I’m Now Shariah Qualified: What That Means for My Clients and the Future of Financial Planning

After over a decade advising clients in tightly regulated markets such as Singapore and the UK, I’m proud to share that I am now Shariah qualified to offer Islamic financial planning services. This milestone is more than a personal achievement. It’s a step towards meeting a growing need in the market and, more importantly, serving a community that has long been overlooked.

How COVID-19 Highlighted the Need for Financial Planning in Malaysia

During the COVID-19 pandemic, many Malaysians, “including high-income earners”, were forced to withdraw from their KWSP retirement funds just to get by. This exposed a harsh truth: even those with seemingly stable incomes were not financially prepared for emergencies. The pandemic became a turning point, opening people’s eyes to the real importance of planning ahead.

When I first entered the financial services industry, financial planning was still a foreign concept in Malaysia, even among the affluent. That was one of the reasons I chose to begin my career in more mature financial markets abroad. In many countries, personal finance is not part of the school or university curriculum unless you choose to study it. That early gap in education is still evident today.

Bringing Global Financial Planning Experience Back to Malaysian Clients

After the pandemic, I began shifting my focus back to Malaysian clients. I wanted to help them understand the value of financial planning, not only for retirement but for long-term security at every stage of life. I became a Licensed Financial Planner through the Malaysian Financial Planning Council (MFPC), which allows me to remain independent and recommend solutions that are genuinely in my clients’ best interests, without being tied to any single provider.

Given my background in regulated markets, obtaining the right qualifications was never optional. It’s about protecting my clients, offering professional and compliant advice, and ensuring their needs come first.

Why Shariah-Compliant Financial Planning Matters for Muslim Malaysians

Despite everything I had put in place, I realised there was still a significant gap in my services; Shariah-compliant planning for Muslim clients. The figures speak for themselves. According to Bank Negara Malaysia and Majlis Agama Islam Selangor (MAIS), over RM70 billion in frozen assets have resulted from unresolved estate distributions among Muslims.

Unlike non-Muslims, whose estates follow the Distribution Act when no will is in place, Muslims must follow Faraid which is the Islamic inheritance system when they die intestate. It’s a highly structured process, and without proper planning, it often leads to confusion, disputes, and lengthy legal delays.

When I spoke with Muslim clients and asked whether they had planned for this, the most common responses were “no” or “I’m not sure.” It wasn’t that tools or products didn’t exist, it was more a matter of “limited awareness and education”. That’s what motivated me to pursue Shariah qualification. It was not just to provide compliant solutions, but to bridge this knowledge gap.

What Is Modern Islamic Financial Planning?

As a non-Muslim holding a Shariah qualification, I want to introduce what I call Modern Islamic Financial Planning; a practical, transparent, and values-driven approach. Every recommendation I make is grounded in Shariah principles, with clear explanations about the reasoning behind each strategy.

It’s essential that financial planning feels accessible and easy to understand. Many clients feel overwhelmed by unfamiliar Arabic terms, which can create unnecessary fear or hesitation. My goal is to simplify these ideas, use plain language, and empower Muslim clients to make informed and confident financial decisions.

Global Rise of Shariah-Based Investment and Estate Planning

Interestingly, Shariah-based financial planning is also gaining ground outside the Muslim world, particularly in developed markets. Terms like Maqāṣid al-Sharī‘ah, Wassiyyah, Sukuk, and Fiqh are becoming more widely recognised and they shouldn’t feel foreign in Malaysia.

At its core, Shariah-based planning isn’t vastly different from conventional methods. It simply follows a structure that aligns with Islamic values. What truly matters is the framework, the intention behind it, and the clarity with which it is delivered.

Empowering Muslim Malaysians to Build Wealth with Shariah-Compliant Strategies

Financial planning should never feel exclusive or overwhelming. Whether it’s conventional or Shariah-based, the aim remains the same which is to help individuals and families build, preserve, and eventually pass on their wealth in a way that reflects their values.

With the right guidance and accessible tools already available, we have the opportunity to empower the Muslim community in Malaysia to take control of their financial future. I’m honoured to be part of that mission.

Please reach out to me at sureshraj@melbournecapitalgroup.com if you have any questions regarding Shariah-compliant financial planning.