This is the continuation of the previous blog post topic, which is on Savings. Recently I was helping to sign-up my clients for Islamic Savings Account which does not requires initial deposit as the company is having a promotion which lasted till today, 30 June 2013. I have some clients who gave a common excuse like "Oh! I have alot of bank accounts" or "I would rather stick to bank 'A' which has Islamic Bank facility but will consider changing it later" or "I am not interested".

As a graduate from Diploma in Fund Management and Administration who learns about investment, I was constantly reminded "Do not put all your eggs in one basket". This phrase applies not only to investment, but also in savings. There is actually no harm in having alot of savings account. Frankly speaking, I myself have various savings account: 2 Conventional and 2 Islamic savings account. Secret to saving your money is to spread it out. Like the following diagram [Diagram 1.1] (Continuation on Aminah's story in the previous blog post [Diagram 1]):


Well, now you see, no excuse to be made on, to open another Islamic savings account. Show your support for strengthening the Islamic economy. If we Muslims do not support the Islamic economy, who else will do it for us? NO ONE. Let's do our part to come together and support the Islamic economy, for ourselves and for our future generations. Insyaallah. Amin.

Savings? I'm sure without doubt, everyone knows how to save money. Each individual have their own unique way of saving their money. I have met some clients who have approached me to help them solve their problem of managing their money.

The most common problem I have observed:
1) Spent too much on shopping.
2) Excessive spending on food and beverage.

In my opinion, it is not wrong for an individual to spend their money on the above mentioned, but it is best to limit yourself. How to set limit? Well, check out the example below:


Transportation can be reduced if you travel to work or school with your friends by car pooling or take the company transport(if your company provides). This helps saves our Earth that we are living in by reducing the air pollution and to also reduce traffic congestion and the number of people taking the public transport.

So, after having explain each portion, the next important part will be "Where do I save my money the Islamic way?". Basically there's two types of banks that we have currently, which is the Conventional Banks (POSB, DBS, HSBC, Standard Chartered etc.) and also Islamic Banks (CIMB Islamic Group, OCBC Islamic Group and also Maybank Islamic Group). The following diagram shows the difference between the two different types of banks.

In this entry, I would like to share my thoughts as a Wealth Manager on the topic "Financial Planning is Important!", and also to highlight some survey results which I have recently conducted within my group of friends in Facebook, regarding "Level of Awareness On Importance of Wealth Management", whereby my objective is to learn about the market around me and to understand from the consumer's point of view.

Wealth Management, in other words, Financial Planning, is basically about your Protection, Savings and also Investment.

Before I go on in depth on the topic "Financial Planning Is Important!", here are some of the results I have acquired.