Edbiz Consulting ties up with Labuan IBFC

KUALA LUMPUR: London-based Islamic finance advisory firm, Edbiz Consulting, has partnered with Labuan International Business and Financial Centre (Labuan IBFC) to produce an Islamic Wealth Management Report (IWMR) to be published in the last quarter of 2015.

In a joint statement, they said the report would explore the growth of Islamic wealth, highlighting its concentration in different regions, providing crucial business intelligence to supply-side leaders and potential clients of the IWM industry.

"The IWM sector remains one of the few untapped areas left in the industry and by bringing this report to market, we hope to initiate a robust discussion surrounding the utilisation of syariah-compliant wealth structures and specifically private wealth management structures," said Labuan Financial Services Authority director-general Datuk Ahmad Hizzad Baharuddin.

Aimed at identifying and addressing the discrepancy between the supply of global IWM solutions and the growing demand for such products and services, the IWMR would be an essential tool to practitioners, they said.

The report will also include a perception survey of the IWM industry to identify demand and supply gaps.

"With the increasing number of Muslim individuals and families appearing in the global wealth list and growth in Islamic financial assets, it is not unrealistic to assume that there is an increase in Islamic wealth globally.

"It is, therefore, high time that a report analysing the developments, products and solutions in IWM is produced, which should help the players to narrow the demand-supply gap," Edbiz consulting chairman Professor Humayon Dar said.

They said despite the volatile market and uncertain geo-political conditions, the global wealth management industry is growing at an estimated average of 8% annually, with total assets under management expected to reach US$345 trillion (RM1.27 billion) by 2016. – Bernama