A PAS lawmaker has called on Muslim EPF contributors to convert their savings to syariah savings.
Although contributors can decide that themselves, Jerantut MP Khairul Nizam Khirudin said turning them into syariah savings was a better option.
“The government proposes that contributors are allowed to optionally change their contribution status from non-syariah compliant to syariah-compliant.
“So, it depends on the contributors themselves. Surely as Muslims, we are advised to opt for syariah-compliant contributions,” he told Malaysiakini.
On Friday, Islamic and Syariah finance consultant Zaharuddin Abd Rahman advised Muslim EPF contributors to convert their savings into Syariah savings.
He made the call as under conventional investment, the funds could be invested in both halal and non-halal industries as long as it brings profits.
“Therefore, those who care about halal and blessings at the maximum level, should switch to a syariah savings account or do a ‘clean-up’,” he said.
Zaharuddin also cited EPF statistics that up until Dec 31, 2023 - only 20.1 percent of Muslim contributors chose syariah savings.
On March 3, EPF announced its dividend rate of 5.50 percent for conventional savings scheme and 5.40 percent for syariah savings.
The total payout for the conventional scheme was at RM50.33 billion; while the payout for the syariah scheme was worth RM7.48 billion, bringing the total payout amount for 2023 to RM57.81 billion.
The announcement gained interest from the public due to the slight difference of 0.1 percent between the two savings, which is much smaller than in previous years.
Several claims were made on social media that one of the reasons for the high syariah savings dividend rate is because it was added from the conventional dividend yield.
EPF denied the allegation and affirmed that the syariah scheme operates separately from the conventional one.
“Syariah savings earns income solely from its syariah portfolio, while the conventional one generated income from both syariah and conventional portfolios,” it told NST on Saturday.
Lodge reports if got proof
Commenting on the matter, Khairil urged those who made such allegations to lodge reports.
“Allegations must be based and accompanied with evidence. If there is one, you can make a report.
“I am among those contributors who have switched to syariah savings and I urge all Muslims to switch to do the same,” he added. - Mkini
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