MAIS and EPF join forces to promote Islamic wealth management and increase participation in the EPF Syariah Savings Account among Selangor Muslims.
SHAH ALAM: The Selangor Islamic Religious Council (MAIS) has signed a strategic partnership with the Employees Provident Fund (EPF) to enhance syariah-compliant wealth and financial management understanding among the state’s Muslim community.
MAIS chairman Datuk Salehuddin Saidin revealed the council recorded RM2.7 million in non-syariah-compliant funds last year, indicating many Muslims in Selangor remain involved in non-compliant financial sources.
Through this collaboration, both parties will implement joint initiatives related to syariah-compliant financial management while raising awareness about strengthening the ummah’s economy and owning syariah-compliant assets.
“Through this collaboration, MAIS will offer Islamic estate management courses to EPF staff, particularly frontliners at EPF branches, through Akademi Baitulmal MAIS,” Salehuddin said during the MoU signing ceremony.
He added they will promote the EPF Syariah Savings Account and the importance of making nominations for EPF savings during Friday sermons at mosques across Selangor.
The partnership will also jointly promote Baitulmal MAIS products and services through programmes organised by both organisations.
Briefings, workshops and discussions will be held on MAIS’s eligibility to be appointed as a nominee for Muslim EPF members.
Salehuddin said MAIS is targeting RM3 million in non-syariah-compliant fund collections this year while encouraging Muslims to channel such funds to MAIS for the ummah’s benefit.
He explained non-syariah-compliant funds refer to money derived from unlawful sources like interest-bearing transactions, non-syariah-compliant dividends, stolen goods, bribes, lottery winnings and conventional insurance.
“I also urge those who still contribute to the EPF Conventional Savings Account to switch to the Syariah Savings Account so that the dividends received are halal and permissible for use,” he said.
EPF chairman Tan Sri Mohd Zuki Ali revealed that of the more than 1.55 million Muslim EPF members in Selangor, only 542,844 or 34.81% are registered under the Syariah Savings Account.
“This figure shows there is still ample room to increase participation, especially through strategic collaboration with MAIS,” Mohd Zuki said.
The agreement was signed by MAIS secretary Mohd Sabirin Mohd Sarbini and EPF chief operating officer Sazaliza Zainuddin, witnessed by Salehuddin and Mohd Zuki. – Bernama
