Submitted by: Submitted by aman0109
Views: 426
Words: 3769
Pages: 16
Category: Business and Industry
Date Submitted: 11/03/2012 07:56 AM
INTRODUCTION
Wealth in Arabic term is known as 'al-ghina', which means 'no needs or needs less' and wealthy is known as 'al-ghaniyu' means 'self sufficient', which is one of attributes of God. As Allah says in Al Quran
"To Him belongs all that is in the heaven and on the heart: for verily God - He is free of all wants, worthy of all prices" (Qur'an: 22:64)
and in another verse, Allah says,
"Thy Lord is self sufficient, full of mercy…" (Qur'an: 6:133,).
From the above verses, basically wealthy in Islam consists of two elements of life; physical and spiritual. The first dimension describe the possession of materials which is known as 'Maal' which basically means 'property, assets or what ever mankind posses'. The latter indicates spiritual dimension such as knowledge and virtue that reside in their souls.
Islamic wealth and fund management is the professional management of Shariah-compliant securities and assets based on Islamic principles to achieve set financial goals. The scope of activity involves financial analysis, asset and securities selection, investment planning and ongoing monitoring of investment funds. Both individuals and institutions may become Islamic wealth and fund managers through the provision of related services. Therefore, in this term paper we evaluate some of literature pertaining to Islamic wealth management that related to the current products and services as well as some issues and challenges.
CRITICAL OVERVIEW ON CONCEPT OF ISLAMIC WEALTH
MANAGEMENT
Today, the global Islamic wealth and fund management sector is on the rise caused by strong demand from Muslim and non-Muslim investors. The rising affluence of Muslim communities, who wish to invest surplus funds in a Shariah compliant manner, has been a crucial factor in the growth of the industry. The non-Muslim investors invest in the Shariah compliant funds for investment diversification.[1]...