Thursday, August 11, 2016

Chapter 294 - Hello August

It has been quite some time now. I've failed in giving regular update. Even my previous post was way before Ramadhan. Hence I didn't get to wish all Happy Fasting or Happy Eid Mubarak. And now it's August and a month after Raya already. People are preparing for EidulAdha. There are already pilgrimages sent to Saudi for their Hajj. And for them, I can wish and pray for their perfect Hajj. One friend from my new work place already got the call; and surprisingly he is younger than me. But that doesn't count. Age is not really a factor. If you registered under Tabung Haji (that's the only way for Malaysian!) with minimal savings (when I registered 2 years ago it was RM1300), you automatically placed in the pool. My turn would be somewhere in 2047. Or maybe it was 2067? I can't remember and I don't think I live that long. Once you have completed the needed amount (minus government subsidy) of RM12k in the savings, then you are likely eligible for the random pick. So people, start prioritizing. I realized this late at this age, but nothing is too late. He registered in 2007, and surely his turn in 2030s. But since he filled up his savings in TH, he got the call. I sent a text to him wishing him the best. He was dumbfounded at first, but now he is making ready of his pilgrimage. He just taken back as his parent was not called up since they registered together with him.

So, coming back to prioritizing, there are few options for us. Few insurance companies already provided a policy whereby client can choose to direct portion of the savings to TH account. Some projected the savings will be completed less than 20 years time. So that is good. Other option is to directly bank in your monthly savings to TH. Of course is it not as glamorous as saving them in ASB (due to margin in dividends), but if you are looking into the argument on whether ASB is Syariah compliant or not, you might choose the answer you already know.

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