current issues in insurance and trusts · 2012-05-18 · conference programme 08:30 registrations...

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MAS FTS FUNDING The Monetary Authority of Singapore (MAS) administers Financial Training Scheme (FTS) grants to financial sector organisations that sponsor eligible Singapore-based participants to training programmes that meet qualifying criteria. For more details, please visit www.mas.gov.sg, or contact the MAS via [email protected]. CONFERENCE OBJECTIVES To clarify the right of Muslim insurance policyholders to make revocable nominations To introduce and explain the new MUIS Fatwa on revocable nominations To address issues relating to the creation of trusts by Muslims To identify estate planning tools for use by Muslims WHO SHOULD ATTEND Financial advisers and planners Insurance practitioners, agents and advisers Estate planning practitioners Trust practitioners Wealth managers Investment advisers and managers Lawyers Relevant government ministries and agencies Representatives from Muslim not-for-profit organisations and professional bodies Muslims concerned about their own estate planning matters JOINTLY ORGANISED BY: CONFERENCE SPEAKERS Tan Hak Leh President Life Insurance Association Singapore M Salim Amin First Principal Financial Pte Ltd Suhaimi Salleh Vice President - MFPA CEO - Barakah Capital Planners Pte Ltd Mirza Namazie Managing Partner Mallal & Namazie Arfat Selvam President - MFPA Managing Director Duane Morris & Selvam LLP Ustaz Irwan Hadi Bin Shuhaimy Head - Office of the Mufti Majlis Ugama Islam Singapura Rokilah Abdul Samat AVP - Takaful Business Development HSBC Insurance (Singapore) Pte Ltd Mustapha Kamal Osman NTUC Income Insurance Co-operative Limited Dr. Shamsiah A Karim Assistant Director, Asset Development Islamic Religious Council of Singapore (MUIS) Hairani Saban Hardjoe Consultant Selvam LLC Financial Planning For Muslims Current Issues in Insurance and Trusts 30 August 2012, M Hotel, Singapore Early Bird Rates till 30 JUNE 2012 STEP CPD SCHEME: 5 STRUCTURED HOURS LIA 4 CPD HOURS / 100% KNOWLEDGE GUEST OF HONOUR Mdm Halimah Yacob Minister of State Ministry of Community Development, Youth and Sports SUPPORTED BY:

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Page 1: Current Issues in Insurance and Trusts · 2012-05-18 · CONFERENCE PROgRammE 08:30 Registrations & Refreshments 08:45 Arrival of Guest-Of-Honour Mdm Halimah Yacob Minister of State

maS FTS FUNDINg

The Monetary Authority of Singapore (MAS) administers Financial Training Scheme (FTS) grants to fi nancial sector organisations that sponsor eligible Singapore-based participants to training programmes that meet qualifying criteria.

For more details, please visit www.mas.gov.sg, or contact the MAS via [email protected].

CONFERENCE ObJECTIVES• ToclarifytherightofMusliminsurancepolicyholderstomake

revocable nominations• TointroduceandexplainthenewMUISFatwaonrevocable

nominations• ToaddressissuesrelatingtothecreationoftrustsbyMuslims• ToidentifyestateplanningtoolsforusebyMuslims

WHO SHOUlD aTTEND• Financialadvisersandplanners• Insurancepractitioners,agentsandadvisers• Estateplanningpractitioners• Trustpractitioners• Wealthmanagers• Investmentadvisersandmanagers• Lawyers• Relevantgovernmentministriesandagencies• RepresentativesfromMuslimnot-for-profitorganisationsand

professional bodies• Muslimsconcernedabouttheirownestateplanningmatters

JOINTLY ORGANISED BY:

CONFERENCE SPEakERS

Tan Hak LehPresidentLife Insurance Association Singapore

M Salim AminFirst Principal Financial Pte Ltd

Suhaimi SallehVice President - MFPACEO-Barakah Capital Planners Pte Ltd

Mirza NamazieManaging PartnerMallal & Namazie

Arfat SelvamPresident - MFPAManaging DirectorDuane Morris & Selvam LLP

Ustaz Irwan Hadi Bin ShuhaimyHead-OfficeoftheMuftiMajlis Ugama Islam Singapura

Rokilah Abdul SamatAVP-TakafulBusinessDevelopmentHSBC Insurance (Singapore) Pte Ltd

Mustapha Kamal OsmanNTUC Income InsuranceCo-operative Limited

Dr. Shamsiah A KarimAssistant Director, Asset DevelopmentIslamic Religious Council of Singapore (MUIS)

Hairani Saban Hardjoe ConsultantSelvam LLC

Financial PlanningFor muslimsCurrent Issues in Insurance and Trusts

30 august 2012, m Hotel, Singapore

Early BirdRates till30 JUNE2012

STEPCPD SCHEME:

5 STRUCTURED HOURS LIA 4 CPD HOURS /100% KNOWLEDGE

GU

EST

OF

HO

NO

UR Mdm Halimah Yacob

Minister of StateMinistry of Community Development, Youth and Sports

SUPPORTED BY:

Page 2: Current Issues in Insurance and Trusts · 2012-05-18 · CONFERENCE PROgRammE 08:30 Registrations & Refreshments 08:45 Arrival of Guest-Of-Honour Mdm Halimah Yacob Minister of State

CONFERENCE PROgRammE

08:30 Registrations & Refreshments

08:45Arrival of Guest-Of-HonourMdm Halimah YacobMinister of State - Ministry of Community Development, Youth and Sports

09:00 – 9:15Opening Address by MFPA PresidentArfat SelvamPresident - MFPA | Managing Director - Duane Morris & Selvam LLP

09:15 – 9:30Keynote Address: Creating Awareness for Financial Planning amongst MuslimsMdm Halimah YacobMinister of State - Ministry of Community Development, Youth and Sports

09:30 – 10:15

Introducing the Fatwa on Insurance Nomination by Muslims• ElaborationonthelatestFatwaissuedonrevocableinsurancenomination.• Explanationregardingthebackground,contextandreasonsforthechangeinFatwaCommittee’srulingonrevocableinsurancenominationUstaz Irwan Hadi Bin ShuhaimyHead-OfficeoftheMufti,Majlis Ugama Islam Singapura

10:15 - 10:45 Coffee & Networking Break

10:45 – 11:30

Insurance - A Tool for Financial PlanningWiththeunderinsurancegapinSingaporestillanon-goingtrendthatneedstobemanaged,it iscriticaltoenhancethefinancial literacyamongSingaporeansaboutgettingsoundfinancialadviceasearlyaspossible.Beingadequatelyinsuredwillhelptobolstertheirfinancialresilienceagainsttheunexpected.

Tan Hak LehPresident - Life Insurance Association Singapore

11:30 – 12:30

Insurance from a Muslim Perspective• Insuranceaimsatprovidingprotectionfromfutureunforeseenconstraintsupontheoccurrenceofanunexpectedfuturerisk(s)which

includes death, critical illness and total and permanent disability. • This session will discuss ways on how a Muslim can effect their financial planning accordingly.

M Salim AminFirst Principal Financial Pte Ltd

Mustapha Kamal OsmanNTUC Income InsuranceCo-operative Limited

Rokilah Abdul SamatAVP-TakafulBusinessDevelopmentHSBC Insurance (Singapore) Pte Ltd

12:30 – 14:00 Lunch/Networking

14:00 – 14:15Announcement of Training CourseSuhaimi SallehVice President - MFPA | CEO-Barakah Capital Planners Pte Ltd

14:15 – 15:00

Introduction to Trusts for Muslims• Trust Concepts under Muslim law• ApplicableLawwhereaMuslimmakesatrustinSingaporeMirza NamazieManaging Partner - Mallal & Namazie

15:00 – 15:30 Coffee & Networking Break

15:30 – 16:30

Panel Discussion & Case StudyThiswill bean interactivepracticaldiscussionon theplanningof estatesofMuslims.Common issues like joint tenancy,CPFnominationandinsurancenominationwillbediscussed,takingintoaccountrecentFatwasonthoseissues.Areallifecasewillbepresented,andpanelmemberswillbeaskedfortheiropiniononhowthefamilycouldplantheirestate.

Suhaimi Salleh Vice President – MFPACEO-Barakah Capital Planners Pte Ltd

Ustaz Irwan Hadi Bin ShuhaimyHead-OfficeoftheMufti,Majlis Ugama Islam Singapura

Hairani Saban Hardjoe Consultant - Selvam LLC

Rokilah Abdul SamatAVP-TakafulBusinessDevelopmentHSBC Insurance (Singapore)Pte Ltd

Dr Shamsiah A KarimAssistant Director, Asset Development - Islamic Religious Council of Singapore (MUIS)

16:30 - 17:00 Questions & Answers

17:00 Closing Remarks

gUES

T OF

HON

OUR

CONFERENCE OVERVIEWTherehasbeenarecentbreakthroughintherightofMusliminsurancepolicyholderstomakerevocablenominations.ThisthirdConferenceorganisedbyMuslimFinancialPlanningAssociation(MFPA)willfocusonthissubject,aswellasontruststobecreatedbyMuslims.Therewillalsobeinteractivepractical discussions on the planning of estates of Muslims and the new ways of implementing them.

This Conference is a must for those who wish to advise Muslims on insurance and estate planning.

For more information about MFPA, please visit www.mfpa.org.sg.

For more information about this Conference, please visit www.intellitrain.biz/MFPA2012.

Page 3: Current Issues in Insurance and Trusts · 2012-05-18 · CONFERENCE PROgRammE 08:30 Registrations & Refreshments 08:45 Arrival of Guest-Of-Honour Mdm Halimah Yacob Minister of State

abOUT THE gUEST OF HONOUR, SPEakERS & PaNEllISTS

gUES

T OF

HON

OUR Mdm Halimah Yacob

Mdm Halimah Yacob was elected Member of Parliament for Jurong GRCin2001,2006and2011.On21May2011,shewasappointedthe Minister of State for Community Development, Youth and Sports.ShegraduatedfromtheNationalUniversityofSingapore

(NUS)withaBachelorofLaws(Honours).ShewascalledtotheSingaporeBarin1981.In2001,sheattainedaMasterofLawsfromNUS.In1978,MdmHalimahstartedhercareerwiththeNationalTradesUnionCongressandhasheldvariouspositions, suchasDirector of theWomen’sDevelopment Secretariat,Directorof the Legal ServicesDepartment, Executive Secretary of theUnitedWorkersof Electronics and Electrical Industries, and Deputy Secretary General. MdmHalimah also sat on variousBoards including theGeneva-based InternationalLabour Organisation, Tripartite Alliance on Fair Employment Practices,Young Women’s Muslim Association, Malay Teachers’ Co-operative, ComcareSupervisoryCommitteeandMendakiSense.Forhercommitment inprovidingwomenwithbetteropportunitiesintheworkforce,MdmHalimahwasawardedtheBeritaHarian/McDonalds“AchieveroftheYear”in2001andtheHerWorldMagazine’s“WomenoftheYear”in2004.

Arfat SelvamLL.B(Hons)SingaporeArfat Selvam is the Managing Director of Duane Morris & Selvam LLP, a Pan-Asian LawPractice headquartered in Singapore. Shehasover40years’experienceasacorporatelawyer.Herpracticeareas include mergers and acquisitions, corporate restructures,

takeovers, funds raising, financial services, international joint ventures andIslamicfinance.ArfatwasPresidentoftheLawSocietyin2003.Sheservesasdirector of several listed companies. She is currently President of MFPA.

Ustaz Irwan Hadi Bin ShuhaimyUstazIrwanHadiBinMohdShuhaimyiscurrentlyheadintheofficeoftheMufti.HegraduatedfromtheShariahAl-AzharUniversity,Cairo and obtained his Masters in Law through the School ofOriental and African Studies, University of London. He is the

council member of the Association of Muslim Scholars and Teachers in Singapore (PERGAS)fortheterm2012to2014.HisresearchinterestsincludeIslamicFamilyLaw,IslamicLawofInheritanceandRelationshipbetweenlawandsociety.

Tan Hak LehMrTanHakLehistheChiefExecutiveOfficerofAIASingapore.Heis responsible for growing the insurance business and overseeing AIA’s vast operations in Singapore. He also has executiveresponsibilities for the company’s professional conduct and

compliancewithinsurancelawsandregulations.MrTanjoinedAIASingaporeinJune2011.MrTanhasmorethan20yearsofmanagementexperience,including16 years in the life insurance industry, covering various roles in both the private andpublicsectors.PriortojoiningAIASingapore,MrTanservedasManagingDirector andPrincipalOfficer ofGreat Eastern Life, Singapore,wherehewasresponsiblefortheinsurancebusinessofbothGreatEasternLifeandOverseasAssuranceCorporation inSingapore.BeforehisstintatGreatEasternLife,MrTan spent five years with the Monetary Authority of Singapore (MAS) as Director intheInsuranceSupervisionDepartment,activelyinvolvedinpolicyreviewandsupervision of life insurance companies. He was also an appointed actuary of a majorlifeinsurancecompanyinSingaporeandspentseveralyearsasaDirectorof a consulting firm specializing in insurance and actuarial matters. Mr Tan is alsotheelectedPresidentoftheLife InsuranceAssociation,Singapore,wherehe plays an active role in promoting industry professionalism and best practices, and raising consumer awareness of insurance solutions. He has been in this positionsinceMarch2010.MrTanisaFellowoftheInstituteofActuaries,UK.HereceivedaBachelorofSciencedegreeinActuarialMathematicsandStatistics(1stClassHonours)fromHeriot-WattUniversity,UK,in1991.

M Salim Amin BBA,ChFcM Salim Amin has been associated with the financial services industry over the last 26 years and advises individuals and corporations in areas of personal finance and investments. He is the past president of the Association of Financial Advisers (Singapore)

and is actively involved in educating the public in the areas of personal financial planning.SalimgraduatedinNUSwithadegreeinBusinessAdministrationandhas completed the curriculum in the Chartered Financial Consultant.

Mustapha Kamal OsmanMustaphaKamalOsmanhasbeenintheinsuranceindustryfor20years and is currently managing a team of Financial Consultants with a local insurance company.Hewas one of the speakers atthe Berita Harian Financial Planning Seminar in 2003. He has

beeninvitedtoappearseveraltimesonTVandRadiotodiscussissuesrelatedtoInsurance(inparticularHealthInsurance)andfinancialplanningforMuslims.Hehasalso conducted talkson InsuranceandFinancialPlanningatMarriagePreparatory Courses conducted at various mosques. He is an active volunteer withakeeninterestinyouthdevelopmentandalsoservesasaTreasurerofamosque in the Jurong fraternity.

Rokilah Abdul SamatOne of the pioneers in Singapore in Takaful distribution (alsoknown as Islamic insurance). Currently, she is in-charge of allaspectsofTakafulbusinessdevelopmentwithinHSBCInsurance,which includes marketing and training. She is also the Shariah

Coordinator, a function which links the Shariah Committee and the companyand is responsible for the internal Shariah reviewon the company’sbusinessprocesses.ShespeaksonTakafulandcontributesarticleson IslamicfinancialplanningtoBeritaHarian,alocalMalayprintpublication.Sheisalsoaspeakerintheon-goingprogram,theMoneySENSE,whichiscollaborationamong various government agencies, endorsed by the Monetary Authority of Singapore (MAS).

Suhaimi Salleh FCPA, FCMC, PMCSuhaimi Salleh is a certified public accountant and a certified management consultant with more than 30 years postgraduate experience. He has been in public accounting andmanagementconsulting practice for more than 20 years. He set up Barakah

CapitalPlannersPteLtdin2004specialisinginwillwriting,estateplanningandestate distribution mediation services for Muslims. Suhaimi has also conducted numeroustalksonIslamicestateplanningformosques,insuranceagenciesandorganisations like MUIS, Singapore Islamic Scholars Association (Pergas) andYayasanMendaki.HeisalsotheVicePresidentofMFPA.

Mirza NamazieMirza, who is the managing partner of Messrs Mallal & Namazie, isanAdvocate&Solicitorof37years’ standingandservedasacouncilmemberoftheLawSocietyofSingaporefrom1976to1987and various sub-committees thereunder. Mirza has a wide ranging

practice and has in the last twenty years dealt with various Muslim law issues such as Muslim wills, succession, administration of complicated Muslim estates and wakafs (both contentious and non-contentious), and practises Muslimmatrimonial law before the Syariah Court of Singapore.

Dr Shamsiah A KarimDr Shamsiah Abdul Karim is currently the Assistant Director ofAssets Development in Islamic Religious Council of Singapore(MUIS). She completed her first honours degree in BusinessAdministration from International Islamic University (IIUM). She

completedherpost–graduatediplomainIslamicBankingandFinancebyIIUMandlatercontinuedherdoctoralstudiesinDurhamUniversityinUK,specialisingin Islamicfinanceandwaqf.Herareaof expertise is in Islamicfinance,waqf,zakat , faraid , real estate, accountingandmarketing. Shehadmore than20yearsofexperienceinrevenuemanagementandadministration,managingmorethan half a billion worth of assets and bringing in an annual income of about $43 million.Havinghad20yearsofexperienceinheadingthevarioussegmentsofthestrategicareasinMuis,Shamsiahhasdeliveredmanytalksandconferencesandseminarsintheseareasofexpertise.ShealsositsintheZakatandFitrahcommittee inMuis, thewakafdisbursementcommittee, resourcepanel in theFatwacommitteeandalsoamemberoftheMAKINestablishedbyISRAundertheumbrellaofBankNegara.Shehasalsohadseveralpublicationspublishedforherworkonwakafandzakat.

Hairani Saban HardjoeLL.M(Singapore), LL.B(Hons)SingaporeHairaniSabanHardjoeisanadvocateandsolicitoroftheSupremeCourt of Singapore. She has been in private legal practice since 1970andispresentlyaconsultantinthefirmofSelvamLLCinjoint

lawventurewithDuaneMorrisLLP,Singapore.Shegraduatedinlawin1969atthethenUniversityofSingaporeandobtainedherLLMfromthesameUniversityin1983.ShehasauthoredseverallegalbooksfortheprofessionandconductslegalworkshopsandtrainingsessionsinSingaporeandinvariousAseancountriesonlegaltopics includingContractDrafting,WillsandEstatePlanning,RealEstateand IntellectualProperty.Shehaswrittenseveralpublishedarticles includingthose touching on current issues and controversies in the administration and distribution of assets in the Muslim estate.

IfyouareinterestedinexhibitionandsponsorshipopportunitiesatourConference,pleasedonothesitatetocontactMs Shandy Poh or Mr Gabriel Lim of the Conference Secretariat at [email protected] or +65 62278097 for more details.

Intellitrain is an Association Management Company that specialises in outsourced services for not-for-profit volunteer-led organisations (“NPOs”) inAsia.Weoffercustomisedsolutionswhetherforaone-timeprojectorevent,orforongoingsecretariatsupportforyourNPO.

Intellitrain aims to enhance the effectiveness and efficiency of NPOs throughaffordablesecretariatandimplementationsupport,whichenablesNPOleaderstofocusonpolicy,strategyanddirectionfortheirNPOs.

Our range of services includes:1. Association Headquarters2. Professional Secretariat Support & General Administration 3. Conference,EventsandMeetingManagement4. Membership & Volunteer Management 5. Communications Services

For more details, visit www.intellitrain.biz or email [email protected].

abOUT THE CONFERENCE ORgaNISER

Page 4: Current Issues in Insurance and Trusts · 2012-05-18 · CONFERENCE PROgRammE 08:30 Registrations & Refreshments 08:45 Arrival of Guest-Of-Honour Mdm Halimah Yacob Minister of State

CONFERENCE REGISTRATION

Registrations close on Thursday, 16 August 2012.1. Please complete each section.2. Please complete a separate form for each delegate.3. Returnthisformto:Secretariat, MFPA Conference 2012 c/oIntellitrainPteLtd,Level16,MalaccaCentre,20MalaccaStreet,Singapore048979orFaxto+6531515797(no6prefix)

1 CONFERENCE FEES: (Pleasetickasappropriate)

PLS TICK () REGISTRATION FEES (before MAS grant)

NORMAL CONFERENCE FEE S$550.00

SUPPORTING ORGANISATION FEE

Members of: 1. Association of Financial Advisers (Singapore)2. InsuranceandFinancialPractitionersAssociationofSingapore3. LifeInsuranceAssociationSingapore4. Singapore Corporate Counsel Association5. SocietyofTrust&EstatePractitioners(Singapore)6. TheLawSocietyofSingapore

S$500.00

EARLY BIRD CONFERENCE FEE (for registrations and payments received by 30 June 2012) S$500.00

NOTE:1.RegistrationFeeincludesattendanceattheConference,2coffeebreaksand1lunch.2.RegistrationofALLdelegatesstartsat8.30amon30August2012,beforetheConferenceOpeningCeremony.

2 DELEGATE DETAILS: (Please complete all details)Name (Prof/Dr/Mr/Mrs/Miss/Mdm):

NametoAppearonBadge:

NameandMailingAddressofOrganisation:

Designation:

* IC/Passport No.: +Email: Tel. No.:

*(Mandatory fi eld for entitlement to preferential rates) (Emailrequiredforconfirmationofregistration)

AFA(S) MEMBER IFPAS MEMBER LIA MEMBER SCCA MEMBER STEP MEMBER LAW SOCIETY MEMBER OTHERS

Please indicate any special dietary, medical or other requirements:

3 PAYMENT DETAILS CHEQUE BANK TRANSFER / INTERNET BANKING TELEGRAPHIC TRANSFER

Cheque Payment Details:Cheque payments should be made payable to “INTELLITRAIN PTE LTD” & arrive at the Secretariat offi ce with your completed registration form before the closing date, Thursday, 16 August 2012.

Details for Bank Transfer / Internet Banking / Telegraphic Transfer:Account Name: Intellitrain Pte Ltd • Account Number: 352-327137-5 • SWIFT Code: UOVBSGSGBankDetails:UnitedOverseasBankLimited,80RafflesPlace,UOBPlaza1,Singapore048624Please email us at [email protected]/Thasbeendoneforourfollow-upwiththebank.Theregistrationfeemustbereceivednett of all receiving and paying bank charges.

REGISTRATION, REFUND & CANCELLATION POLICY1. Registrationswillbeconfirmeduponreceiptoffullpaymentaccompaniedbyadulycompletedregistrationform.2. TheOrganisersreservetherighttorefusetoregisteroradmitanyparticipant,andtocancelorpostponetheconference.3. Equivalentsubstitutedelegates(e.g.memberformemberornon-memberfornon-member)arewelcomeatnoadditionalcharge,subjecttoourbeinginformedinwritingatleast

5workingdays in advance of such substitution.4. TheOrganiserswillnotentertainanyrequestforarefundoffees.Howeveraconfirmedregistrantwhohaspaidinfulltheconferencefeesbutdoesnotturnupfortheconference

will be entitled to collect a set of the materials provided.

DISCLAIMERTheOrganisingCommitteeiscommittedtostagingasuccessfulconference;howeveritreservestherighttocancelorpostponetheConference,changeitsvenueoranyoftheotherdetails published.

FOR REGISTRATION ENQUIRIESFor any enquiries on registration, please contact: Intellitrain Pte Ltd,Level16MalaccaCentre,20MalaccaStreet,Singapore048979Tel:+6562278097 | Fax:+6531515797(no6prefix) | Email:[email protected] | Website:www.intellitrain.biz/MFPA2012

Financial Planning For MuslimsCurrent Issues in Insurance and Trusts

30 August 2012, M Hotel, Singapore

30 august 2012, m Hotel, Singapore

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