UNDERSTANDING THE SHARI AH PRINCIPLES OF INVESTMENT & WEALTH GENERATIONS

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1 UNDERSTANDING THE SHARI AH PRINCIPLES OF INVESTMENT & WEALTH GENERATIONS Organized by: Federation of Investment Managers Malaysia Date: 9 May 2012 Venue: Bukit Kiara Equestrian and Country Resort Arbayah Ismail, Moreclass (M) Sdn Bhd

2 Speaker s Profile - Arbayah Ismail, C.A.(M), CFP, IFP Arbayah Ismail is the Managing Director of Moreclass (M) Sdn Bhd, a company established since She has been in financial planning industry for more than 10 years and involved directly with individual clients as well as corporate clients in relation to the financial planning issues. She encourages holistic financial planning approach for effective implementation of strategies in order to achieve the client s financial objective at every stage of their life. She has managed more than RM100million portfolio for the clients in various aspects of financial planning including investment, protection & takaful and inheritance planning. Because of her passion for Islamic Financial Planning, she shared her knowledge and experiences with many organizations for the seminars and training program. As the founder for Moreclass, she developed the company as financial services firm that provide Shariah compliance solutions for the clients which focus on their needs and objectives. Apart from financial planning, she has more than 20 years experiences in corporate management from her services with Telekom Malaysia where she embarked on a long and illustrious career ending in December 1999 when she left the company as Vice President (Financial Controller) to join Moreclass (M) Sdn Bhd. Her field of interest include Accounting, Funds Management, Financial Analysis, Corporate Planning, Financial and Business Corporate Advisory. She is also a licensed financial planner in partnership with CTLA Financial Planners Sdn Bhd and an Islamic Financial Planner with Moreclass Wealth Advisory Sdn Bhd.

3 SESSIONS SESSION am to 10.30am SESSION am to 1.00 pm Overview Islamic Investments 1.00 pm 2.00 pm Break for lunch SESSION pm 3.30 pm SESSION pm 5.00 pm SAC and Shari ah Compliant Securities Development of Islamic Capital Market

4 OBJECTIVES Explain Shari ah as the foundation of Islamic investment Explain the concept of wealth in Islam Explain the Islamic perspective of investment Explain the non-allowable elements in Islamic investment Explain Islamic risk management and asset allocation

5 OBJECTIVES Understand the role of Shari ah Advisory Council of SC and its structure Understand the cleansing method process for investors Overview of development of Islamic capital market Explain the advantages of Islamic investment Explain the relationship between Islamic investment and socially responsible investing (SRI)

6 SESSION to 10.30am OVERVIEW OF SHARI AH SOURCES OF SHARI AH CONCEPT OF WEALTH IN ISLAM ISLAMIC PERSPECTIVE OF INVESTMENTS

7 OBJECTIVES Explain Shari ah as the foundation of Islamic investment Explain the concept of wealth in Islam Explain the Islamic perspective of investment

8 OVERVIEW OF SHARI AH Shari ah literally means a way to the watering place of a path to the source of happiness and salvation. Al-Quran 45:18 And now have We set you (O Muhammad) on the right path of religion; so follow it, and follow not the whimsical desire (hawa) of those who know not.

9 OVERVIEW OF SHARI AH Refers to the body of Islamic law based on Divine guidance that covers all aspects of the Islamic faith, including beliefs, practices and ethics. Al-Quran 45:18 And now have We set you (O Muhammad) on the right path of religion; so follow it, and follow not the whimsical desire (hawa) of those who know not.

10 SOURCES OF SHARI AH 2 sources of Shari ah Primary Sources - Are revealed knowledge. Its origin is divine. - Al-Quran & As-Sunnah Secondary Sources - Are produce of human reasoning through the process of ijtihad. - Ijtihad is striving or exertion by a Shari ah scholar to derive a ruling of a particular issue from sources. May contain error.

11 SOURCES OF SHARI AH Shari ah is based on: Primary sources: 1) Al-Quran from Allah s.w.t 2) As-Sunnah saying, doing and tacit approval of the Prophet Muhammad s.a.w Secondary sources: 1) Ijma consensus of opinion 2) Qiyas analogical deductions 3) Maslahah public interest 4) Istihsan juristic preference 5) Urf customary practices 6) Others

12 SOURCES OF SHARI AH Ad-din ul-islam (The way of Islam) Aqidah (Belief) Shari ah (Practices and rules) Akhlaq (Ethics) Ibadah (worship) Muamalah (wealth) Jinayah (crime) Syakhsiyah (personal) Zakat Takaful Investment Islamic Estate

13 FIQH MUAMALAT Fiqh literally means understanding Fiqh is the theory and philosophy of law It is an exercise of intelligence and wisdom by Muslim jurists in deciding a point of Islamic law Fiqh muamalat is Islamic rules concerning wealth and trading practices

14 FIVE RULINGS IN ISLAMIC COMMERCIAL LAWS Fiqh Muamalat = Islamic commercial laws Wealth and trading practices are applied based on five rulings: Obligatory (Fardhu) Recommended (Sunnah) Permissable (Mubah) Not recommended (makruh) Prohibited (Haram)

15 FIVE RULINGS Source: Personal money June 2010 RULING (ARABIC) RULING (MALAY) Obligatory (Fard) Wajib Must perform MUSLIM S DUTY IN PRACTICE Recommended Sunat Highly recommended to do (Sunnah) Permissible (mubah) Harus Can choose to do or not to do Not recommended (makruh) Makruh Advisable not to do Prohibited (haram) Haram Must not perform

16 Examples OBLIGATORY RECOMMENDED PERMISSABLE NOT RECOMMENDED PROHIBITED Payment of zakat from wealth Giving out for charity (sedeqah) To involve in trading business Halal activities To involve in trading business-unclear activities Trading of drugs (for abuse) & alcohol (consumption)

17 FIVE LEADING LEGAL MAXIMS Custom is the basis of judgment Harm must be eliminated Acts are judged by their goal & purposes Hardships beget facility Certainty is not overruled by doubt

18 SHARI AH PRINCIPLES IN FINANCIAL TRANSACTIONS PRODUCTS SHARI AH COMPLIANT INTERMEDIARY Investment shares, futures, warrants, unit trusts, gold, real estate Takaful products family, education, medical ADVISORY Financial planning - Retirement, Protection, Education - Estate planning and distribution

19 CONCEPT OF WEALTH IN ISLAM Wealth is an Amanah (trust) from Allah that must be administered properly The relationship of owner & trustee Wealth as major means to achieve Al-Falah Al-Falah is being successful in this world and in the hereafter. It is hayyatan toyyibah (good life) plus jannah (paradise) Wealth must be balanced between spiritual and worldly obligations

20 WEALTH AS A TRUST (AMANAH) FROM ALLAH Wealth and children are the adornment of the life of this world. But the good righteous deeds that last are better with your Lord for rewards And better in respects of hope Al-Quran 18: 46 And seek, with that (wealth) which Allah has bestowed on you, The home of the Hereafter and forget not your portion of good and lawful enjoyment in this world; and do good as Allah has been good to you, And seek no mischief in the land. Verily, Allah likes not those who are corrupt Al-Quran 28:77

21 WEALTH AS A TRUST (AMANAH) FROM ALLAH From the verses, we learn that; As Muslims, he is accountable and will have to answer Allah directly on how wealth under his care had been administered in this world. Islam demands that wealth be spent prudently. As proper wealth management is required, gaining knowledge in this area are very much encouraged. Financial planning is worship because not only hardship can be avoided but al-falah (success) can be achieved thorough proper planning and execution. Muslims are encouraged to seek wealth and be engaged in wealth creation activities With the guidance of Syari ah, the Muslims endeavors will be richly rewarded Source: Personal Money, Jan 2008

22 WEALTH AS A MAJOR MEANS TO ACHIEVE SUCCESS (AL-FALAH) Whoever works righteousness, whether male or female, And is a believer verily, to him We will give hayat tayyibah (in this world with respect, contentment and lawful provision), And We shall pay them certainly a reward in proportion to the best of What they used to do (Paradise in the Hereafter) Al-Quran 16: 97

23 WEALTH AS A MAJOR MEANS TO ACHIEVE SUCCESS (AL-FALAH) From the verse, we learn that; Al-Falah is being successful in this world and the Hereafter which takes the form of good life (hayat tayyibah) and paradise (jannah). Islamic good life is attained through the balanced satisfaction of the material and spiritual needs of a man. With the guidance of Shari ah, pursuing wealth is a noble endeavor for the Muslims as it will lead to al-falah. Source: Personal Money, Jan 2008

24 WEALTH IN ISLAM Islam encourages people to become wealthy All activities is permissible as long as it is Shari ah compliant Wealth must be obtained and accumulated in a right ways Wealth must be managed and utilized wisely and prudently

25 ISLAMIC PERSPECTIVES ON INVESTMENTS Time Horizons Objectives Methods

26 ISLAMIC PERSPECTIVES - TIME HORIZON TIME HORIZONS DOES NOT END WITH DEATH A Muslims will continue to live in the hereafter. He needs to prepare and plan for it ON THE DAY OF JUDGEMENT, 5Q WILL BE ASKED About his lifetime how did he consume it About his youth how did he utilize it About his wealth how did he earn it How did he spend his wealth What did he do with regards to what he knew

27 ISLAMIC PERSPECTIVES - OBJECTIVES & METHODS OBJECTIVES WEALTH AS MEANS TO ACHIEVE AL-FALAH MUSLIM MUST STRIVE IN ALLAH S CAUSE WITH HIS WEALTH AND HIS SELF PURSUIT OF WEALTH Abide by Shari ah at all times METHODS WEALTH ACCUMULATION Must avoid non-allowable elements WEALTH UTILIZATION Leaving wealth idle without rightful consumption or unproductive investment is condemned in Islam

28 Q1 -Test your understanding The Shariah is based on revelations in which the knowledge is only obtained from Quran and Sunnah. YES NO

29 Q2 - Test your understanding Islamic views on investment and wealth can be discussed through three different perspectives. What are they?

30 Q3 - Test your understanding What are the types of Shari ah compliant intermediaries in financial planning? 1. 2.

31 QUESTION & ANSWER

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