Background On Financial Advisers
The introduction of professional intermediaries such as Financial Advisers (“FA”) and Islamic Financial Advisers (“IFA”) enable consumers to obtain professional advice on wider options of financial products and services.
FA and IFA are governed under the Financial Services Act 2013 (“FSA”) and Islamic Financial Services Act 2013 (“IFSA”) where it regulates companies and individuals that provide advice on Insurance and Takaful products to consumers.
Who is a FA/IFA?
FA/IFA is a representative approved by BNM who possesses minimum professional qualifications and appropriate level of competency in ensuring quality advice is provided to consumers.
How does an IFA help me?
A licensed FA/IFA will obtain information and perform comparisons of available family takaful products.
By doing so, you don’t have to spend time researching and can spend more time deliberating.
Comparison Between FA/IFA and Takaful Agents
- Independent party who represents the consumers.
- Able to promote takaful plans from multiple Takaful Operators.
- Represents one particular Takaful Operator.
- Exclusively promote takaful plan issued by the registered Takaful Operator.
FA/IFA & Takaful Agents
Recommend takaful plans that suits your needs according to your level of affordability