Thursday, February 2, 2012

Fomca: Don’t use EPF money for public housing loans

I agree with FOMCA on this issue and hope FOMCA will continue to fight for the welfare of workers in Malaysia who will eventually retire and want to benefit from their savings in the EPF. However if the government can ensure a high return on this investment, say 7% or more, there is no reason why they should not use the fund to benefit the low income earners in Malaysia.

Also, since the government has the power to decide on the mechanism of funding the low cost housing project, they should ensure that the funding is done in a syariah compliant manner. This will then benefit the muslim contributors who will be able to have a peace of mind when using the dividends declared for their funds.

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