2 (2) Financial Planning Industry In Malaysia

The 6 Steps of Financial Planning Processes

1)Establishing and Defining the Client-Planner Relationship. 2)Gathering Client Data and Determining Goals and Expectations 3)Analyzing and Evaluating the Client's Financial Status 4)Developing and Presenting Financial Planning Recommendations and/or Alternatives. 5)Implementing the Financial Planning Recommendations 6)Monitoring the Financial Planning Recommendation

Essentials of a Comprehensive Financial Plan

1)Personal Data 2)Client's goal and objectives 3)Identification of issues and problems 4)Assumptions 5)Balance Sheet/net worth 6)Cash flow management 7)Zakat & Income tax 8)Risk Management 9) Investments 10) Financial independence, retirement planning, education and other special needs. 11) Estate Planning 12) Recommendations 13) Implementation

Shariah Position on the Profession of Financial Planning

1. Syariah Regulation governing human activities such as spending, investment, saving etc 2. Islamic Financial Planning as Profession