By BRIGITTE ROZARIO
PARENTS often worry about their children's future and in particular tertiary education. Will you be able to pay for their education, especially with inflation? Financial planning is one way of ensuring your child's future. For Muslims, financial planning is not just about investing money but doing it the right way.
Muslims can't just invest in any unit trust and insurance or even construct a will according to their desires. They need to ensure the unit trusts are syariah-compliant; they need to get takaful – the Islamic form of insurance, and their wills needs to take into account faraid (the Islamic estate distribution).
The financial planning scene was a much different one years ago when there were fewer Islamic financial products in the market. Although there are many more options today, not everybody is aware of them.
In fact, some Muslims still think that it's wrong to plan and better to just trust in God.
While trusting God is very important, that doesn't mean the Muslim should leave his doors unlocked and his money laid out for all to see.
Planning, the syariah way
Planning is very much encouraged, explains Maznita Mokhtar, co-founder and director at Islamic financial planning services company IIFIN Planners.
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