Many happy with EPF’s Syariah-compliant retirement savings scheme proposal

ipasyariah240415 2... Financial advisor Mohd Shaharul Shafiq, 22.

MANY Muslims in Ipoh are lauding the Employees Provident Fund (EPF) for coming up with the idea to introduce Syariah-compliant retirement savings to its members as a way to improve its current scheme.

In addition to the existing retirement savings scheme, members will be given the option to switch to fully Syariah-compliant retirement savings under this proposal.

Financial adviser Muzafar Muhijan, 22, said he likes the idea of having his savings regulated under Islamic law, and will be happy to switch to this option when it comes into effect.

“This means my savings are invested in a way that’s consistent with Islamic beliefs.

“There will be investment restrictions in activities such as alcohol, gambling, and tobacco, and as a Muslim, this will give me a peace of mind,” he told MetroPerak.

Recently, Prime Minister Datuk Seri Najib Tun Razak had also announced that this Syariah-compliant investment option will be offered to members beginning 2017.

He said the move will further cement Malaysia’s position as a frontrunner in the Islamic financial hub.

Muzafar’s colleague, Mohd Shaharul Shafiq, 22, shared the same sentimentsas the former.

“I believe that my investments must follow our religious principles, so I am using an Islamic banking account.

“For my retirement savings, I think that the scheme will be more transparent to me if it is fully Syariah-compliant,” he said.

Similarly with law firm freelancer Fairuz Zakaria, 39, he said he likes that his money will be invested only in halal sectors when this scheme is implemented.

“Personally though, I think there wouldn’t be much difference for retirement savings dividends between a fully Syariah-compliant scheme, and the existing scheme.

“I know this because I used to work in a bank before my current job,” he said.

Administrative assistant Mohd Abdullah Ahmad Yazid, 23, is also supportive of this proposal.

“Syariah laws are based on the Al-Quran and Hadith, and we Muslims believe in these laws set by Allah because it is just.

“If EPF is going to introduce a fully Syariah-compliant scheme for our retirement savings, I think it is a good move,” he said.

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