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Islamic Private Banking and Wealth Management
Islamic Capital Partners, May 2008, Pages: 15
Private Banking
Private banking is an exclusive form of banking and advisory service provided to ‘high net worth individuals’ (HNWIs). As the name implies this service is rendered on a very personal and customized basis usually through dedicated advisors, in contrast to retail banking which is offered to the mass market.
In addition to providing exclusive investment-related advice, private banking goes beyond managing investments to address a client’s entire financial situation. The array of services offered by private banks aim at protecting and growing assets in the present, providing specialized financing solutions, planning retirement and passing wealth on to future generations.
Wealth Management
Wealth management is a professional service, provided to HNWIs and families, which is a combination of financial/investment advice, accounting/tax services, and legal/estate planning for one fee. In general, wealth management is more than just investment advice, as it encompasses all parts of a person’s financial life.
Wealth management is a relatively new financial service in which the wealth manager helps clients in achieving life goals through the proper management of their financial resources. Unlike a money manager, a wealth manager provides highly personalized services tailored to the specific needs of each of his client. Thus, in designing a client-specific plan a wealth manager will be concerned with data gathering, goal setting, identification of financial (and non-financial) issues, preparation of alternatives, recommendations, implementation, periodic reviews and revision’s of client’s plan. Consequently, due to the requirement for individually customizing the services, the wealth manager’s success is not measured by performance relative to other managers but rather client’s success in meeting his individual goals.
Learning Outcome Statements
The candidate should be able to:
1 Appreciate the difference between conventional and Islamic private banking and wealth management
2 Comprehend the portfolio management process and its application to Islamic private banking and wealth management
3 Appreciate the benefits for both clients and investment advisors of a formal IPS
4 Discuss how to set risk and return objectives for an individual investor’s portfolios
5 Understand the concepts of risk assessment and risk taking attitudes of individual investors
6 Discuss major constraints faced by an individual investor
7 Demonstrate knowledge of duration and asset allocation strategies used in managing investor portfolios and their effects on buying and selling strategies
8 Understand the general portfolio design of conventional and Islamic investment portfolios
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