TO SUPPORT and encourage the growth of Islamic finance in the country, Takaful Brunei Keluarga Sdn Bhd (TBK), a subsidiary of Syarikat Takaful Brunei Darussalam Sdn Bhd, has made a commitment to help the public understand about the importance of Islamic Financial Planning through its Certified Islamic Financial Planners.
TBK aims to realise the goals of Autoriti Monetari Brunei Darussalam (AMBD) to ensure financial literacy among Bruneians, through consultation services and the use of social media to educate the public about planning, managing and protecting their finances.
According to a press release, Islamic Financial Planning is defined as a process of meeting life goals through the management of finances in accordance with Syariah compliance. Through TBK’s Islamic Financial Planners, customers are given a structured guideline that can enable them to achieve and protect both their financial and life goals, including purchasing a dream home, performing the Haj or Umrah, comfortable retirement or setting up a protection and savings plan for their children’s education.
The principles and ethics of Islamic finance are based on the five foundational goals (Maqasid) of Syariah, in which the preservation of wealth is to be achieved by five components: Wealth Generation, Protection, Accumulation, Distribution and Purification.
Wealth Generation reflects on the Islamic obligations to earn an honest income, including through means of trade and other economic activities.
Wealth Protection aims to protect the accumulated wealth against financial risks and unpredictable circumstances such as death, inability to work, chronic illness and old age.
Wealth Accumulation is a system of management that seeks to achieve reasonable capital growth with the primary objective of preserving accumulated wealth through savings, Sukuk and other Syariah-compliant means.
Wealth Distribution seeks to establish proper planning so that the customer’s accumulated wealth can be managed and distributed through gifts (hibah), donations (tabarru’/sodaqoh), trusts and charitable endowments (waqaf) and death wills (wasiyyah).
Wealth Purification is achieved when certain obligations have been met in regard to accumulated wealth and assets, so that the poor and underprivileged can benefit from it as well, by means of charitable purposes.
Meanwhile, with Islamic finance already one of the fastest growing sectors in the global financial industry, TBK is also offering Islamic Financial Planning to non-Muslims, who find its values and ethics more appealing than traditional banking.