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Introduction to Islamic Financial Planning
Transcript of Introduction to Islamic Financial Planning
SHARIFAH NAZURA BT SYED NOH
Why we learn Financial Planning?
Life is uncertain.
We all want to lead a worry-free & financially secure life.
We would be able to deal with all kind of risks in life.
Financial Planning can be defined as ….
an effort by an individual or corporation in managing the financial affairs to meet life goals.
the development and implementation of a plan of action to efficiently make the most of available resources to meet your financial objectives or goals.
the process of determining whether and how an individual can meet life goals through proper management of financial resources.
The scope of financial planning include:
Cash flow and liability management
Retirement planning and;
Concept of Islamic Financial Planning
Involves the effort by an individual/corporation in managing their financial affairs in accordance with the shariah to meet their life goals.
Elements that differentiate the two are as follows:
the additional activities/areas not found in conventional
planning for haj
payment of zakat
takaful planning and
assets distribution according to shariah,
the prime concern for Muslim investors in investment planning (wealth accumulation) is to ensure that all investment activities are shariah-compliant, and
the financing (in conventional is called borrowing) aspect must be in line with the shariah principles, one of which and the most important is, no element of riba (interest-free).
Islamic Financial Planning in Al-Quran and Hadith
“ The time! Verily, Man is in loss, except those who believe (in Islam) and do the righteous good deed and recommend one another to the truth and recommend one another to patience”.
(Surah Al Asr : 103, 1-3)
Importance of time and thus implies that we need to set our goals in life