Malaysia EPF Cash Withdrawals During MCO According To Sharia Perspective

Abstract

The government has allowed four special withdrawal facilities namely i-Lestari, i-Sinar, i-Citra and Special Withdrawal to EPF account holders in the past few years. Malaysia was hit by an epidemic of COVID-19 that affected many lives. As a response, the government has taken steps to address the issue by declaring a Movement Control Order (MCO). The effect of the MCO has resulted in the country facing a severe economic recession. Key sectors of the economy, such as construction, manufacturing, and services, are operating at a very minimal rate. Consequently, some people are impacted financially by their loss of income. The purpose of this study is to analyze the sharia viewpoint on the EPF special cash withdrawals, considering the principles of maqasid sharia in both current and future situations. Qualitative methods are implemented in this study by using interviews and library research on data collection, and the data obtained is analysed based on inductive and deductive methods to obtain comprehensive research results. The results of this study demonstrate that various parties have discussed this matter and have agreed and disagreed on this action. Meanwhile, from a sharia perspective, there are also different views on the need for EPF withdrawal based on maqasid sharia according to the current and future circumstances.