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By Shareen Han

Bandar Seri Begawan - Bruneians are advised to start nurturing a culture of Islamic financial planning early to 'release themselves from facing the pressures of financial problems later on in life.

Pehin Orang Kaya Seri Dewa Major General (R) Dato Seri Pahlawan Mohammad Daud, Minister of Culture, Youth and Sports said that Islamic financial planning allow individuals and families to manage their finances in an effective and systematic manner, as well as achieve other objectives that meet the requirements of Islamic law, or Shariah. "These objectives, among others, include accomplishing a comfortable standard of living for oneself and their beloved family members," he said at the launching of second Brunei Islamic Financial Planning Week yesterday.

He further remarked that a culture of financial planning could only be regarded as part of the Bruneian lifestyle if financial planners are entrusted with the responsibility to help customers fulfill their needs.

"An effective financial planner needs to use an appropriate approach and not just promote a particular financial product".

"Failure to follow a holistic approach will hinder and halt the development of Islamic financial planning industry," he added.

He also emphasised that all financial planners must be equipped with the necessary knowledge and skills of financial planning through a systematic education. The Minister believed that the introduction of innovative Islamic financial products which involves the wider community, can speed up Brunei Darussalam's efforts to become a respectable international Islamic Finance Research and Development Centre.

Meanwhile, Farris Faizal Hj Rahman, project manager of Brunei Islamic Financial Planning Week, encouraged banks and Islamic insurance or Takaful companies in the country to hold similar seminars in providing more information to the public on the concept and financial products of Islamic banking.

"The uniqueness of Islamic banking including savings, investments and risk management through Takaful, will give after sales service to their customers, especially those who need financial planning services," he said.

Farris also hoped that the annual Islamic financial planning week would display the importance and necessity of financial planning to build a strong and firm financial base.

The three-day Brunei Islamic Financial Planning Week is organised by Brunei Group of Companies, offering consultancy, educational and entertainment services. Several working papers were also tabled at the seminar. -- Courtesy of Borneo Bulletin

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