Islamic Financial Planning
Foremost, Islamic financial planning is financial planning for the Muslims. When performing financial planning for a client wishing to adhere to Islamic laws (Sharia), the same financial planning process applies but certain aspects where Islamic laws are applicable must be attended. The Islamic laws are universally applied to all Muslims but in certain countries, these Islamic laws are applied differently, largely from the administrative aspects. Where the law of the land is silent on the Islamic rules - mostly in countries where Muslims are not the majority - the Muslims are expected to adhere to the Islamic laws as a religious matter.
The Islamic laws are numerous but in relation to financial planning, the major components are Takaful, Shariah-compliant Investment, Zakat, Islamic Estate & Faraid, and Waqf.
The IFP (Islamic Financial Planner) is the first formally recognized designation to train and certify financial professionals in Islamic financial planning. It is developed by Financial Planning Association of Malaysia and Islamic Banking and Finance Institute Malaysia. The IFP qualification is recognized by the Securities Commission and Bank Negara Malaysia for licensing purposes. For more info, visit http://ifpexchange.com