UTAR and Menara Syariah collaborate on Islamic Wealth Management seminar

UTAR, in collaboration with the management of Menara Syariah Twin Tower, Indonesia, successfully organised a seminar titled Islamic Wealth Management on 7 February 2025 in Jakarta. The seminar aimed to provide insights into wealth management practices based on Islamic principles, strengthening academic and professional ties between Malaysia and Indonesia.

Academics from UTAR’s Faculty of Business and Finance (FBF), namely Dr Kuah Yoke Chin, Dr Nurul Afidah binti Mohamad Yusof, and Puan Nurul Ikma binti Haris, conducted the seminar. It facilitated knowledge exchange on Shariah-compliant financial practices, emphasising the shared commitment of both institutions to advancing Islamic financial literacy.

The seminar covered three fundamental aspects of Islamic wealth management, namely wealth protection, which involves strategies for risk management and the application of Shariah-compliant financial instruments to safeguard wealth while adhering to Islamic principles; wealth purification, which emphasises the role of zakat, waqf, and sadaqah in ensuring ethical wealth accumulation while promoting social welfare; and wealth distribution, which highlights the importance of Islamic inheritance laws, particularly wasiyyah, in ensuring fair and just asset distribution according to Shariah principles.

The seminar highlighted the increasing interest in Shariah-compliant wealth management. Key insights included the differences between takaful and conventional insurance, with a focus on the cooperative and risk-sharing nature of takaful. Discussions also explored the practical applications of zakat and waqf in both Muslim and non-Muslim communities, and the structured asset distribution approach of Islamic inheritance laws. The event reinforced the ethical and holistic approach of Islamic finance in achieving long-term financial sustainability.

The seminar featured an engaging Q&A session where participants raised thought-provoking questions on ethical wealth accumulation and distribution. Notable discussions revolved around takaful, zakat, waqf, and inheritance planning. Many attendees, particularly those from conventional insurance backgrounds, expressed keen interest in understanding how takaful differs from conventional insurance models. The session also included active inquiries from non-Muslim participants on the broader social applications of zakat and waqf. One question that sparked a lively discussion was whether zakat provisions might discourage individuals from striving to earn their own livelihood.

The seminar provided valuable insights that enhanced participants’ understanding of how Islamic finance contributes to the financial system. By highlighting the ethical and risk-sharing principles of Shariah-compliant financial instruments, the discussions encouraged a deeper appreciation of how Islamic finance promotes financial inclusion and social responsibility.

UTAR and Menara Syariah expressed optimism about future collaborations, with discussions ongoing to organise additional seminars and masterclasses on various aspects of finance. These initiatives aim to strengthen further cross-border academic engagement and professional cooperation in Islamic finance.