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Benjamin Franklin, the father of time management popular adage Failing to plan is planning to fail. Discuss how it relates to Wealth Planning and Management.

Mohd Sharil Bin Samsuddin 1300419 My Affiliation

This project paper is a partial fulfillment of Module TKE1003 of Part I of Certified Islamic Finance Professional (CIFP) INCEIF

October 2013

1300419TKE1003PP.doc

1300419 Benjamin Franklin, the father of time management popular adage Failing to plan is planning to fail. Discuss how it relates to Wealth Planning and Management.

The title for this article was adapted from a famous quote by Benjamin Franklin. There is a popular adage often attributed to Benjamin Franklin, the father of time management, "Failing to plan is planning to fail," The quote may logic and essential to practices, sadly it is very hard to a certain people to plan it properly and often overlooked. Wealth planning and management (WPM) is very important for us to reach the financial success. Without planning, we cannot assume that our asset will be safe in the future. When we think about wealth, it must be accompanied with the risks. In WPM, there are five aspects that we need to carefully planned, firstly is on how wealth to be created, second is plan to accumulate the wealth, third is the plan to distribute the wealth, fourth is plan on how to protect the wealth and lastly is plan on how we must purify our wealth according to the shariah rules. Continuous growth of shariah compliant wealth management driven mainly by the increasing demand and preference for its products, proactive plans must be taken by governments and individually to promote the development of WPM in their respective countries. Without a through planning in this industry in its infrastructure, and a significant and profitable component of the financial services industry cannot be reached as we expect, globally. The growing importance of the planning within the wealth and its convergence with the principles of shariah increased the acceptance of the alternative wealth planning segment. The absence of proper and Islamic version of planning can severely affect us as a muslim and to avoid such a failure it is vital that a wealth planner ensure that the requirement planning activity is given due importance, so that everything is under control. Fail to develop plans for unprecedented event is one of many causes that can lead into bankruptcy. It is imperative that every person understand what the requirements risk mitigation means. A holistic approach is absolutely essential for the success of the project. The journey is indeed rewarding. The outlook is certainly positive, however, for the industry to moves forward, more products need to be developed, more innovative plans needs to be done to cater to the sophisticated needs. And most importantly is the right plans so this wealth can be facilitated effectively.

1300419TKE1003PP.doc