Emeritus Professor, INCEIF, Kuala Lumpur
The Global Financial Crisis and the subsequent Eurozone crisis demonstrated the vulnerability of the wealth management industry to changing fortunes. In particular placing funds in offshore centres, either because of the perceived advantages of lightly regulated environments or tax havens, in retrospect seems to be a very risky strategy. Fortunately Gulf investors seeking Shari’ah compliant wealth management services have lost less than the Russian oligarchs placing funds in jurisdictions such as Cyprus. Where countries have banking systems that are much larger than the capacity of their central bank to regulate, or securities markets which lack transparency and are driven by insider knowledge, investors should beware.
As Islamic wealth management is supposed to be based on the moral principles of just dealings, it would be particularly inappropriate for it to be associated with offshore centres that are associated with money laundering and dubious transactions. Just because conventional financial institutions use such centres, indeed it has become the norm for institutions such as hedge funds, is not a valid excuse for the Islamic wealth management industry to follow this bad example.
Financial institutions engaged in Islamic wealth management should point out to their clients the advantages of placing funds in well regulated jurisdictions. Compliance with demanding regulatory requirements implies some cost both in terms of time and money, but it should be looked upon as a type of insurance. The temptation to take short cuts by channelling funds through lightly regulated jurisdictions should be avoided. A key principle of Islamic finance is risk sharing, but this is best undertaken in an environment which is securely regulated, as this reduces systemic or macro risk.1 Risk sharing is not a justification for excessive risk taking which is unmanaged. Rather Islamic risk sharing is at the micro, or firm level, where it can be controlled; indeed profits are viewed as a legitimate return for managing risk responsibly.
Islamic wealth management involves a variety of financial institutions, including banks that are regulated by their central banks and asset and fund management companies that are regulated by institutions such as the Securities Commission of Malaysia or the Capital Market Authority of Saudi Arabia. In both cases a major regulatory aim is to ensure clients have good information on which to make their investment decisions, which implies high levels of transparency and accurate financial reporting by Islamic financial services providers.
In the case of Islamic bank regulation however another crucial regulatory aim is to protect depositors, as although under Shari’ah the value of investment mudarabah deposits cannot be guaranteed, depositors are unlikely to maintain their funds with Islamic banks that threaten to write down the value of their deposits. Forgoing profit shares is as much as Islamic bank depositors are prepared to accept as far as bail-ins are concerned, their preference not surprisingly being for a bail-out by government rather than a bail-in for depositors in the event of the bank getting into difficulties. The concept of the value of large bank deposits of more €100,000 being written down, as was the case in Cyprus, is unlikely to be acceptable in the Islamic wealth management industry.
From a regulatory perspective a distinction is usually made between retail banks and investment banks, a distinction that dates back to the Glass-Steagall Act of 1933 in the United States which was subsequently abandoned under the Gramm Leach Bliley Act of 1999, but has again been the subject of intense debate since the Lehman Brothers collapse that precipitated the global financial crisis. Essentially as retail banks rely on customer deposits they are subject to much greater regulatory scrutiny than investment banks that act on behalf of large institutional clients and investment professionals, who should have a greater understanding of financial risk, justifying less protection.
A key issue for regulators as far as protecting high net worth individuals seeking wealth management services is whether they are engaging with retail banks, investment banks or non-banking financial intermediaries such as fund management companies.2 Regulators deal with institutions, not with individuals. The degree of regulatory protection in wealth management will depend on the institutional choices of the high net worth individual. Although it has been suggested that Islamic wealth management is best undertaken by investment banks given the complexity of many high net worth client’s finances, it is not clear that this is the case, not least as some of the structured products on offer may be of doubtful validity as far as Shari’ah compliance is concerned.3
Where Islamic wealth management services are being sought it is the regulator who will have responsibility for ensuring that there are robust systems for Shari’ah compliance within the institutions involved. It is not, however, the regulator’s job to determine what products are Shari’ah compliant, but rather to ensure that the institution engages appropriately qualified Shari’ah scholars to assess the merits of what is being offered. In some jurisdictions, notably Malaysia, there are established systems for the appointment of Shari’ah scholars and regulatory vetting.4 Regretfully elsewhere, even in majority Muslim countries, such systems have not been developed, and Shari’ah compliance is at best of peripheral interest to regulators.
The role of Islamic banks in wealth management
Most Islamic banks are retail and their involvement in wealth management is inevitably limited. Nevertheless it is increasing, not least as there are few specialised Islamic investment banks and conventional investment banks have limited knowledge of and exposure to Islamic finance as was apparent from Goldman Sachs aborted sukuk.5 Furthermore the retail Islamic banking operations of major international banks are being scaled back, as evident from the withdrawal of HSBC Amanah from the UK, the UAE, Bahrain, Bangladesh, Singapore and Mauritius.6 Its remaining operations are confined to Saudi Arabia, where it continues to part own SABB (Saudi Arabia British Bank), Malaysia and Indonesia.
The strategy of HSBC and its peers including Barclays, Deutsche Bank and to a lesser extent, Standard Chartered, was to focus on the higher end of retail banking, attracting high net worth customers seeking Islamic wealth management services. In reality there were too few customers of this type to justify the employment of substantial service teams to provide bespoke advice. As a consequence income barely covered costs.
Established Islamic banks can benefit from organic growth in wealth management from their existing client base. As the wealth of their clients grows they are demanding access to private banking facilities including relationship management, as well as bespoke wealth management taking account of their individual circumstances. The most prominent Islamic banks providing such services include Dubai Islamic Bank and Maybank Islamic. Al Rajhi offers these services in Malaysia, but in Saudi Arabia they offer only private banking and not explicit wealth management services. This is also the case with Kuwait Finance House which offers private banking from its head office and two branches, but not wealth management. Despite the increasing wealth in the Gulf, Islamic asset management outside Dubai is underdeveloped, and is some distance behind Malaysia.
Dubai Islamic Bank wealth management
Dubai Islamic Bank has branded its distinguished wealth management services as Wajaha, which encompasses not only private banking, but a range of financial planning services.7 Existing clients with a minimum of AED 3.5 million ($US 953,000) held on deposit with Dubai Islamic Bank for three consecutive months are invited to become Wajaha customers. Members can use the services of four designated centres in Dubai, Abu Dhabi, Sharjah and Al Ain which employ relationship managers, each assigned to particular clients and available at all times for advice. These managers have the expertise to analyse the client’s portfolio in the light of the client’s financial and personal goals. This enables them to give detailed advice appropriate for the client’s particular circumstances and aspirations. Most of the managers are certified financial planners.
Five structured products were offered which were managed by third party operators. These seem complex and how Shari’ah compliance is achieved is not explained. The five year Capital Protected Note invested in the Goldman Sachs Alps Fund, a fund of hedge funds domiciled in the Cayman Islands. Capital protection was provided by the London branch of Deutsche Bank. On redemption the investors had 100 per cent of their capital returned plus 80 per cent of the positive performance of the fund of funds which was targeted at 9 per cent per annum. No information was provided on management fees. The Cayman Islands domicile ensured no taxes are paid, including withholding taxes, although there is no income tax in the UAE in any case. Goldman Sacks has had mixed performances from its hedge funds, with one of the best known, the Global Alpha Fund, being closed after investors incurred significant losses.8 Despite the banks technical expertise, it has not been successful in managing funds that rely on computer driven buying and selling strategies. Whether such complex products should be offered to Islamic investors is debatable, and it is unclear if such funds add value or serve any economic purpose. Like other derivative products they seem far removed from the real economy.
An alternative to the Goldman Sacks US dollar denominated Capital Protected Note was the Shari’ah Capital Protected Note which is Euro denominated. The underlying fund was DWS Invest New Resources which focuses on equity investment in the utility, energy and commodity sectors. Like many Euro denominated funds it was Luxembourg listed, largely for tax purposes. The capital guarantee, which is only on the specified redemption date, was provided through a murabahah purchase undertaking.
A four year note and a ten year note were also offered, with the ten year note also benchmarked to the DWS Invest New Resources Fund, but without the capital guarantee. The four year note was linked to the Deutsche Bank Commodity Harvest dollar denominated fund, but with only 80 per cent of the capital guaranteed.
Investors could also buy Islamic certificates which were denominated in $100 units which paid profit distributions based on the underlying performance of the RBS (Royal Bank of Scotland) Crescent Dynamic Middle East 2 Strategy Index. The minimum investment amount was $25,000 with the funds invested for a two year period. Early redemption was possible with a one per cent penalty. Investors could expect to receive the return of their principal after two years plus a profit rate dependent on the index performance calculated quarterly. In reality the index performed disastrously over the two year period from July 2010 until July 2012 with a loss of over 90 per cent of its value.9 One explanation of the poor results was that index was tracking Middle Eastern markets which were adversely affected by the Arab Spring. Nevertheless, even by the dismal standards of these markets, the RBS index managed to fare considerably worse.
Closed end funds
The wealth management division of Dubai Islamic Bank has also offered a range of property and transportation funds to its high net worth clients. These are close ended, the first launched in 2005 being the Al Rayyan French Property Fund which invested in seven high quality commercial property developments in Paris, with the rental incomes shared by the investors. The fund was managed by Qatar Islamic Bank on behalf of Dubai Islamic Bank, with over €400 million subscribed by investors. Initially the performance was impressive with the investors getting an annual 8 per cent return. However as a result of the adverse impact of the global financial crisis on the commercial property market, compounded in the case of France by the Eurozone crisis, no pay-outs were made to investors after 2009.10 Five of the properties have now been sold, but the investors have not received the return of their capital. The remaining two properties are being retained and investors have been asked to retain their holdings for a further two years until 2015 when it is hoped market conditions will have improved. The investors are understandably anxious and have complained about the lack of information on the portfolio provided since 2009.
There are two closed ended income funds which invest in property in the United States, Al Islami US Properties Fund and the US Diversified Property Portfolio. The former has invested in seven shopping malls in Ohio and one in Indiana with the investment management provided by Investcorp Bank of Bahrain. Investcorp have extensive experience
of investment in US real estate and a good track record, hence despite the problems in the commercial property market the investments have performed in line with expectations. However its real estate investment assets had to be written down by $3.83 million in the second half of 2012 and there was a net income loss of $2.44 million.11 The US Diversified Property Portfolio, also managed by Investcorp, is less diversified than its name suggests, as the funds were invested in four self-storage facilities in Illinois and one office property in New Jersey.
The closed ended fund investments in transport include a shipping fund and an aircraft fund. The Al Islami Shipping Fund is a four year closed end fund managed by Tufton Oceanic Finance Group, a Cypriot run business with offices in London, the Isle of Man and Dubai. The fund is worth over $32 million with the minimum investment stake $25,000. The fund purchases ships which are then leased for lengthy periods with the income accruing to the investors expected to be 8.5 per cent per annum. The Al Islami Aircraft Fund is managed by Dubai Islamic Bank in-house, with the funds used for aircraft which are subsequently leased to commercial airlines.
In addition to the closed ended funds Dubai Islamic Bank offers two open ended mutual funds to its high net worth clients, the GCC Equity Fund, which has been running since 2005, and the DWS Noor Precious Metals Securities Fund. The GCC Equity Fund is managed by the Securities and Investment Company of Bahrain and the Precious Metals Fund is managed by Deutsche Asset Management. The GCC Equity Fund’s performance has been mixed, but it has gained 6.25 per cent since its inception and 8.1 per cent during the March 2012 to 2013 period. Performance is less impressive than those of rival GCC Equity Funds, notably that by the fund managed by Jadwa Investments of Riyadh, which rose by 16.29 per cent over the same March 2012 – 2013 period.
The minimum investment in the DWS Noor Precious Metals Securities Fund is $10,000 for individuals and $25,000 for institutions, a modest amount to give exposure to the gold market. Unfortunately as gold prices declined over the year to March 2013 the value of the units also declined, the fall exceeding 28 per cent. Although gold is much favoured by Islamic investors, its price has been highly volatile in recent years. The fund has the mandate to switch from gold to other precious metals, but as prices of platinum are highly correlated with those of gold, switching does not enhance performance sufficiently to justify the transactions costs.
Al Islami Muthmir
Dubai Islamic Bank offers a single contribution investment plan for its high net worth clients designated Al Islami Muthmir. The plan provides takaful cover, so if the client passes away their family will receive 101 per cent of the single contribution. The plan is open to clients aged from 18 to 70, with the maximum age for the maturity of the plan being 85. Those aged less than 60 can invest up to AED 500,000 in the plan, while for those aged over 60 the limit is AED 150,000. These limits are determined by actuarial considerations, but plan members are not obliged to have a medical examination as is the case with other family takaful plans.
The plan is managed by SALAMA, the Islamic Arab Insurance Company, the largest takafuland re-takaful operator in the world, which has been based in Dubai since 1979. For Dubai Islamic Bank clients the fund normally invests in the closed and open ended funds discussed already, but the choice of fund investment is undertaken in consultation with the client, with an assessment made of his or her risk appetite. Redemptions can be made at any time but there is a 7.5 per cent penalty for redemptions during the first year, reducing to 3 per cent by year three and zero by year five. Regular withdrawals are also possible but these will reduce the value of the plan. The takaful plan uses a wakala agency structure with SALAMA acting as wakil.
Maybank, Malaysia’s largest bank, which has been operating since 1960, started to offer Shari’ah compliant banking services in 1992 initially through an Islamic window. As business expanded it decided to open a fully-fledged Islamic banking subsidiary which now has 14 dedicated branches, in addition to the 380 conventional branches which also offer Islamic banking services. By 2013 Maybank Islamic had over 4 million customers, and has become the largest Islamic bank in the ASEAN region with assets worth over RM 91 billion.12
As the conventional part of Maybank offers wealth management services it seemed appropriate to extend these to clients of Maybank Islamic, while ensuring that all the products offered were Shari’ah compliant. The mudarabah investment accounts offered to all Maybank Islamic clients represent an important part of the portfolio of high net worth clients, but these are complemented by structured products designed specifically for such clients. These products provide exposure to equity, commodity and currency markets, the extent of and nature of the exposure being determined by the client’s appetite for risk and their financial goals.13 Some clients want short term rather than long term capital gains; others want steady income rather than capital growth.
Maybank Islamic offer a range of in-house funds, as well as those of third parties. For Islamic wealth management portfolios the Amanah Hartanah Bumiputera (AHB) Fund is recommended for those seeking a regular income stream. Maybank Asset Management administers this Shari’ah compliant fund which invests in Islamic money market instruments and real estate, with the rents providing most of the income stream. The target return of 6 per cent was exceeded for the 12 month period which ended on 31st March 2013 as the actual return was 6.6 per cent.14 One of its major investments was Tower 3, Avenue 7 in Bangsar South City which has an occupancy rate of over 90 per cent. This new green eco development is setting new standards for offices in Malaysia.
Third party funds include Hong Leong Group (HLG) Islamic Income Management Fund which invests in sukuk and Islamic money market instruments and the TA Islamic Fund which aims to provide steady capital growth over the medium to long term by investing in Shari’ah compliant equity while retaining a small proportion of cash instruments and sukukto take advantage of buying opportunities in the stock market as these arise. Usually up to 95 per cent of holdings are in Shari’ah compliant equities. Capital growth has been modest, as might be expected from an income fund, with a gain of 2.8 per cent over the five year period to April 2013.15
Although banks such as Dubai Islamic Bank and Maybank Islamic offer financial planning advice on how to invest in and manage a Shari’ah compliant investment portfolio, many investors prefer to seek independent advice. In the United Kingdom Guardian Asset Management provide Islamic financial planning services, mostly to the local resident Muslim population.16 Such services are rare in the United Kingdom, high net worth individuals mostly using the services of the specialised Islamic banks that focus on wealth management and private banking such as Bank of London and the Middle East (BLME). Their private banking services include succession and wealth transfer advice, trust and fiduciary services and guidance on philanthropy and charitable giving.17 The latter is not only satisfying to the donor and beneficial to the recipient, but can also be augmented through tax efficient donations to registered charities.
BLME, like Dubai Islamic Bank and Maybank Islamic, offers a range of funds, but in its case these are in-house closed ended funds. These include a five year Light Industrial Building Fund, a US dollar denominated income fund, a GlobalSukuk Fund targeting a return of $ US LIBOR + 5.0 per cent and property funds.18 It can also create a bespoke fund in consultation with the investor designed to meet the clients’ financial objectives subject to their risk appetite. As all the funds are closed ended, performance data is not released publically, but clients are of course advised of the returns on a regular basis and informed of their portfolio valuations.
In the GCC states there are few firms which specialise in Islamic financial planning. Fajr Investment Advisory and Islamic Finance Consultants, both of which are based in Manama and regulated by the Central Bank of Bahrain, are active, but they focus more on institutional clients, rather than high net worth individuals. The same applies in the Dubai International Financial Centre (DIFC) where four Islamic financial advisory firms are listed, Praesidium, Amanie Islamic Finance Consultancy and Education, Yassar and Zaid Ibrahim. There primarily serve other financial institutions located in DIFC, with Praesidium providing business services, including corporate Islamic wealth management,19 while Amanie and Yassar provide Shari’ah advice and compliance. Zaid Ibrahim (ZICOlaw) is a Kuala Lumpur based law firm with extensive experience of Islamic finance.
Often financial planning firms know little about Islamic finance and are unable to provide appropriate advice. Only the Financial Planning Association of Malaysia (FPAM) has addressed the issues involved on behalf of its members. FPAM provides a training and certification programme which is recognised by both Bank Negara and the Securities Commission.20 The training consists of a six module course with each module taking forty credit hours. In additional to an introductory module the course covers takaful planning; Islamic investment planning; zakat and tax planning; estate, retirement and waqf planning and plan design and professional responsibilities. The course is marketed to takaful and unit trust agents, wealth management advisors, estate planners including law firms and financial planning professionals. Unfortunately there are as yet no similar training and certification programmes offered in the Gulf.
Client risk appetites
The most challenging and often delicate task for financial planners is to discover the financial objectives of their clients. In Islamic wealth management clients of course want Shari’ahcompliance, but beyond this, what are their expectations for investment income and capital growth, and how much risk is it sensible for them to take on? Clients often don’t have predetermined objectives, and lack knowledge of what are realistic financial goals. This is where financial planners can help by pointing out what is feasible and the risks involved in different investment strategies. Good financial planning is not primarily about marketing, but about enhancing the financial education of the client and increasing awareness of the consequences of investment decisions.
The capacity and willingness to take on risk will be determined by the client’s net financial assets, their past and future income excluding investment income, age,21 state of health, gender, family size and associated financial obligations.22 Older clients may be more concerned with wealth preservation while younger clients are likely to be more focused on growing their wealth which invariably means taking on more risk. This comes down to probabilities, for example those aiming for an annual five per cent increase in wealth may have a twenty per cent probability of incurring a loss, whereas those aiming at ten per cent may have a fifty per cent probability of losses.
The relative degrees of risk with the types of assets included in a Shari’ah compliant portfolio are illustrated in figure 1. The nature of the risks of course differ, as with mudarabah bank deposits there is a default risk but only market risk with the returns, not with the capital. In contrast with musharaka there is considerable market risk to the capital invested as well as liquidity risk and problematic exit.
As qard hasan current account are usually guaranteed by the regulator or insured there is no default risk. Mudarabah invested deposits cannot be guaranteed under Shari’ah, but in practice investors are exposed to minimal risk, although their place in the pecking order in cases of insolvency is below qard hasan current account holders. Murabahah commodity funds are offered by banks to their clients as an alternative to mudarabah investment deposits, with the client benefiting from the mark-up on the buying and selling transaction. There is a delivery risk, but as the buying and selling are simultaneous with commodity murabahah, the credit risk is non-existent.
Moving up the curve sukuk holdings are subject to greater default risk but as ijara sukuk, the most popular, have a re-purchase guarantee, market risk is minimal. Equity funds, like the underlying equities, are of course subject to market risk, but the diversity provided by funds reduces company specific risk. However, if the performances of the constituent shares are highly correlated, diversity will have a minimal effect on risk reduction. Private equity holdings under musharaka structures carry the greatest risk, as with no market listing, these investments are illiquid and exit is problematic.
Financial planners will have to be conversant with the characteristics of all these types of Shari’ah based or Shari’ah compliant assets if they are to give pertinent advice to their clients. It may not be appropriate to include all these asset classes in the portfolios of most clients, but determining what to include and the weighting of the constituents are core advisory concerns for Islamic financial planners. The weighting of equities and equity funds in the portfolios will depend on the state of the stock market and share price prospects. This is where the judgement and experience of the financial planner matters.
The risk return trade off shown in the figure is a curve rather than a straight line. Taking on additional risk has a positive impact on returns, but the additional returns diminish as risk increases. Financial planners need to be able to explain this to their clients. Private equity investment using musharaka or conventional structures is unsuitable for most investors unless they have substantial amounts of safer assets. Those investing in private equity should have some knowledge of the sector, or better still the company, to which they are committing funding. Relying on advisors who have general knowledge of finance, but lack sector or sector specific knowledge, may not be wise. The financial planner can provide advice as to how the funding can be structured, but the successful investor will usually already be acquainted with those seeking funding, and ultimately the decision to proceed is a matter for the investor who should ensure that what is being contemplated is within their comfort zone.
Marketing wealth management services through advertising or other types of promotional activities is arguably less effective than establishing long term relationships with clients. High net worth individuals seek discreet personal services from professionals they can trust rather than by shopping around wealth management service providers.23 This is even more the case in Islamic wealth management where those wanting Shari’ah compliant services are both conservative and cautious. They aim to keep a low public profile, as the flaunting of wealth or the ruthless pursuit of returns is seen as non-Islamic.
It is not surprising therefore that many high net worth individuals have looked primarily to Islamic banks which they already deal with for wealth management services. In a sense Islamic banks have a captive market, the logical focus being on cross selling wealth management services to existing clients rather than seeking out new clients. Unfortunately however as this survey shows, there are few Islamic banks that currently provide wealth management services, the only two serious contenders in the Islamic world being Dubai Islamic Bank and Maybank Islamic. This shortage of providers may reflect the limited number of high net worth clients who are clients of the other predominately retail Islamic banks. In many markets Islamic banks have high numbers of depositors, but they are middle class rather than being of high net worth.
Islamic banks cannot offer unlimited choices of financial products to their high net worth clients as they cannot advise on everything. Rather Dubai Islamic Bank and Maybank Islamic have selected a range of financial products which they believe may be suitable for their clients, and their staff have been trained to explain the characteristics and uses of these products. This is the normal practice in the wealth management industry. As indicated, Dubai Islamic Bank has offered structured products, closed and open ended funds and a takafulsavings scheme all of which have been designed by specialist third parties. The takafulprovision seems to be working well but the structured products proved disappointing. Although the latter can be criticised, the provision of Islamic structured products has been a learning experience for both Dubai Islamic Bank and its clients. Maybank Islamic clients have achieved better results with their portfolios, but they are of course operating in faster growing Asian markets.
Ultimately in wealth management it is the results which matter, not the advertising or promotional activity. Recommendations from satisfied clients carry much more weight than marketing, especially in an area such as Shari’ah compliant finance where the clients often know each other. However indirect marketing and promotional activity focused on financial planners also has a role to play. This effort should be concerned with increasing awareness of Islamic financial products so that financial planners can better advise their high net worth clients. The emphasis should be on Islamic finance education geared to the needs of financial planners of the type already available in Malaysia. Clearly there is much work to be done, but there are already plenty of examples of good practice by both Islamic financial institutions and financial planners. The priority should be to ensure that this gets disseminated.
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2 David Maude, Global Private Banking and Wealth Management: The New Realities, John Wiley and Sons, Chichester, 2006, pp. 153-184.
3 Yousif A. Juma, “Islamic wealth management”, in Islamic Finance News Guide, Redmoney, Kuala Lumpur, 2007, pp. 67-68.
4 Bank Negara, Guidelines on Shari’ah Governance Framework for Islamic Financial Institutions, Kuala Lumpur, December 2010.
5 Dana El Baltaji, “Goldman Sachs sukuk row may dent industry lure: Islamic finance”, Bloomberg, December 21st 2011.
6 Patrick Jenkins and Camilla Hall, “HSBC’s Islamic closures highlight dilemma”, Financial Times, October 7th 2012.
8 Lauren Tara LaCapra and Svea Herbst-Bayliss, “Goldman to close Global Alpha Fund after losses”, Reuters, 16th September 2011.
10 Shane McGinley, “Arab investors mull legal action over $516 million fund”, Arabian Business, 10th December 2012.
11www.investcorp.com/lib/docs/100302-h1fy13financialstatements.pdf (Investcorp Bank, Interim Condensed Consolidated Financial Statements, Bahrain, 31st December 2012, p.3 and p. 10.)
12 Malaysian Ringgit. RM 91 billion = $30 billion. Figure from Maybank Islamic Berhad, Directors Report and Audited Financial Statement, Kuala Lumpur, 31st December 2012, p. 14.
14 Bernama News Services, “PHB, Matbank announces interim distribution for Amanah Hartanah Bumiputera”, Kuala Lumpur,15th April 2013.
15 Bloomberg, 19th April 2013: www.bloomberg.com/quote/HLGISIM:MK
16 Niraj Vyas, “The rise of Islamic financial planning”, Money Observer, London, 14th June 2012.
17 BLME, “Principle: Enduring wealth comes from enduring relationships”, London, 2013, p. 9.
19 DIFC, Guide to Islamic Finance in or from the Dubai International Financial Centre, Dubai, 2009, pp. 27-28.
21 Hui Wang and Sherman D. Hanna, “Does risk tolerance decrease with age?” Journal of Financial Planning and Counselling, Volume 8, Number 2, 1997, pp. 27-32.
22 Rui Yao and Sherman D. Hanna, “The effect of gender and marital status on financial risk status”, Journal of Personal Finance, Volume 4, Number 1, 2005, pp. 66-85.
23 Evert Gummesson, “Relationship marketing in the new economy”, Journal of Relationship Marketing, Volume 1, Issue 1, 2002, pp. 37-57.