This posting is a little bit different from my previous postings in this blog. I suppose everyone should be interested in this discussion whether you are pro or against the institution of marriage.
An article in the local Malay newspaper (Utusan Malaysia) attracted my attention and the topic was also discussed by a local radio station (Radio IKIM) that I listened to while driving to work. Below is the article in Bahasa Melayu. For those who do not understand the language, I would be willing to translate the gist of the article upon request.
However, another article in the Daily Mail (June 17)in London, entitled "Only Marriage can mend broken Britain" also attracted my attention. I read it from one of the blogs I read regularly (Malaysian Insider). I post this article followed by the article from Utusan Malaysia.
Only marriage can mend broken Britain, says top judge
LONDON, June 17 — Marriage should be promoted by the government to end the ‘social anarchy’ of family breakdown, a senior judge said last night.
Justice Coleridge accused mothers and fathers who fail to commit to each other of engaging in a game of ‘pass the partner’ that has left millions of children ‘scarred for life’.
In a hard-hitting speech in Parliament, he called for a change of attitude that would attach a ‘stigma’ to those who destroy family life and said a National Commission should be established to devise solutions for the ‘epidemic’ of broken homes.
Currently, one in three marriages ends in divorce. One in ten children lives with cohabiting parents and a quarter live with a single parent. Children from single-parent families are far more likely to do badly at school, suffer poor health, fall into crime, drug abuse, binge drinking and teenage pregnancy.
Sir Paul Coleridge, 60, who is married with three adult children, is a leading family judge, having presided over the divorce of Sir Paul McCartney and Heather Mills. He also made the ruling in Britain’s largest divorce settlement in which Beverley Charman received £48million (RM277.6 million) when she divorced insurance magnate John Charman.
The judge’s comments stopped short of condemning the government or any other political party for the breakdown of family life. But his support for marriage will be music to the ears of Conservative leader David Cameron, who has made clear that a Tory government would support marriage through the tax system.
By contrast, Labour ministers insist alternative family set-ups are equally valid. In his speech to the Family Holiday Association charity of which he is a patron, Justice Coleridge said: “I am drawing attention to the endless game of ‘musical relationships’, or ‘pass the partner’, in which such a significant portion of the population is engaged.”
Condemning the “endless and futile quest for a perfect relationship”, he said many parents were in ‘a complete and uncontrolled free-for-all where being true to oneself and one’s needs is the only yardstick for controlling behaviour’.
He added: “The children are caught up in the conflict of their parents unresolved relationship issues and it can leave them scarred, sometimes severely scarred, for life.”
The judge also said government should support “those who chose not to marry but live a committed life with a partner”, since they provide stability for children.
Calling for “a fundamental change in individual attitude and behaviour”, he said: “What is a matter of private concern when it is on a small scale becomes a matter of public concern when it reaches epidemic proportions.
“I am not suggesting that all relationship breakdown and termination can be avoided in all cases. Of course it cannot.” But he concluded: “The time has come for a major examination of all the issues surrounding family life, its support and maintenance, and especially the mechanisms and laws of its termination.” – Daily Mail
Ubah stigma tentang cari jodoh
Oleh NOOR FAZRINA KAMAL
MENCARI jodoh di Internet telah menjadi lumrah masa kini sama ada dari pihak perempuan atau lelaki. - Gambar hiasan
ADA rupa, ada gaya, berkerjaya dan berharta tetapi kenapa masih bersendiri? Itu antara soalan klise kerap menghujani lelaki mahu pun wanita yang pada pandangan kasar sudah memiliki hampir segalanya - kerjaya, wang ringgit, kediaman sendiri, kenderaan yang selesa, penampilan bergaya dan sebagainya - namun memilih untuk mengekalkan gelaran bujang atau solo.
Status solo memang menjadikan seseorang bebas tanpa sebarang ikatan untuk melakukan apa saja tanpa perlu meminta izin daripada suami atau isteri.
Tetapi benarkah 'kebebasan' alasan mutlak untuk memilih gaya hidup sebegitu ataupun mereka sebenarnya memang cerewet dalam memilih teman atau mungkin juga mereka hidup bujang kerana tiada pilihan.
Bagi golongan ini insiden ahli keluarga menjodohkan atau mengatur janji temu dengan seseorang yang mereka rasakan layak sudah menjadi perkara biasa.
Namun disebabkan berasa ego tercabar kerana dianggap tidak berupaya mencari pasangan sendiri 'niat murni' ahli keluarga akhirnya putus di tengah jalan.
Ramai juga di kalangan mereka ini percaya pada 'pertemuan yang tidak dirancang' dengan pasangan dan yakin itulah jodoh terbaik buat mereka. Dek kerana terlalu berpegang kepada prinsip itu juga mereka sanggup menunggu dan terus menunggu biarpun semakin dipanjat usia.
Pengurus Smart Builder Consultant Sdn. Bhd., Azhar Awang berkata, selain menunggu sebenarnya ada alternatif lain yang boleh dilakukan contohnya dengan bantuan agensi mencari jodoh.
Begitupun untuk berbuat demikian terlebih dahulu stigma masyarakat Malaysia tentang apa yang dikatakan dengan mencari jodoh perlu diubah.
"Ini kerana apabila bercakap tentang perkara cari jodoh, ramai menganggap bahawa mereka yang terlibat adalah golongan yang terdesak, sedangkan hakikatnya bukan begitu.
"Sejak portal mencari jodoh secara Islam ini dilancarkan saya mendapat banyak maklum balas positif daripada wanita golongan berkerjaya dan profesional.
"Rata-ratanya mengatakan sebab untuk kekal solo kerana masih belum berjumpa pasangan yang sesuai," ujarnya yang ditemui ketika hadir ke pejabat Utusan Malaysia, baru-baru ini.
Katanya, pencarian jodoh bukanlah satu perkara baru atau asing di negara luar.
Azhar yang pernah menuntut di Universiti Purdue, Indiana, Amerika Syarikat berkata, idea untuk mewujudkan program cari jodoh di Malaysia diambil ketika berada dalam satu majlis perjumpaan pelajar-pelajar Islam di sana.
"Dalam Islam 'takruf' bermakna perjumpaan antara calon yang bertujuan mengenali rupa, personaliti dan perbincangan yang makruf, dengan niat untuk berkahwin, calon wanita mesti ditemani oleh wali atau muhrim, di tempat awam yang sesuai.
"Kami tidak menggalakkan dating. Sebaiknya calon wanita hadir ditemani muhrim atau kawan baik yang sama jantina. Tempat perjumpaan pula mereka boleh tentukan sendiri tetapi mestilah di tempat terbuka seperti di restoran atau masjid.
"Kami juga menggalakkan calon wanita agar menutup aurat. Apabila peraturan asas telah diberi, cara perkenalan dan perjumpaan antara ahli portal adalah tanggungjawab mereka sendiri," jelasnya.
Beliau yang juga pengurus portal program cari jodoh Islam Almuslimin berkata, mencari jodoh atau jodoh yang diaturkan adalah sebagai satu usaha yang digalakkan dalam Islam untuk mencari pasangan.
"Sudah tentulah sebagai orang Islam kita perlu sentiasa berdoa, melakukan solat hajat dan istikharah dan yang berusaha untuk mendapatkan jodoh yang baik.
Dalam program cari jodoh Islam yang beliau jalankan, Azhar berkata, pihaknya sekadar menjadi pemegang amanah dan tanggungjawab yang diberikan oleh calon yang hendak mencari pasangan.
Proses pencarian dilaksanakan dengan bijaksana dan mengikut kehendak syariat Islam dengan syarat calon-calon memberikan butir peribadi yang sebenarnya agar tidak timbul masalah kelak.
"Calon terdiri daripada gadis iaitu wanita belum pernah berkahwin, teruna atau lelaki belum pernah berkahwin, duda, balu, janda, ibu tunggal, dan juga lelaki yang berhasrat berpoligami.
"Kebanyakan calon yang mendaftar terdiri daripada mereka yang berpendidikan tinggi, profesional, guru dan pendidik, usahawan, kakitangan kerajaan, tentera, polis dan ahli akademik. Ada juga ahli yang terdiri daripada ahli portal kami iaitu http://almuslimin.net/JODOH," ujarnya.
Tidak sesuai
Dalam pada itu melalui kajian yang dijalankan oleh sebuah agensi pencari jodoh berpusat di Singapura, Lunch Actually, mendapati jawapan paling popular yang menjadi sebab utama golongan profesional di Malaysia memilih untuk kekal bujang ialah kerana tidak bertemu dengan orang yang sesuai.
Ini bermakna mereka tidak bertemu dengan pasangan yang boleh berkongsi pendapat dan minat yang sama dengan mereka. Alasan kedua yang diberikan ialah orang yang mereka minat kebanyakannya sudah berkahwin atau tidak berminat terhadap mereka.
Menurut pengasas Lunch Actually, Violet Lim, dalam kajian yang diberi nama Regional Dating Survey 2009, menariknya, penemuan yang dibuat pada tahun ini adalah sama dengan yang pernah dibuat pada tahun 2005.
"Ini bermakna, walaupun tempoh empat tahun berlalu sebab musabab untuk individu kekal solo masih sama walaupun kini terdapat begitu banyak saluran untuk bersosial secara online mahupun perjumpaan terus," jelasnya ketika ditemui pada sesi pembentangan penemuan kaji selidik tersebut di Sri Hartamas, Kuala Lumpur, baru-baru ini.
Kaji selidik ini membabitkan tiga negara iaitu Malaysia, Singapura dan Hong Kong untuk mendapat jawapan lebih tepat tentang persepsi mereka yang solo terhadap temu janji dan perhubungan secara amnya.
Kajian ini juga telah berlangsung selama sebulan dan responden yang dipilih bukanlah klien atau pelanggan yang pernah berhubung dengan agensi pencari jodoh.
Trend temu janji
"Responden sasaran dipilih kerana kami mahu mendapatkan jawapan yang tulen dan realistik tentang mengapa mereka kekal solo dan juga trend temu janji di tiga negara yang dipilih," kata Violet.
Lebih menarik, dengan penemuan berharga menerusi kaji selidik ini, Lunch Actually akan lebih mudah mencari pasangan yang sepadan dengan apa yang diingini pelanggan mengikut trend di negara masing-masing.
"Kami mencari penyelesaian terbaik untuk klien bertemu pasangan mereka, demi memenuhi matlamat tersebut kami bukan saja perlu memahami diri mereka tetapi juga keadaan sekeliling yang mereka hadapi setiap hari. Kami begitu prihatin dan memberikan kualiti dan menepati keperluan klien kami," tambah Violet.
Justeru, tidak perlu bersikap tabu dengan perkhidmatan mencari teman kerana siapa tahu cara aturan janji temu yang mereka buat untuk anda adalah penyelesaian untuk apa yang anda cari.
Kata Violet, tempat makan lazimnya menjadi medan pertemuan paling ideal kerana sambil menikmati juadah mereka boleh berbual tentang apa saja dalam suasana yang amat tenang dan santai.
"Kebanyakan klien menyatakan mereka terlalu sibuk untuk bertemu calon pasangan, tapi tidak akan menolak jika pelawaan makan tengah hari.
"Apa pun kami akan menapis, merancang koordinasi dan temu janji, apa yang klien perlu lakukan ialah hanya menghadiri temu janji tersebut.
"Klien akan dipadankan dengan pasangan mengikut kriteria pilihan dan mereka boleh menandatangani pakej enam kali perjumpaan selepas bersetuju dengan pilihan dan syarat yang telah dibuat," ujarnya.
Tuesday, August 18, 2009
Ramadhan
The month of Ramadhan is fast approaching. I would like to wish all Muslim readers of this blog a happy and fruitful Ramadhan. May the upcoming month of Ramadhan bring us closer to our creator and make us more conscious of His blessings.
USIM students will start Ramadhan with their loved ones because of the mid-term break. They will then come back for four weeks of classes before they take another one week break for Eidulfitri. This makes the semester very well balanced between classes and breaks.
The semester started on 6 July for six weeks followed by a one week break and then four more weeks of classes during the month of Ramadhan and after one week break for Eidulfitri classes will carry on for four more weeks before the exam break and finally the exams (6-4-4). So students should be very well prepared for the upcoming exams and thus perform much better than the previous semesters.
USIM students will start Ramadhan with their loved ones because of the mid-term break. They will then come back for four weeks of classes before they take another one week break for Eidulfitri. This makes the semester very well balanced between classes and breaks.
The semester started on 6 July for six weeks followed by a one week break and then four more weeks of classes during the month of Ramadhan and after one week break for Eidulfitri classes will carry on for four more weeks before the exam break and finally the exams (6-4-4). So students should be very well prepared for the upcoming exams and thus perform much better than the previous semesters.
Monday, August 3, 2009
Congratulations - USIM's 7th Convocation
Universiti Sains Islam Malaysia (USIM) held its 7th convocation on 1 August 2009. This was the second convocation of USIM that I attended. In this convocation, 27 students from the BSc program in Actuarial Science and Risk Management (ASRM) were awarded their degrees. They were the first graduates from this program.
Firstly, I would like to congratulate all the ASRM graduates who received their scrolls on Saturday. They are now competing with other actuarial science graduates form other universities in Malaysia and overseas. They should be able to compete with these other graduates and maybe have a little bit extra. These graduates have more knowledge about Islam and Arabic compared to other actuarial science graduates, by virtue of their courses taken while at USIM. They have also undergone six months of industrial training which few other graduates from other universities went through.
Finally, I would like to encourage all the graduates from USIM ASRM program to look at the risk management aspect of whatever they are involved in and to learn how they can apply risk management in their everyday lives.
Firstly, I would like to congratulate all the ASRM graduates who received their scrolls on Saturday. They are now competing with other actuarial science graduates form other universities in Malaysia and overseas. They should be able to compete with these other graduates and maybe have a little bit extra. These graduates have more knowledge about Islam and Arabic compared to other actuarial science graduates, by virtue of their courses taken while at USIM. They have also undergone six months of industrial training which few other graduates from other universities went through.
Finally, I would like to encourage all the graduates from USIM ASRM program to look at the risk management aspect of whatever they are involved in and to learn how they can apply risk management in their everyday lives.
Friday, July 24, 2009
Private Pension Plans
This is very good news for actuarial science students. Any pension scheme would require actuarial expertise. In fact, a large percentage of actuaries work with companies that manage pension schemes. With the introduction of private pension plans, there would be less dependent on the EPF to provide income to retirees.
To encourage the setting up of private pension schemes, amendments can be made to the law concerning contributions to EPF by employers as well by employees. Employers and employees involved in pension schemes can be allowed to reduce the contributions to EPF.
The above would then reduce the amount of fund handled by the EPF. A well-managed pension scheme should be able to provide a better retirement income than that provided by the EPF scheme.
Friday July 24, 2009
Private pension go-ahead
By YVONNE TAN and FLORENCE A. SAMY
KUALA LUMPUR: The much talked about private pension funds will kick off by the middle of next year.
Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop, who announced this, said the new scheme would target the two million self-employed and those who were outside the current pension scheme.
He said the new pension funds could either be operated by new fund management firms to be licensed by the Securities Commission, or by existing firms.
The funds would be regulated by the Securities Commission.
“Several fund managers have already shown keen interest,” he told a press conference after delivering his keynote address at the Forum on Private Pension Industry Retirement Funds here yesterday.
Nor Mohamed said the scheme would target self-employed individuals who currently did not contribute to the Employees Provident Fund or those who wanted to contribute more than the EPF’s statutory requirements.
“We have to ensure it is well managed as it is a pension fund, a fund for individuals in their old-age,” he said.
He said the EPF had a government guarantee of 2.5% return.
“The private pension funds should be able to provide a ‘market return’ at any point of time,” Nor Mohamed said when asked on investment returns.
“The EPF has RM340bil in assets now. These private pension funds have huge potential,” he said, adding that there were currently 5.7 million active EPF members.
Nor Mohamed said the funds were part of the Government’s effort to reform the pension fund industry.
“This is crucial as Malaysia moves towards a developed and high income nation,” he said, adding that such funds would be a boost to the nation’s capital markets.
He said the SC had been tasked to prepare a report containing further details within the next six months.
“The Government at the same time will look at its own pension scheme and the Employees Provident Fund (EPF), and head a committee to coordinate all aspects of the pension reform,” he said.
In a survey by the EPF, it was found that around 90% of members have less than RM100,000 in their accounts and more than 70% would have exhausted their money within three years of withdrawing the lump sum upon retirement.
“This underlying trend reflects the sole dependence of retirees on their EPF savings as a safety net and as such, the inadequacy of sustainable levels of income after retirement,” he noted.
He said Malaysia had pension coverage via EPF, the Public Sector Pension Scheme and Lembaga Tabung Angkatan.
“However, there are gaps in the existing pension framework,” he said.
SC chairman Tan Sri Zarinah Anwar said the regulator would make capital preservation and investor protection top priorities when it came to the funds.
“We are gathering input from successful private pension funds models in other countries. We will then try and adopt the best practices to start off on the right footing,” she said.
Areca Capital Sdn Bhd chief executive officer Danny Wong said it “would take some time” to see the impact of the funds on the capital market.
“It all depends how individuals respond,” he told The Star.
To encourage the setting up of private pension schemes, amendments can be made to the law concerning contributions to EPF by employers as well by employees. Employers and employees involved in pension schemes can be allowed to reduce the contributions to EPF.
The above would then reduce the amount of fund handled by the EPF. A well-managed pension scheme should be able to provide a better retirement income than that provided by the EPF scheme.
Friday July 24, 2009
Private pension go-ahead
By YVONNE TAN and FLORENCE A. SAMY
KUALA LUMPUR: The much talked about private pension funds will kick off by the middle of next year.
Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop, who announced this, said the new scheme would target the two million self-employed and those who were outside the current pension scheme.
He said the new pension funds could either be operated by new fund management firms to be licensed by the Securities Commission, or by existing firms.
The funds would be regulated by the Securities Commission.
“Several fund managers have already shown keen interest,” he told a press conference after delivering his keynote address at the Forum on Private Pension Industry Retirement Funds here yesterday.
Nor Mohamed said the scheme would target self-employed individuals who currently did not contribute to the Employees Provident Fund or those who wanted to contribute more than the EPF’s statutory requirements.
“We have to ensure it is well managed as it is a pension fund, a fund for individuals in their old-age,” he said.
He said the EPF had a government guarantee of 2.5% return.
“The private pension funds should be able to provide a ‘market return’ at any point of time,” Nor Mohamed said when asked on investment returns.
“The EPF has RM340bil in assets now. These private pension funds have huge potential,” he said, adding that there were currently 5.7 million active EPF members.
Nor Mohamed said the funds were part of the Government’s effort to reform the pension fund industry.
“This is crucial as Malaysia moves towards a developed and high income nation,” he said, adding that such funds would be a boost to the nation’s capital markets.
He said the SC had been tasked to prepare a report containing further details within the next six months.
“The Government at the same time will look at its own pension scheme and the Employees Provident Fund (EPF), and head a committee to coordinate all aspects of the pension reform,” he said.
In a survey by the EPF, it was found that around 90% of members have less than RM100,000 in their accounts and more than 70% would have exhausted their money within three years of withdrawing the lump sum upon retirement.
“This underlying trend reflects the sole dependence of retirees on their EPF savings as a safety net and as such, the inadequacy of sustainable levels of income after retirement,” he noted.
He said Malaysia had pension coverage via EPF, the Public Sector Pension Scheme and Lembaga Tabung Angkatan.
“However, there are gaps in the existing pension framework,” he said.
SC chairman Tan Sri Zarinah Anwar said the regulator would make capital preservation and investor protection top priorities when it came to the funds.
“We are gathering input from successful private pension funds models in other countries. We will then try and adopt the best practices to start off on the right footing,” she said.
Areca Capital Sdn Bhd chief executive officer Danny Wong said it “would take some time” to see the impact of the funds on the capital market.
“It all depends how individuals respond,” he told The Star.
Friday, July 10, 2009
Bank Islam Malaysia Al-Awfar Scheme
When I opened the website for this scheme the first thing that I noticed was the big sign that said "DEPOSIT RM100 AND YOU MAY GET RM100,000!"
http://www.bankislam.com.my/About_Al-Awfar.aspx
My immediate reaction was that this was gambling. If you paid some money with the hope of getting a much bigger amount of money through a lucky draw, I would classify it as gambling. Gambling is definitely not permitted in Islam. However reading further, I saw that there is no bet involved because your RM100 is not lost if you do not win, like you would if you buy a lottery ticket.
So the question is what is gambling? Is it the bet or the lucky draw or both? Definitely you will not have a gambling situation if you just have a bet and there is no lucky draw for determining the winner of the prizes. However, in the case of Al-Awfar, there is a lucky draw to determine the winner of the prizes but there is no bet involved. Is this the case?
Normally, lucky draws are done to determine who get prizes that are not substantial financially. For example, lucky draws determine who gets a hamper worth around RM250. If a lucky draw is carried out to determine who would get 1 million ringgit among a million or more hopeful people, this would bring it closer to an act of gambling.
One of the reasons for prohibiting gambling is so that people will work to earn the money and not hope for luck. If I have RM1000 to save, I should deposit it in a bank and hope that the bank will invest the money and I will agree to share some of the profit with the bank, but if I deposit the money in the hope that I will get RM100,000 through a lucky draw which the bank conducts periodically, I feel it is a wrong objective of depositing the money. It would be worse if I do not expect the bank to give me any profit (or I do not mind getting a lower than the normal profit given by the bank for a normal deposit without lucky draws involved), as long as I am eligible for the draw, and I would deposit more money so that my chance of winning the substantial prize is increased.
Looking at it superficially, it seems there is no bet involved because the money you deposited will still be there whether you win the prizes or not. So who pays for the prizes and where is the money obtained from? The bank says that the prizes are paid from the bank's fund and that it does not involve the deposits by the depositors. So where does the bank get the money to pay the substantial amount of prizes from, and at regular intervals?
There is also an explanation that since this scheme is similar to that of Skim Sijil Simpanan Premium (SSSP) of Bank Simpanan Nasional (BSN) and that the National Fatwa Council has declared that this scheme is "harus", therefore the Al_Awfar scheme must also be syariah-compliant.
A similar scheme is advertised by Ar-Rajihi bank (i-Zamzam) where lucky depositors can win a free trip to do the Haj or the umrah. I find this scheme very similar to that of the Al-Awfar scheme, the difference being the nature of the prizes.
Lucky draws have been practiced during the time of the Prophet (pbuhahf) but they were not to determine who would win a financial reward that was substantial. They were used mainly to decide who would do some good deeds if there were several people who wanted to do the deeds concerned. In the case of the drawing of lots to determine who (among them Nabi Yunus) should be thrown into the sea, I do not agree that this is a justification for making drawing of lots to make decisions permissible, and thus legitimizing the drawing of lots for winning substantial monetary prizes. The objectives of the two are very different.
I hope the Syariah Advisory Councils appointed by various financial institutions in Malaysia will re-look at this scheme as well as the SSSP, and determine its status with respect to being syariah compliant. I have read many fatwas online that consider schemes like this as similar to gambling. One such fatwa is from Islam-On-Line at
http://www.islamonline.net/servlet/Satellite?pagename=IslamOnline-English-Ask_Scholar/FatwaE/FatwaE&cid=1119503544118
http://www.bankislam.com.my/About_Al-Awfar.aspx
My immediate reaction was that this was gambling. If you paid some money with the hope of getting a much bigger amount of money through a lucky draw, I would classify it as gambling. Gambling is definitely not permitted in Islam. However reading further, I saw that there is no bet involved because your RM100 is not lost if you do not win, like you would if you buy a lottery ticket.
So the question is what is gambling? Is it the bet or the lucky draw or both? Definitely you will not have a gambling situation if you just have a bet and there is no lucky draw for determining the winner of the prizes. However, in the case of Al-Awfar, there is a lucky draw to determine the winner of the prizes but there is no bet involved. Is this the case?
Normally, lucky draws are done to determine who get prizes that are not substantial financially. For example, lucky draws determine who gets a hamper worth around RM250. If a lucky draw is carried out to determine who would get 1 million ringgit among a million or more hopeful people, this would bring it closer to an act of gambling.
One of the reasons for prohibiting gambling is so that people will work to earn the money and not hope for luck. If I have RM1000 to save, I should deposit it in a bank and hope that the bank will invest the money and I will agree to share some of the profit with the bank, but if I deposit the money in the hope that I will get RM100,000 through a lucky draw which the bank conducts periodically, I feel it is a wrong objective of depositing the money. It would be worse if I do not expect the bank to give me any profit (or I do not mind getting a lower than the normal profit given by the bank for a normal deposit without lucky draws involved), as long as I am eligible for the draw, and I would deposit more money so that my chance of winning the substantial prize is increased.
Looking at it superficially, it seems there is no bet involved because the money you deposited will still be there whether you win the prizes or not. So who pays for the prizes and where is the money obtained from? The bank says that the prizes are paid from the bank's fund and that it does not involve the deposits by the depositors. So where does the bank get the money to pay the substantial amount of prizes from, and at regular intervals?
There is also an explanation that since this scheme is similar to that of Skim Sijil Simpanan Premium (SSSP) of Bank Simpanan Nasional (BSN) and that the National Fatwa Council has declared that this scheme is "harus", therefore the Al_Awfar scheme must also be syariah-compliant.
A similar scheme is advertised by Ar-Rajihi bank (i-Zamzam) where lucky depositors can win a free trip to do the Haj or the umrah. I find this scheme very similar to that of the Al-Awfar scheme, the difference being the nature of the prizes.
Lucky draws have been practiced during the time of the Prophet (pbuhahf) but they were not to determine who would win a financial reward that was substantial. They were used mainly to decide who would do some good deeds if there were several people who wanted to do the deeds concerned. In the case of the drawing of lots to determine who (among them Nabi Yunus) should be thrown into the sea, I do not agree that this is a justification for making drawing of lots to make decisions permissible, and thus legitimizing the drawing of lots for winning substantial monetary prizes. The objectives of the two are very different.
I hope the Syariah Advisory Councils appointed by various financial institutions in Malaysia will re-look at this scheme as well as the SSSP, and determine its status with respect to being syariah compliant. I have read many fatwas online that consider schemes like this as similar to gambling. One such fatwa is from Islam-On-Line at
http://www.islamonline.net/servlet/Satellite?pagename=IslamOnline-English-Ask_Scholar/FatwaE/FatwaE&cid=1119503544118
Tuesday, April 28, 2009
Don: You don’t need RM1mil to retire well
It has been quite sometimes since I posted anything on this blog. This is very busy time with exams being the most urgent. However, the Dean of Faculty showed me this news which attracted my attention. From The Star of Wednesday 24 April:
THE middle class and lower-income earners do not need savings of up to RM1mil to retire comfortably if spending is well planned, Kosmo! reported.
It quoted Universiti Sains Malaysia social science lecturer Associate Prof Dr Kamaruzaman Askandar as saying that the golden seven-digit figure would be difficult to achieve but it was not needed if they knew how to spend their income well.
He said there was also the culture of children helping their parents.
Economic specialist Datuk Prof Is¬¬mail Mohd Saleh said RM120,000 would be enough.
“For civil servants, they will get their pension as well as free medical coverage,” he added
The Star's report was on a news item from Kosmo of 23 April 2009 which is in Bahasa Melayu:
KUALA LUMPUR - Orang ramai daripada kelas bawahan dan pertengahan masih boleh mengekalkan taraf kehidupan sederhana dan selesa selepas persaraan walaupun mereka tidak ada simpanan sehingga RM1 juta.
Pensyarah Pusat Pengajian Sains Kemasyarakatan Universiti Sains Malaysia, Prof. Madya Dr. Kamaruzaman Askandar berkata, jumlah RM1 juta itu tidak perlu jika seseorang bijak mengatur perbelanjaan tanpa pembaziran.
Menurutnya, nilai simpanan tujuh angka itu memang sukar dicapai oleh golongan kebanyakan dan hanya dimiliki oleh mereka yang sudah biasa hidup mewah dan mempunyai pendapatan tinggi semasa masih bekerja.
"Walaupun pesara tiada lagi pendapatan tetap, bagi orang Malaysia, sudah menjadi budaya anak-anak akan membantu ibu bapa dan ini sedikit-sebanyak dapat membantu meringankan beban kewangan,'' ujarnya ketika dihubungi semalam.
Kamaruzaman mengulas laporan sebuah akhbar kelmarin bahawa rakyat Malaysia daripada golongan sederhana memerlukan sekurang-kurangnya RM1 juta untuk hidup selesa semasa bersara.
The Professor was commenting on a news item from Utusan Malaysia of 21 April 2009 which is also in Bahasa Melayu:
RM1 juta tidak cukup selepas bersara
JOHOR BAHRU 20 April - Rakyat Malaysia daripada golongan sederhana memerlukan sekurang-kurangnya RM1 juta ketika bersara sekiranya mahu mengekalkan gaya hidup semasa.
Pengurus Negara ESG Direct Asia Pte. Ltd. bagi Malaysia, K. Sasitharan berkata, bagaimanapun jumlah itu sebenarnya hanya sekadar 'cukup makan' jika diambil kira kos perubatan dalam tempoh berkenaan.
Beliau berkata, berdasarkan tinjauan yang dijalankan mendapati hanya 10 peratus rakyat Malaysia yang memiliki simpanan yang baik untuk menghadapi zaman persaraan mereka nanti.
''Namun, simpanan tersebut bukan hasil daripada tabiat menabung tetapi sebaliknya disebabkan mendapat gaji besar sehingga menyebabkan simpanan dalam Kumpulan Wang Simpanan Pekerja mencukupi," katanya kepada Utusan Malaysia selepas mengadakan Seminar Khas Perancangan Kewangan sempena Minggu Saham Amanah Malaysia 2009 di sini.
Beliau berkata, sejumlah 10 peratus didapati menjadikan amalan menyimpan untuk menghadapi persaraan manakala 80 peratus lagi tidak bersedia langsung dan terpaksa bergantung kepada anak-anak.
Sasitharan berkata, walaupun amalan menabung masih lagi rendah di kalangan rakyat Malaysia tetapi ia adalah perkara normal bagi negara yang memiliki populasi muda.
Bagaimanapun, situasi itu perlu diperbaiki sebelum menimbulkan masalah kepada negara kerana dalam tempoh 15 hingga 20 tahun lagi Malaysia berpotensi untuk mempunyai majoriti penduduk dewasa.
Beliau berkata, rakyat Malaysia sepatutnya menukar persepsi yang ada dan menjadi lebih bersedia dalam mengharungi dunia persaraan tanpa perlu mengurangkan gaya hidup sedia ada.
''Di Malaysia, pesara secara automatik akan mengubah gaya hidup kebelakang berikutan kekangan wang untuk meneruskan gaya hidup selesa semasa bekerja.
''Sebab itu, pesara akan balik ke kampung selepas bersara dengan harapan dapat mengawal perbelanjaan harian, sekali gus mengurangkan beban kos hidup,'' jelasnya.
Beliau menafikan bahawa amalan menabung hanya berupaya dilakukan oleh golongan yang memiliki gaji yang lumayan.
''Dakwaan ini tidak benar kerana golongan pekerja yang memiliki gaji RM1,000 pun menabung, secara perlahan-lahan kerana gaji yang diperoleh akan mengalami kenaikan seiring tempoh bekerja,'' jelasnya.
Sasitharan menegaskan, masalah di Malaysia adalah kebanyakan rakyatnya lebih mengutamakan gaya hidup berbanding menabung.
Sambil memberi contoh, katanya, rakyat Malaysia sekarang dilihat lebih cenderung berbelanja terlebih dahulu sebelum mendapat gaji.
''Sekarang ini, kad kredit telah mengawal perbelanjaan rakyat Malaysia, ini memang budaya bahaya kerana setiap kali mendapat gaji, kita akan mendahulukan hutang,'' katanya.
Ditanya apa yang perlu dilakukan jika tabungan pekerja masih tidak mencukupi pada usia 55 tahun, Sasitharan berkata: ''Pekerja itu perlu terus bekerja kerana usia persaraan 55 tahun adalah masih muda berbanding negara maju pada usia 65 tahun. Ini bukan bermakna pesara yang tidak mempunyai cukup simpanan masih mempunyai 10 tahun lagi untuk menabung,'' kata beliau.
Surely, these news items need to be clarified by people who are more thorough so that the public who are the most affected can have a clearer picture of how to plan for their retirement. The public should not be left wondering whether you have to save up to 1 million Malaysian Ringgit or you can survive with only RM120,000 for your retirement. More explanations as to the level of retirement expenditure that each retiree wants and the effect that inflation would have on retirement income when one retires, must be clearly given.
THE middle class and lower-income earners do not need savings of up to RM1mil to retire comfortably if spending is well planned, Kosmo! reported.
It quoted Universiti Sains Malaysia social science lecturer Associate Prof Dr Kamaruzaman Askandar as saying that the golden seven-digit figure would be difficult to achieve but it was not needed if they knew how to spend their income well.
He said there was also the culture of children helping their parents.
Economic specialist Datuk Prof Is¬¬mail Mohd Saleh said RM120,000 would be enough.
“For civil servants, they will get their pension as well as free medical coverage,” he added
The Star's report was on a news item from Kosmo of 23 April 2009 which is in Bahasa Melayu:
KUALA LUMPUR - Orang ramai daripada kelas bawahan dan pertengahan masih boleh mengekalkan taraf kehidupan sederhana dan selesa selepas persaraan walaupun mereka tidak ada simpanan sehingga RM1 juta.
Pensyarah Pusat Pengajian Sains Kemasyarakatan Universiti Sains Malaysia, Prof. Madya Dr. Kamaruzaman Askandar berkata, jumlah RM1 juta itu tidak perlu jika seseorang bijak mengatur perbelanjaan tanpa pembaziran.
Menurutnya, nilai simpanan tujuh angka itu memang sukar dicapai oleh golongan kebanyakan dan hanya dimiliki oleh mereka yang sudah biasa hidup mewah dan mempunyai pendapatan tinggi semasa masih bekerja.
"Walaupun pesara tiada lagi pendapatan tetap, bagi orang Malaysia, sudah menjadi budaya anak-anak akan membantu ibu bapa dan ini sedikit-sebanyak dapat membantu meringankan beban kewangan,'' ujarnya ketika dihubungi semalam.
Kamaruzaman mengulas laporan sebuah akhbar kelmarin bahawa rakyat Malaysia daripada golongan sederhana memerlukan sekurang-kurangnya RM1 juta untuk hidup selesa semasa bersara.
The Professor was commenting on a news item from Utusan Malaysia of 21 April 2009 which is also in Bahasa Melayu:
RM1 juta tidak cukup selepas bersara
JOHOR BAHRU 20 April - Rakyat Malaysia daripada golongan sederhana memerlukan sekurang-kurangnya RM1 juta ketika bersara sekiranya mahu mengekalkan gaya hidup semasa.
Pengurus Negara ESG Direct Asia Pte. Ltd. bagi Malaysia, K. Sasitharan berkata, bagaimanapun jumlah itu sebenarnya hanya sekadar 'cukup makan' jika diambil kira kos perubatan dalam tempoh berkenaan.
Beliau berkata, berdasarkan tinjauan yang dijalankan mendapati hanya 10 peratus rakyat Malaysia yang memiliki simpanan yang baik untuk menghadapi zaman persaraan mereka nanti.
''Namun, simpanan tersebut bukan hasil daripada tabiat menabung tetapi sebaliknya disebabkan mendapat gaji besar sehingga menyebabkan simpanan dalam Kumpulan Wang Simpanan Pekerja mencukupi," katanya kepada Utusan Malaysia selepas mengadakan Seminar Khas Perancangan Kewangan sempena Minggu Saham Amanah Malaysia 2009 di sini.
Beliau berkata, sejumlah 10 peratus didapati menjadikan amalan menyimpan untuk menghadapi persaraan manakala 80 peratus lagi tidak bersedia langsung dan terpaksa bergantung kepada anak-anak.
Sasitharan berkata, walaupun amalan menabung masih lagi rendah di kalangan rakyat Malaysia tetapi ia adalah perkara normal bagi negara yang memiliki populasi muda.
Bagaimanapun, situasi itu perlu diperbaiki sebelum menimbulkan masalah kepada negara kerana dalam tempoh 15 hingga 20 tahun lagi Malaysia berpotensi untuk mempunyai majoriti penduduk dewasa.
Beliau berkata, rakyat Malaysia sepatutnya menukar persepsi yang ada dan menjadi lebih bersedia dalam mengharungi dunia persaraan tanpa perlu mengurangkan gaya hidup sedia ada.
''Di Malaysia, pesara secara automatik akan mengubah gaya hidup kebelakang berikutan kekangan wang untuk meneruskan gaya hidup selesa semasa bekerja.
''Sebab itu, pesara akan balik ke kampung selepas bersara dengan harapan dapat mengawal perbelanjaan harian, sekali gus mengurangkan beban kos hidup,'' jelasnya.
Beliau menafikan bahawa amalan menabung hanya berupaya dilakukan oleh golongan yang memiliki gaji yang lumayan.
''Dakwaan ini tidak benar kerana golongan pekerja yang memiliki gaji RM1,000 pun menabung, secara perlahan-lahan kerana gaji yang diperoleh akan mengalami kenaikan seiring tempoh bekerja,'' jelasnya.
Sasitharan menegaskan, masalah di Malaysia adalah kebanyakan rakyatnya lebih mengutamakan gaya hidup berbanding menabung.
Sambil memberi contoh, katanya, rakyat Malaysia sekarang dilihat lebih cenderung berbelanja terlebih dahulu sebelum mendapat gaji.
''Sekarang ini, kad kredit telah mengawal perbelanjaan rakyat Malaysia, ini memang budaya bahaya kerana setiap kali mendapat gaji, kita akan mendahulukan hutang,'' katanya.
Ditanya apa yang perlu dilakukan jika tabungan pekerja masih tidak mencukupi pada usia 55 tahun, Sasitharan berkata: ''Pekerja itu perlu terus bekerja kerana usia persaraan 55 tahun adalah masih muda berbanding negara maju pada usia 65 tahun. Ini bukan bermakna pesara yang tidak mempunyai cukup simpanan masih mempunyai 10 tahun lagi untuk menabung,'' kata beliau.
Surely, these news items need to be clarified by people who are more thorough so that the public who are the most affected can have a clearer picture of how to plan for their retirement. The public should not be left wondering whether you have to save up to 1 million Malaysian Ringgit or you can survive with only RM120,000 for your retirement. More explanations as to the level of retirement expenditure that each retiree wants and the effect that inflation would have on retirement income when one retires, must be clearly given.
Wednesday, March 18, 2009
PNB declares lowest ASM dividend
The effect of the fall in the stock market is now showing in dividends declared by unit trusts. After the EPF declared dividends of 4.5% (lowest in so many years), PNB now declares its lowest ever payout for the ASM. However PNB has been able to declare a reasonable dividend rate for its fixed-price equity income fund. The 6.25% dividend declared is so much higher than that offered by fixed deposit takers.
KUALA LUMPUR: Permodalan Nasional Bhd (PNB) declared the lowest ever payout for Amanah Saham Malaysia (ASM), 6.25 sen per unit for fiscal 2009, as it decided to keep some money for a rainy day.
It could have paid 7.92 sen but decided on the lower figure, ASM's lowest since the fixed-price equity income fund was launched in 2000.
The payout is still more than double the current 12-month fixed deposit rate of 2.5 per cent.
"We still have a reasonable amount of cash. The ASM fund size is 7.6 billion, of which 2.1 billion is in cash and this can be used to buy good stocks," said PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman yesterday.
PNB had to contend with a stock market that fell some 40 per cent last year as investors worried a recession would hurt corporate earnings.
Hamad declined to predict how PNB would fare for the year till March 31 next year, but said it would strengthen its investment portfolio. Since last year, the purchase of ASM units has risen by a quarter.
PNB chairman Tun Ahmad Sarji Abdul Hamid said 402,513 unit holders who subscribed to 7.21 billion units of ASM would benefit from the total payout of RM407.58 million.
Last year, a record payout for ASM was declared with income distribution of 7.8 sen, compared with 6.8 sen in 2007. ASM made a gross income of RM440.73 million for fiscal 2009.
Meanwhile, ASM transactions nationwide will be halted from March 25 to 31 for the calculation of income distribution.
KUALA LUMPUR: Permodalan Nasional Bhd (PNB) declared the lowest ever payout for Amanah Saham Malaysia (ASM), 6.25 sen per unit for fiscal 2009, as it decided to keep some money for a rainy day.
It could have paid 7.92 sen but decided on the lower figure, ASM's lowest since the fixed-price equity income fund was launched in 2000.
The payout is still more than double the current 12-month fixed deposit rate of 2.5 per cent.
"We still have a reasonable amount of cash. The ASM fund size is 7.6 billion, of which 2.1 billion is in cash and this can be used to buy good stocks," said PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman yesterday.
PNB had to contend with a stock market that fell some 40 per cent last year as investors worried a recession would hurt corporate earnings.
Hamad declined to predict how PNB would fare for the year till March 31 next year, but said it would strengthen its investment portfolio. Since last year, the purchase of ASM units has risen by a quarter.
PNB chairman Tun Ahmad Sarji Abdul Hamid said 402,513 unit holders who subscribed to 7.21 billion units of ASM would benefit from the total payout of RM407.58 million.
Last year, a record payout for ASM was declared with income distribution of 7.8 sen, compared with 6.8 sen in 2007. ASM made a gross income of RM440.73 million for fiscal 2009.
Meanwhile, ASM transactions nationwide will be halted from March 25 to 31 for the calculation of income distribution.
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