Sarasin-Alpen (Oman) LLC, a subsidiary of Bank Sarasin (Switzerland), says it has developed an entire suite of Wealth Management solutions based on guidelines in Quran. “The bank is targeting high net worth individuals in Oman,” Fares Mourad, Head of Islamic Finance, Bank Sarasin, said in an exclusive interview with the Observer.
The Islamic Wealth Management suite provides a full spectrum of Shariah-compliant banking products and services, estate and succession planning, financing and asset management, offering money market and structured products such as Wakala, Murabaha and Maraya, he added. Bank Sarasin has established a Shariah Advisory Board in Switzerland, comprising three members, namely Dr Mohamed Ali Elgari,
Dr Muhammad Imran Ashraf Usmani and Dr Monzer Kahf. Fares said “the board ensures that the offerings are in line with principles enshrined in Quran.” The Islamic wealth management industry remains one of the fastest growing sectors in the Middle East and last year sparked high interest outside the region with global fund assets reaching over $1 trillion during 2010. Fares said in its recently released annual Islamic Wealth Management Report-II, the bank provides a stronger focus on Islamic Financial Planning.
Islamic Financial Planning, an obligation outlined in Quran, involves the acquisition, preservation and philanthropic distribution of wealth. Since Muslims must have a will, a proper estate planning is required, often including a trust structure.
Islamic Financial Planning, an obligation outlined in Quran, involves the acquisition, preservation and philanthropic distribution of wealth. Since Muslims must have a will, a proper estate planning is required, often including a trust structure.
Islamic estate planning has two major instruments — an irrevocable gift during a lifetime, which can be personal or in the form of Waqf (endowment of a public or private cause) and a will allowing for a maximum of one-third of the estate to be passed on to any designated charitable entity or person.
The elements of such a will and testament (wasiyah, regarding the transferable third), include distribution to charities and to persons who are not ordained to inherit, such as the grandchildren of surviving children (parents are first in line to receive, rather than grandchildren, unless the parent is deceased) and friends.
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