Islamic financial planning advice on offer at BIBD

Nurul Jafriah Abdullah (C) and Hjh Isnora Minudin (R) pose in a photo with Bank Islam Brunei Darussalam (BIBD) managing director Javed Ahmad. Picture: BT file

Monday, February 6, 2012

TO ENHANCE financial literacy pertaining to Syariah law, customers of Bank Islam Brunei Darussalam (BIBD) can now sought Islamic financial advice from the bank's recently qualified Islamic Financial Planners (IFP).

In an interview with The Brunei Times, both Nurul Jafriah Abdullah and Hjh Isnora Minudin felt it is a privilege following their success in obtaining their recent qualifications in addition to being Chartered Financial Consultants (ChFC) themselves.

"We feel privileged because it is our responsibility as a banker to communicate the information that we have to educate the people (on financial planning). Anyone who needs our assistance, we are more than happy to provide our advice," said Nurul Jafriah.

As a qualified IFP, Hjh Isnora feels the responsibility is much heavier when it comes to giving the best in the sharing of information and educating customers in order to make sure the customers have their own best practice on financial planning.

With the qualification attained, the IFPs are more confident they are giving the most appropriate financial advice to BIBD's customers.

According to Nurul Jafriah, Islamic financial planning advice is open to all of the bank's customers regardless of their religious faith as there are benefits gained in understanding Islamic financial planning and non-muslim customers who have relatives who are Muslim would also find the advice equally relevant.

In the types of financial advice offered by the IFPs, Nurul Jafriah offered an example where their advice would come useful in terms of wealth distribution according to Islamic law.

"For example, if a Muslim passed away without leaving a will, the Islamic distribution of wealth will be affected because families may not agree to it. Also, it is more expensive in terms of all the regulatory works compared if they had prepared earlier," said Nurul Jafriah.

In this regard, Nurul Jafriah explained their role as IFPs is to educate, guide and remind customers on the type of options available to them in wealth distribution such as writing a will, leaving a Hibah (gift), a Waqaf and Faraid law.

This is "so that customers would be ready to face the challenge and the family they leave behind would not have to go through all the hassle," she said.

With BIBD being the first bank in the Sultanate as well as Southeast-Asia to send representatives to enroll in the Islamic financial planning programme, Nurul Jafriah and Hjh Isnora noted that the rising popularity of IFP is evident in Malaysia, Singapore and even the United States.

In addition to offering conventional financial advice, the IFP duo can be approached for Islamic financial planning advice in a range of areas such as Risk Management and Takaful (Insurance) Planning, Islamic Investment Planning and Zakat and Tax Planning to name a few.

Customers who are interested to find out more about BIBD's financial planning services can visit the bank and its branch to get in touch with one of their certified financial planners.The Brunei Times