BIBD’s Wealth Management Unit (WMU) yesterday held a financial planning talk to around 50 personnel from the Setia Protective Security Services Sdn Bhd at their office in Jerudong. The talk was part of WMU’s goal to raise awareness on the benefits of better financial management, a press statement from BIBD said.
The talk was delivered by BIBD’s WMU Officer and Islamic Financial Planner, Rozielawati binti Haji Jamil, where she began by asking what their life goal was and how it can be achieved through proper financial management with a process of creating strategies.
Rozielawati also shared a few tips on spending wisely, such as prioritising needs and necessities, budgeting realistically, and surveying to compare prices. She also shared the benefits of saving at least 10 per cent of their basic salary on top of their TAP and SCP. She also spoke about the importance of having an additional fund of at least three to six months of their monthly expenses for emergency purposes.
She also highlighted the difference between good and bad debts. Good debt is when one applies financing for the purpose of buying necessities such as a house or a car, whilst bad debt is when financing is used for unnecessary purchases such as for a lavish holiday. She also reminded the audience to pay their debts on time, and not to take up any debts from unauthorised organisations and persons, and not to sign up as a guarantor unless they are fully willing to be liable on a possible default on the financing.
The talk also highlighted other financial management best practices such as the importance of Takaful (insurance) to prepare for any unexpected events and accidents that can lead to inability to work, disability or even death. She also advised regarding using investments for their future, highlighting the importance of understanding the different investment portfolios beforehand, and to consider a few factors before investing as different investors have a different risk tolerance.
The talk ended with Rozielawati informing the participants on financial planning from an Islamic perspective, which included Zakat and the distribution of wealth such as Islamic Will (Wassiyah), gift (Hibah), trust (Amanah) and endowment (Waqaf).
For further information relating to the Wealth Management Unit, interested members of the public may contact them directly at firstname.lastname@example.org or call the BIBD Contact Centre at +6732 2238 181.