ISLAMIC WEALTH PLANNING: THE DEVELOPMENT OF INSTRUMENT

2020 ◽  
Vol 5 (2) ◽  
pp. 1-19
Author(s):  
Al-Hasan Al-Aidaros ◽  
Lina Nadhirah Abdul Hadi ◽  
Nor Aishah Hamdan
Keyword(s):  
Financial Planning ◽  
Investment Planning ◽  
Islamic Philosophy ◽  
Net Worth ◽  
Her Family ◽  
New Instrument ◽  
Financial Planners ◽  
Development Of Instrument ◽  
The Individual ◽  
Planning Concept

The purpose of this paper is to develop new instrument that measures the Islamic wealth planning concept based on the Islamic literature. The concept was conceptualized and transformed into an instrument based on two methods, namely experts’ validity (using Lawshe’s technique with eight Malaysian certified Islamic financial planners and two representatives from the official Islamic religious departments in Kedah and Perlis states/Malaysia) and focus group session with seven experts in several related areas, i.e. Islamic philosophy, Islamic finance, and Islamic financial planning. This paper used a quantitative approach using questionnaire. The developed instrument was then distributed to 120 respondents to further improve its validity and two analyses were performed: reliability analysis and exploratory factor analysis. The finding of this study is a new validated instrument for the concept of Islamic wealth planning which contains two main sections, i.e. worldly financial planning and hereafter financial planning. The first section consists of income/investment planning, retirement planning, education (for the individual) planning, and Takaful/insurance planning, while the second section consists of education (for his/her family) planning, Faraid planning, Wasiyyah planning, Zakat/taxes planning, Hajj planning, Hibah planning, Waqf planning, and charitable financial planning. This paper contributes to the existing scarce studies in the area of Islamic wealth planning and management. In addition, this study contributes in transforming the Islamic wealth planning concept into a measurable instrument that can be used for several parties such as Islamic financial planners, high net worth individuals (HNWI) as well as middle class individuals, Islamic financial institutions, and researchers. 

Psychological Aspects of Financial Planning

2017 ◽  
Author(s):  
Dave Yeske ◽  
Elissa Buie
Keyword(s):  
Financial Planning ◽  
Planning Process ◽  
Employee Benefits ◽  
Investment Planning ◽  
Integrated Strategies ◽  
Interdisciplinary Practice ◽  
Strategic Process ◽  
Financial Planners ◽  
Unique Domain ◽  
Personal Financial Planning

This chapter discusses personal financial planning, which is an interdisciplinary practice that employs a six-step process to develop integrated strategies for individuals and families to efficiently mobilize their human and financial capital to achieve their life goals. Financial planning draws from various disciplines, including counseling, psychology, finance, economics, and law. It includes budgeting and cash flow planning, risk management, insurance planning, investment planning, retirement and employee benefits planning, tax planning, and estate planning. The strategic process whereby financial planners develop integrated strategies that draw from all these fields in pursuit of client goals is the profession’s unique domain. Heuristics and mental biases to which clients may be prone overlay the entire financial planning process, however. Financial planners should understand and consider these issues when developing recommendations uniquely suited to each client, maximizing the probability that the client will embrace and implement the recommended strategies.

Foundations and Introduction of Islamic Economics: Role and Trends

2020 ◽  
Vol 3 (3) ◽  
pp. 121-138
Author(s):  
Dr. Bilal Ahmad Khan
Keyword(s):  
Modern Science ◽  
Central Position ◽  
Islamic Philosophy ◽  
Moral Training ◽  
Human Ability ◽  
The Status ◽  
Distribution Of Resources ◽  
The Rich ◽  
Specific Concept ◽  
The Individual

Islamic economics based on specific concept of universe and the creation of man is contradictory to the concept adopted and accepted by modern science. Islamic economics postulates although ability and expertise is required for progress and growth but distribution of resources completely dependent on it would be cruel, inhuman and bereft of kindness, and lead to oppression. Islamic economics does not favor making human ability and expertise the fulcrum of resource distribution. It should be kind, considerate and based on justice and fairness. This is because according to Islamic philosophy, ownership is considered to be a trust from Allah which has been bestowed on the rich so that they may utilize it correctly. In Islamic economics the role of the individual, has inclinations and his aims and objectives occupy a central position and are vitally important. He is definitely a rational being but his level of rationality is not confined to the calculations of cost and profit. An individual does not want merely to obtain monetary profit and physical pleasure and leisure but he also wants and aims for something beyond what the material world has to offer. The main aim of the study is to find out the relationship between Islam and economics. In Islamic economics the comprehensive moral training of the individual, his technical and educational ability, his aims and his priorities are of primary importance. According to Islamic economics the means of acquiring wealth has the same importance as wealth itself. Dishonesty, abuse of trust and earning of wealth through fraudulent ways and means may perhaps increase the status of an individual but the society suffers because of it on the whole. This leads to an unjust and oppressive economic system.

Does AICPA Accreditation of Nonaudit Services Add Value? The Case of Personal Financial Planning

2000 ◽  
Vol 14 (1) ◽  
pp. 49-67 ◽  
Author(s):  
D. Shawn Mauldin ◽  
Mark Wilder ◽  
Morris H. Stocks
Keyword(s):  
Financial Planning ◽  
The Other ◽  
Differential Effects ◽  
Relative Value ◽  
Professional Attributes ◽  
Financial Planners ◽  
The Future ◽  
Financial Planner ◽  
Nonaudit Services ◽  
Personal Financial Planning

The AICPA has taken the position that accreditation of CPAs in specific areas of practice is an important aspect of repositioning the CPA profession for the future. The AICPA currently offers two designations exclusively to CPAs, one of which is the Personal Financial Specialist (PFS) designation. However, the issue of accrediting CPAs by granting official AICPA designations is a complex and highly debated issue with opposing sides having compelling arguments supporting their positions. CPAs and other professionals specializing in personal financial planning have opportunities to obtain designations other than the PFS. This paper examines the relative value of these alternative options for financial planners. Specifically, the research was designed to examine the differential effects of alternative financial-planning accreditations on users' perceptions. These perceptions relate to various professional attributes of a financial planner such as their knowledge and expertise, objectivity, and level of trust and ethics possessed. In addition, these perceptions relate to fees charged and the influence that the designation has on the public's choice of a financial planner. Our results indicate that the CPA designation used in conjunction with the PFS designation is generally perceived to signal a higher level of professional attributes than the other designations examined in the study. In addition, a CPA with a PFS designation has a significantly greater influence on the public's choice of a financial planner than do the other designations. These results suggest that important benefits may accrue to CPAs from holding the PFS specialty accreditation.

scholarly journals The Proposal of a New Tool for Condition Assessment of Medium Voltage Power Cable Lines

Energies ◽  
2021 ◽  
Vol 14 (14) ◽  
pp. 4116
Author(s):  
Krzysztof Siodla ◽  
Aleksandra Rakowska ◽  
Slawomir Noske
Keyword(s):  
Research Work ◽  
Technical Condition ◽  
Power Cable ◽  
Investment Planning ◽  
Medium Voltage ◽  
Cable Network ◽  
Rate Analysis ◽  
Cable Lines ◽  
The Individual ◽  
Service Data

A medium voltage (MV) cable network is a substantial component of the distribution network. Present management of this grid segment is mainly based on the failure rate analysis, i.e., a rise in the number and kind of faults on the actual line means that its technical condition is getting worse. The efficiency of the power system is low and additional costs of repair works, supply interruption, difficulties in the investment planning and operation and maintenance works are necessary. The aim of the R&D works done in the realised project is to implement the management of the MV cable network based on the estimated condition of the individual cable line, obtained from diagnostic measurements. The diagnostic investigations of the cable lines are the reference. Many years of research work have led to the development of the Health Index based on diagnostic, technical and service data.

Evaluating the Evolution of the Personal Financial Planning Industry: Mutualism, Commensalism, or Parasitism?

2021 ◽  
Vol 12 (1) ◽  
pp. 42-42
Author(s):  
Bryan Teoh Phern Chern
Keyword(s):  
Social Media ◽  
Financial Literacy ◽  
Financial Planning ◽  
Business Models ◽  
Service Providers ◽  
Personal Finance ◽  
Easy Access ◽  
Finance Management ◽  
Financial Planners ◽  
Personal Financial Planning

The financial planning and advice industry has been experiencing healthy growth for the past five years and is expected to accelerate this growth following the Covid-19 pandemic (IBISWorld, 2021). The pandemic has led to higher equity yields and appreciating asset value, directly increasing the total value of assets under management (AUM) held by financial planners and advisors. The industry in the US alone has surpassed $52.9 billion in 2021. As the economy is expected to improve, this figure is expected to follow suit. Not included in these figures are the explosion of online personal finance bloggers and influencers. Some YouTube and TikTok videos have raked in billions of views regarding personal finance (Smith, 2021). Many of these online contents have benefitted viewers and prompted them to start making good decisions regarding their personal wealth, spreading financial literacy to the masses. However, poor financial advice may be spread out as easily to viewers. The Wall Street Journal has reported on this issue back in 2005 where blogs and magazines have been found to give both good and bad advice on budgeting, saving, and overall personal finance management (Cullen, 2005). Whatever the net effect of this phenomenon, the easy access through social media has amplified it. This article briefly journeys through the evolution of personal finance management and personal financial planning, including the new trends this industry is moving towards. Subsequently, this article will look into the risk and rewards of the current personal financial planning and advice industry, including certified financial planners and uncertified personnel (social media influencers, financial gurus), as to whether consumers are benefitting as a whole, or otherwise. A disclaimer to this research is that the findings and opinions towards the industry do not encompass all the service providers in the business as there are many other influencing factors such as business models, individual agenda, and unique circumstances of each provider and consumer. Keywords: Conflict of interest; financial planning; financial experts; Influencers; Personal finance

A Turkish-German Critic of the ‘Parallel Society’: Necla Kelek

2016 ◽  
Vol 24 (3) ◽  
pp. 433-439
Author(s):  
Justin Stagl
Keyword(s):  
Personal Freedom ◽  
Her Family ◽  
Migrant Community ◽  
The Individual ◽  
Turkish German

A Turkish girl in Germany emancipated herself from her family in a long, bitter, almost deadly struggle. She fought for her education and gained it. Indignation at the disregard of personal freedom in her migrant community turned her into a writer and her success was amazing. However, it earned her the suspicion of all those who prefer the integrity of the group to the dignity of the individual. Told in this reduced manner, the story of Necla Kelek resembles one of Scheherazade’s tales. I will therefore try to tell it again in a more specific way.

scholarly journals Coronavirus disease-19 Pandemic-Induced Panic Disorder

2021 ◽  
Vol 9 (T3) ◽  
pp. 237-239
Author(s):  
Muhammad Surya Husada ◽  
Mustafa M. Amin ◽  
Munawir Saragih
Keyword(s):  
Infectious Disease ◽  
Case Report ◽  
Panic Disorder ◽  
Panic Attack ◽  
Respiratory Symptoms ◽  
Panic Attacks ◽  
Psychosocial Burden ◽  
Her Family ◽  
Common Diagnosis ◽  
The Individual

Background: COVID-19 is a newly emerging infectious disease which is found to be caused by SARS-2. COVID-19 pandemic has spread worldwide causing a rapidly increasing number of mental disorders cases, primarily anxiety disorder. Since majority of panic disorder patients are present with great anxiety in response to their physical or respiratory symptoms, support and encouragement from psychiatrist or therapist are fundamental to alleviate the severity of the symptoms. Case Report: We reported a case of COVID-19 induced panic disorder in a woman, 52 years old, batak tribe who started to experience multiple panic attacks since one of her family members was confirmed to be Covid-10 positive. Conclusion: In general, panic disorder is a common diagnosis, but this case appeared to be interesting as it is induced by COVID-19 pandemic. As in this case, the individual who experienced multiple panic attack is not even a COVID-19 patient but has one of her family member affected by the virus. A wide body of evidence has shown that this pandemic massively contributes to worsening of psychosocial burden in nationwide.

scholarly journals Perencanaan Keuangan untuk Mencapai Tujuan Finansial

2010 ◽  
Vol 1 (1) ◽  
pp. 183
Author(s):  
Arta Moro Sundjaja
Keyword(s):  
Financial Planning ◽  
Financial Management ◽  
Investment Planning ◽  
Education Costs ◽  
Retirement Funds ◽  
The Right ◽  
Emergency Fund

Financial planning of individuals started a trend in Indonesia in recent years. This paper will attempt to design an individual financial planning. Object of this project include individual financial planning and financial management, investment planning, financial planning elements, prepare an emergency fund and retirement funds, education costs and achieve other financial goals. Of this paper is expected to increase the knowledge of individuals in managing finances and choosing the right media investments and achieve their financial goals.

Loneliness and aging in China–a public health problem in need of solutions

2014 ◽  
Vol 26 (11) ◽  
pp. 1771-1772 ◽  
Author(s):  
Shulin Chen ◽  
Yeates Conwell ◽  
Helen Fung Kum Chiu
Keyword(s):  
Public Health ◽  
Mental Health ◽  
Older Adults ◽  
Social Relationships ◽  
Social Connectedness ◽  
Public Health Problem ◽  
Physical And Mental Health ◽  
Research Attention ◽  
Her Family ◽  
The Individual

Loneliness is a common, distressing feeling that results when one perceives his/her social relationships and supports as inadequate. Social connectedness refers to the relationships between the individual and his or her family, friends, community, and other supports. Neither loneliness nor social connectedness has received enough research attention, in particular with regard to older adults’ physical and mental health.

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