Developing Competency Framework For Islamic Legacy Planners In The Full-Fledged Islamic Trust Companies In Malaysia
Since the inception of the first full-fledged Islamic trust company in 2004, Islamic legacy planners in Malaysia have played their roles to impart awareness and provide solutions to the Muslim community on Islamic legacy planning. Nevertheless, the issues on the high number of unclaimed inherited pr...
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| Summary: | Since the inception of the first full-fledged Islamic trust company in 2004, Islamic legacy planners in Malaysia have played their roles to impart awareness and provide solutions to the Muslim community on Islamic legacy planning. Nevertheless, the issues on the high number of unclaimed inherited properties and the volume of frozen assets faced by Muslims are increasing in Malaysia, evidenced with the statistics that RM70 billion worth of frozen assets remained unclaimed with the majority belongs to the Muslims as in 2019. Many literatures have discussed Islamic legacy planning; however, a vacuum of research on the competency issues amongst Islamic legacy planners within the full-fledged Islamic trust companies still exist. It is found that different practices amongst the full-fledged Islamic trust companies in Malaysia when appointing and observing the competency of Islamic legacy planners. Therefore, the main objective of the research is to develop a competency framework based on Knowledge, Skills, Abilities and Other Characteristics (KSAO) model for Islamic legacy planners on the way to standardise all the practices employed by the full-fledged Islamic trust companies in Malaysia. This research is a new phenomenon that requires a qualitative methodology since the information on internal procedures need to be excavated from the senior management of four full-fledged Islamic trust companies in Malaysia as they have access to more detailed facts. The findings reveal that currently, there is no standardisation set by the full-fledged Islamic trust companies when appointing Islamic legacy planners. This research also regarded the importance of knowing Shariah (Fiqh Mawarith), law and regulations and products as the primary knowledge. The most required skills noted in this research are problem-solving, communication, negotiation skills, writing, reading and providing solutions to the clients. The primary abilities and other characteristics highlighted in this research are willing to learn, having the right attitude, integrity and commitment. Subsequently, a competency framework based on KSAO was developed as guidance in determining the criteria needed for a competent Islamic legacy planner, which is a new dimension for Islamic legacy planning literature. The results of this research contribute to the financial planning literature specifically in the area of Islamic legacy planning, where there is a need to highlight the element of competency framework for Islamic legacy planners within the full-fledged Islamic trust companies. This research contributes to the policy implication of appointing future Islamic legacy planners as it interpreted the view from decision-makers of the real scenario within the industry. On the practical contributions, the policymakers and full fledged Islamic trust companies may find the results beneficial in terms of formulating a holistic industry professionalisation agenda. |
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