Implementing gold investment for Malaysian Employees Provident Fund (EPF)

The Employees Provident Fund (EPF) was established under the Provident Fund Act 1991 (Act 452) which provides retirement benefits to its contributors under an efficient and trusted management appointed by the government. Both private and public sector employees are allowed to contribute; whereby EPF acts as a fund manager on behalf of the contributors and provides a guaranteed minimum dividend of 2.5 per cent per annum. Majority of EPF investments are of low risk financial instruments; and this is done as to ensure the contributors enjoy the minimum returns. As majority of EPF contributors are Muslims, two critical issues have risen, especially when EPF seems to be ignorant by not investing in shariah compliant instruments on top of its uncompetitive returns. As gold investment has so far shown to produce high long term investment return, we examined the suitability of introducing shariah compliant gold investment saving account as one of the EPF portfolio investment instruments. We suggested that EPF allocates around 15 per cent of its investment portfolio in shariah compliant gold account for the benefit of EPF contributors as to maintain their purchasing power after retirement. As gold hedges against inflation, investing in shariah– compliant gold investment account solves the dilemma of Muslim EPF contributors in non-permissible investment

Principles of Islamic spirituality towards producing successful entrepreneurs: perspective of tariqah entrepreneur

Islamic entrepreneurs are important to inculcate the principles of Islamic spirituality into themselves as well as their business. The life of a Muslim entrepreneur actually requires halal income, blessed profits, security in livelihood, and contribution to the poor. This article focuses on the principles of Islamic spirituality that can be practiced by an entrepreneur to succeed in their business. This article aims to discuss the key requirements in Islamic spirituality and practice for an entrepreneur. It will also discuss the basic relationship of Islamic spirituality with the 3 branches of knowledge (Fiqh, Tawhid, Sufism) for an entrepreneur. This study is a qualitative study that uses content analysis and interview methods for the findings of the study. The results of the study found that the basic principles of spirituality have existed in an entrepreneur whether Tariqah or not, entrepreneurial spiritual practices such as charity, prayer, and remembrance can actually build self -confidence and form a noble character. In addition, it suggests the need for future studies to find the differences between failed and successful entrepreneurs

Masjid sebagai alternatif pusat penjanaan ekonomi masyarakat setempat: satu sorotan literatur

Masjid merupakan sebuah institusi yang penting dalam membina tamadun dan peradaban umat Islam. Peranan masjid tidak terhad hanya sebagai tempat pelaksanaan ibadah khusus semata-mata, akan tetapi mencakupi pelbagai aktiviti termasuk sebagai penjanaan ekonomi masyarakat setempat. Justeru kertas kerja ini bertujuan untuk menyoroti peranan masjid dari aspek perekonomian. Kajian ini berbentuk kualitatif dengan pendekatanan analisa kandungan dan dianalisis secara deskriptif. Hasil analisis literatur mendapati bahawa peranan masjid sebagai pusat kegiatan ekonomi masyarakat telah diperkasakan dengan pelaksanaan pelbagai aktiviti dan kegiatan ekonomi. Antara aktiviti yang dilaksanakan adalah seperti koperasi masjid, pemberian bantuan modal, pelaksanaan konsep perniagaan sosial seperti penyewaan lot-lot kedai, rumah sewa, tapak menara telekomunikasi, khemah, peralatan kendurikendara, sewa dewan, sewa bilik kuliah dan perniagaan inap desa yang merupakan sebahagian daripada aktiviti pengimarahan masjid. Di samping itu, terdapat juga aktiviti berbentuk penternakan seperti pusat membangunkan semula penternakan lembu bagi membekalkan kemahiran dan peluang pekerjaan kepada penduduk setempat dalam menjana pendapatan. Melalui pelaksanaan aktiviti berkonsepkan perekonomian yang berpusat di masjid, mampu untuk membantu meningkatkan ekonomi masyarakat setempat. Implikasi daripada sorotan ini menunjukkan justifikasi yang signifikan terhadap kajian lanjut berkaitan keperluan pemerkasaan peranan ini perlu diperhalusi sehingga dapat menghasilkan mekanisme atau modul khusus berkaitan perekonomian masjid agar boleh dilaksanakan secara efektif dan menyeluruh di seluruh masjid di Malaysia