The Malaysian arm of Kuwait Finance House has set up an Islamic wealth management solutions business in partnership with information technology firm Firium Solutions and Islamic financial planning consultant Amanie Business Solutions.

Under the agreement, Firium will provide a suite of wealth management services which include: modules for the distribution of unit trusts; Bancatakaful or the Islamic financial services equivalent of bancassurance; structured products; wasiat or will writing; and integrated Islamic financial planning solutions.

The Islamic financial planning consultation will be provided by Amanie.

ôWe will work with our business partners and customers, to create innovative solutions to manage, preserve and develop wealth for now and for future generations,ö says Dato Salman Younis, managing director of Kuwait Finance House (Malaysia) Berhad (KFHMB).

The challenges brought about by the changing banking industry environment in Malaysia make it more important to focus on customer relationships, says Firium CEO Edward Yee.

ôWith an ageing population and an increasingly affluent society, financial institutions are focusing more and more on serving the wealth management needs of the mass affluent customer segment,ö Yee says. ôBanks and companies engaged in unit trust management, asset management, trustee and broking are all competing to become full financial service providers or a so-called global financial institution.ö

Amanie CEO Mohd Daud Bakar says the creation of the KFH wealth management and Islamic financial planning solutions will add to the credibility of MalaysiaÆs Islamic finance industry. Malaysia is positioning itself as a global hub for Islamic investments.

The KFH wealth management solutions will be introduced in three phases, starting with the implementation of the unit trust and Bancatakaful modules; the second phase of structured products and wasiat writing; and the third phase of the Islamic financial planning services.

KFHMB is a wholly-owned subsidiary of Kuwait Finance House. A market leader in the Islamic banking industry in Kuwait, the firm is engaged in providing Islamic banking services, including consumer banking, real estate financing, lease financing, trade finance, direct investments and portfolio investing, all of which are conducted in strict compliance with Islamic law.

Firium was founded in Indonesia as Jatis Solutions in late 1997, headquartered in Jakarta, with local offices in Singapore and Malaysia. Firium is an investee company of Sumitomo Corporation Japan and Fuji TV. FiriumÆs experience and expertise allow it to provide complete consulting services in various major industries: financial services, telecommunications and retail.

Amanie was established with the aim of fulfilling the need for human capital development in Islamic finance and providing the additional impetus to further develop the Islamic financial market worldwide. Amanie focuses on providing quality sharia advisory services, product development consultancy as well as research and development for both institutional and corporate clientele focused on the Islamic financial services.