of 2008 – the credit cruch, the financial crisis, and the ensuing panic-cast a long shadow into 2010, having destroyed trillions of dollars of wealth. Among the worst hit were retail investors and the segments that bore the brunt were those with the most to lose : the rich and the very rich. Tried and true investmen wisdom failed to counter this historic crisis (Bank Sarasin, 2010).
The Islamic Wealth Management industry, like the coventional financial sector, is facing perhaps its most challenging period and, at the same time, its greatest opportunity, for both investors and service providers (Bank Sarasin, 2010). As ever, understanding the very complex needs of client will be a paramount importance, as will offering solutions that meet or exceed their expectations. Investors, especially the rich, are invariably sophicticated and Islamic investors are no eception. Now, more than ever, clients will be looking for strong and impartial advice. This could be the opportunity that islamic wealth management industry has been waiting for. It is for those reasons we are pleased to conduct The 1st International Conference on Islamic Wealth Management(ICIWM).
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