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Islamic Financial Planning.

By Nurin Hamid – IFP

Islamic Financial Planning

The misconception that financial planning is solely for finance professionals or experts. However, this assumption does not accurately represent the reality of the situation. Financial planning is a structured approach aimed at achieving clear and realistic goals, designed to serve the retail segment of the financial market by developing strategies that effectively guide individuals toward their financial objectives.

In current digital era, the importance of financial planning extends beyond the above, it includes raising awareness of fraud and scam prevention. These issues have become increasingly sophisticated and by integrating knowledge in financial planning, it allows individuals to protect their assets and secure their decisions.

Islamic Financial Planning incorporates essential elements that align with ethical principles and Shariah compliance, while maintaining a structure nature of traditional financial planning. This discipline provides guidance on the responsible management of income, wealth and estate distribution, all in accordance with the values of equity, transparency, and the welfare of the community.

Core Element in Financial Planning

Islamic Financial Planning also comprises of SIX (and some may categorised FIVE elements which combine Investment & retirement plan as one element) main elements which is similar to the standard Financial Planning. However, this website will focus on Islamic Financial Plan.

Islamic Estate Planning - The final planning phase encourages us to distribute our assets for our beneficiaries accordingly though Will, Hibah, Waqaf and Living trust. It wil avoid or minimize any hassle among the beneficiaries later.

Takaful & Risk Management - Risk management is to mitigate and identify risks through effective financial and takaful management. This method is one of the most important area to make sure the sustainability of income for our family in the event of unforeseen circumstances such as pre-mature death, disability or critical illnesses.

Zakat & Tax Plan - Managing our responsibilities toward taxes for the country and fulfilling our obligation for Zakat is somewhat a must. Nevertheless, we should be doing it properly and systematically.

Retirement Plan - Planning for our retirement years strategically during our working years to achieve financial independence when we retire is utmost important because our future is uncertain. Usually at retirement starts at 55 years and above.

Investment Plan - Investment plan is method to allocate our assets in different financial instruments which focus to meet our financial goals and grow our wealth. A systematic investment portfolio is also to accumulate and optimise our wealth.

Networth & Cash Flow Management - Understand our Networth value helps us to manage our income, expenses and budget accordingly. By understanding our balance sheet, manage our asset and liabilities we will be able to meet our future financial goals.

Nurin Hamid

Nurin Hamid brings over 25 years of experience in the banking and finance industry, with the past 15 years dedicated to Islamic Financial Planning. She holds a BSc (Hons) in Actuarial Science and is a certified Islamic Financial Planner (IFP), reflecting her commitment to providing ethical and Shariah- compliant financial solutions.

She held both licenses, a Financial Planner Representative regulated by Securities Commission (SC) and a Financial Adviser Representative regulated by Bank Negara Malaysia (BNM). This dual licensing enables her to offer comprehensive financial planning services that effectively combine investment and protection strategies within a strong regulatory framework

She was also appointed as a panel member for Malaysia’s National Occupational Skills Standards (NOSS) in pre-financial planning skills development by the Department of Skills Development under MoHR.

Nurin Hamid
FAR & FPR – Phillip Wealth Planners Sdn Bhd

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Financial Adviser Representative (FAR) & Financial Planner Representative (FPR)

FAR roles are to offer comprehensive financial advisory services, particularly in insurance, takaful, and risk management. iFARs, on the other hand, specialise in Syariah-compliant advisory, ensuring all recommendations adhere to Islamic financial principles. Both provides unbiased and client-centric advice to help individuals make informed choices across a range of protection and financial planning solutions.

FPR roles are to provide comprehensive financial planning services, particularly in investment-related products and capital market instruments. They assist clients in making informed investment decisions, managing portfolios, and achieving long-term financial objectives.

They are bound by strict regulatory frameworks under the Financial Services Act 2013 (FSA), Islamic Financial Services Act 2013 (IFSA), and Capital Markets and Services Act 2007 (CMSA) and to upholding ethical standards and acting in the best interest of their clients.

Area to be specialised:

Comprehensive Financial Planning
Provides and assists clients with holistic financial planning services by evaluating their current financial status, developing personalized strategies and creating justifiable financial plans. This process includes continuous monitoring and adjustments to optimize financial health, ensuring resilience and stability in both favorable and challenging economic conditions.

Takaful and Risk Management Advisory
Guides and assists clients in managing financial risks by addressing potential liabilities, lifestyle protection, healthcare coverage, and investment security through Takaful plans. As a Shariah-compliant solution, Takaful offers a collaborative approach to risk mitigation, ensuring ethical and contingency-based financial safeguards.

Investment Portfolio Plan
Provides and assists clients with comprehensive support in managing their investment portfolios, including private mandate portfolios across global, Asia-Pacific, and local markets. Services incorporate the management of equities, unit trusts, and private retirement schemes (PRS). Investment strategies are tailored based on assessment of clients’ financial circumstances, risk tolerance, and investment objectives, aiming to maximize portfolio performance.

Islamic Estate Plan Specialist
Provides and offers expertise in managing Islamic estate plans, covering Wasiat (Islamic wills), Hibah (gifts), Waqaf (endowments), matrimonial assets, and living trusts to ensure effective asset distribution and debt resolution in case of unforeseen circumstances. While Muslim estate distribution follows Faraid law, requires proactive action for implementation. This role ensures the necessary measures are taken to fulfil obligations and alignment with Islamic principles.

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