We hope you are well and in the best of health and iman. May Allah swt continue to bless your family and your life with His mercy and rahmah.
This week's sharing can be a little controversial and may get us into hot soup too but among Muslims we should create this awareness. Since we cannot do much about the generation of riba. At most we can cleanse it from our accounts.
Riba in CPF & Investments?
When was the last time you check your CPF statements? If you haven't please get your Singpass ready and follow these steps.
Step 1: Login with your Singpass at www.cpf.gov.sg website.
Step 2: Check your CPF Statements under "My Statement"
Step 3: Scroll down to Section B. Choose "Transaction history" and choose the dates. "From Date" - Dec 2019 and "To Date" - Jan 2020
Step 4: Look for transaction with Code "INT".
As you can see there is interest generated every year in our CPF. So imagine if you accumulate it over the years?
Now where does this come from?
The government does invest our CPF funds and share the profits of these investment every year.
However, are these investments Halal?
As we know the money earned by the Government can come from various sources. Among them are our income taxes, road tax, house tax and many more. There are also Non-Halal income such as tax on alcohol, tax on the Casinos, etc etc.
Let's say they lump them up altogether and return the profits to us. So the money gain is not exactly halal isn't it?
How to cleanse it?
With CPF it is a bit tricky because the money is not in our hands. We can see the statement and see it growing month to month, but we cannot touch it nor we can take it out and cleanse it at our own will.
For CPF, we actually follow the Fatwa similar to Zakat on CPF. Only when one is able to withdraw the money then the money can be cleanse. So technically most of us can only do it when we pass on?
But how to cleanse it after we are gone?
Well simple, its not you that will cleanse it. Your children or those who inherit it will do so. Hence it becomes our responsibility to pass down this knowledge to those who inherit our fortune one day.
You will experience this when your parents pass on and their CPF can be withdrawn.
Part 3 of this upcoming seminar will discuss more about money. Find out more here.
