Tan Sri Muhyiddin Yassin

New education savings plan with affordable, comprehensive takaful coverage

Deputy Prime Minister Tan Sri Muhyiddin Yassin has launched a new National Higher Education Savings Scheme (SSPN-i), the SSPN-i Plus, a scheme which incorporates education savings with affordable and comprehensive takaful coverage. Muhyiddin, who is also Education Minister, said SSPN-i Plus was an initiative under the National Higher Education Fund Corporation (PTPTN), aimed at promoting the habit of saving for higher education among Malaysians. Depositors in this syariah-compliant scheme not only invest for their education but will also receive takaful coverage, coupled with competitive dividend returns and tax relief of up to RM12,000 a year.

Malaysia remains a forerunner in global sukuk

Malaysia remains a forerunner in global sukuk with the global outstanding sukuk amounting to over US$148 billion as at June 2013, which represents 60.4 per cent of the total global sukuk. Deputy Prime Minister Tan Sri Muhyiddin Yassin said credit must be given to Bank Negara Malaysia, the Securities Commission Malaysia, Shariah scholars and the Islamic financial industry community for their efforts to bring Malaysia's Islamic finance marketplace to the current level of sophistication. Muhyiddin, who is also Education Minister, also pointed out that shortage of qualified experts in Islamic finance was the constraining factor for the innovation of new products and services in most countries.

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