Led by Faizal Bhana, Director – Middle East, Africa and India, and senior lead on Islamic finance at Jersey Finance, this (virtual) fireside chat, in-conjunction with the Commonwealth Chamber of Commerce explored the recently published Jersey Finance ground-breaking research paper: Global Attitudes to Islamic Wealth Management.
The report compiles attitudes to private wealth, fiduciary planning and succession by Muslim families, taking into account the views of over 2,000 respondents across the key markets of the UK (London), Asia (Kuala Lumpur), the GCC and Africa (South Africa) and provides unique insights into the evolving needs of Muslim high-net worth individuals, and highlights what private wealth managers, financial services providers and international jurisdictions need to do in order to meet those needs.
Key findings of the ‘Global Attitudes to Islamic Wealth Management’ report include:
- 96% of Muslim HNWIs are actively planning or preparing for wealth succession, with over half (57%) planning to seek tax advice, and nearly two-thirds (63%) seeking Shari’a compliance advice
- The Islamic finance investor base is becoming ever more sophisticated, demanding greater professionalism from financial service providers, whilst continuing to adhere to Shar’ia principles
- Islamic HNWIs are taking an active interest in ESG and ethics in making financial decisions yet over half rely on their own knowledge to do so, presenting an opportunity for private wealth managers to offer more advice and a codified approach to ethical finance
- Venture Capital is becoming an increasingly important staple asset class for Muslims HNWI investors who take a keen interest in early-stage high-growth opportunities in fintech and the digital economy, including in the GCC
- The UK continues to rank as the main staple jurisdiction for Muslim HNWI investors thanks to its legal framework, superior property rights, and inherent compatibility with Islamic law, including for financial transactions and wealth succession. Jersey is favoured by Muslim HNW families and family offices for these services, especially investment trusts
To discover more and read the complete report, click here.
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Julia Charlton Chairman, Commonwealth Chamber of Commerce
Julia is the founding and managing partner of Charltons, an award winning Hong Kong corporate finance Hong Kong law firm. Julia is admitted as a solicitor in Hong Kong, England and Wales and the BVI. She practises in the field of corporate finance, including M&A, private equity, securities, virtual assets and funds. Julia is a member of the Commonwealth Enterprise & Investment Council (CWEIC)’s Global Advisory Council. She is also a member of several Hong Kong boards and committees, most notably The Takeovers and Mergers Panel and the Takeovers Appeals Committee of the Hong Kong Securities and Futures Commission and the Listing Review Committee of the Hong Kong Stock Exchange. Julia is also a Senior Fellow of the Hong Kong Securities and Investment Institute.
Faizal is a UK qualified lawyer and for many years has worked and advised, and is a trusted advisor to institutions, corporates and families across the Middle East and Africa. Faizal specialises in banking and finance and has advised both corporates and families including on their international investment and holding structures.
Faizal is responsible for developing the strategy for Jersey Finance’s engagement in Africa, the Middle East and India. He is focussed on his key markets, regularly travelling to all these countries, liaising and working with key stakeholders, including public and private institutions, corporates and families, building long term mutually beneficial relationships.
Faizal graduated with a first class in his undergraduate Law (LLB) Honours degree and a distinction in his postgraduate (MSc) degree in Islamic Banking and Finance, both from top tier UK based universities.
Having successfully mentored for HRH Prince Charles’ charities, the Prince’s Trust and Mosiac, over several years, Faizal continues with his passion for mentoring young, dynamic and promising entrepreneurs globally. Faizal currently mentors MBA students from the prestigious and the world’s leading business school, the Saïd Business School at Oxford University.