ADMINISTRATION OF MUSLIM LAW ACT
(CHAPTER 3, SECTION 32 (2))
FATWA (RULING) ISSUED
BY
LEGAL (FATWA) COMMITTEE, MAJLIS UGAMA ISLAM SINGAPURA
QUESTION DATED 6 MARCH 2003 FROM A LAW FIRM ON THE SUBJECT OF INTEREST IN CPF ACCOUNT.
FATWA ISSUED
1 The Legal (Fatwa) Committee received a question on the subject of interest in CPF account. They requested for the rulings on :
2 After deliberating on the issue, the Legal (Fatwa) Committee ruled that the interest paid by CPF Board to CPF member’s account is not riba as it is not a gain from a loan, debt, or pawn transaction. Instead, it is a form of gift with no conditions.
3 The Fatwa Committee is also of the opinion that questions (ii) and (iii) is of a judicial matter that should be referred to the Syariah Court, Singapore.
الله أعلم ، وبالله التوفيق ، وصلى الله على سيدنا محمد وعلى آله وصحبه وسلم.
SYED ISA BIN MOHD BIN SMITH
MUFTI OF SINGAPORE
CHAIRMAN, LEGAL (FATWA) COMMITTEE
MAJLIS UGAMA ISLAM SINGAPURA