Finances

Attention to all EPF members investment scheme (MIS) members, EPF has just announced that they will revised the basic savings threshold  before a member can withdraw for investment purpose effective Jan 2017. According to EPF, the basic savings refer to the amount that is considered sufficient to support members’ basic retirement needs for 20 years from age 55 to 75 aligned with the Malaysian life expectancy. In view of the escalating cost of living, longer life expectancy and higher inflation rate, the EPF has made the decision to revise the basic savings upwards to RM228,000 from RM196,800. Meaning LESSER amount can be withdrawn ? Wait... There is another announcement too... Effective Jan 1, 2017, the eligible amount members will be allowed to invest under the EPF-MIS has been increased to up to 30% in excess of their basic savings from Account 1, from the current 20%. So, can we withdraw MORE or LESSER then? Referring to examples below provided by licensed financial planne...

We can't 100% eliminate the risk of getting ZIKA virus, but the contagious virus infection is hitting right on our shore lately. Although only a few cases being reported in Malaysia as to date, we can't deny that the virus can spread very fast nationwide within a short span of time. Does your insurance cover you if we unfortunately infected by the virus? The popular question in town... Spread by this deadly Aedes mosquitoes , it brings with it the contagious dengue bacteria and also Zika virus now. The symptoms are very similar for both. People with Zika virus disease can have symptoms including mild fever, skin rash, conjunctivitis, muscle and joint pain, malaise or a headache. These symptoms normally last for 2-7 days.  There is a scientific consensus that Zika virus is a cause of microcephaly and Guillain-Barré syndrome. Links to other neurological complications are also being investigated. Covered by insurance? Finance Malaysia Blog took the initiative to get the answer f...

Yeah. You see it right. Eligible developers can now apply for moneylenders licences to provide loan facilities of up to 100% to property buyers. The licence would be issued by the Urban Well-being, Housing and Local Government Ministry under the Money Lending Act 1951 (Amendment) 2011. Developers providing housing loans??? With this new licence, developers can help their customers to finance whatever percentage of the property purchase price. The ministry views this as a win-win solution for both developers and house buyers. House buyers who faced difficulties of getting a loan can have another source of funding now. Meanwhile, developers can now easier to sell their property as well as profiting from the end-financing schemes. Sounds good? Don't happy too early... What's the terms and conditions? It's open to all house buyers (not necessarily first-time buyers) Interest rate of up to maximum of 12% if with collateral Interest rate of up to maximum of 18% if withou...

Chances are if you’re reading this, you are one of the millions of credit card users in Malaysia. But  did you know there are various credit card scams in Malaysia that you need to avoid at all costs? Read on to find out more... Use Your Credit Card Wisely When you’re out for a meal or shopping and want to pay with your credit card, make sure you know  that it is only being charged for what you actually used it for. Go over the bill and payment slip and  triple check the transaction to make sure you’re not being charged for ‘ extras ’. Plus you should keep an eye on your credit card at all times. Don’t run the risk of having your credit card stolen or swapped with a fake. And in the worst case scenario, if you have lost or had your credit card stolen, call the bank’s 24-hour hotline and have it cancelled immediately! Protect Yourself Online At All Times Buying something online? Always make sure that your connection to the website is secured by  checking the...

If you're a Maybank customer, then you should pay attention to this post. It could affect your daily dealings with the bank after these dates. As the largest banking group in Malaysia, is it in trouble financially to take such steps? Let's read on... Why Closing Down? In fact, it is a norm from any banking group to close down its operating branch due to lower demand that what the bank expected. As a profit-oriented organisation, whatever the decision made must be aligned to the overall objective set, including opening or closing of a branch. In this case, Maybank may think that the branches have to be shut down because of lower than expected demand . Another reason is there are multiple branches nearby and it brings no economic sense . Which branch is closing down? And, by which date? Here is the listing... Anyway, Maybank will still be the preferred bank by most of us due to its extensive network spreading across all neighborhood, has close to 400 branches nationwide and 2,50...

Today (08.08.2016) is the date of starting a new chapter for our retirement fund Employees Provident Fund (EPF) where members can start to register their applications for the Shariah account. To be eligible for Simpanan Shariah 2017, members must register their application by 23 December 2016 and subject to the availability of the RM100 billion fund. Before making such an important move, let us understand the differences between conventional and Shariah account first. How to register for Simpanan Shariah? You need to attend personally at any EPF counter to submit your application and verify your thumbprint for identification. Just bring along your MyKad or Passport (non-Malaysian). Then, you will be notified of your application status 7 days before the effective date. Am I allowed to utilise the eligible withdrawal amount from my Simpanan Shariah to fund for conventional housing loans or is it limited to Islamic housing financing? Yes, members can use their withdrawal amoun...

Yes. The 2016 world's most popular game - Pokemon Go - is here in Malaysia now. Are you one of them who register as one of the 'trainer'? It's addicted and it's the hottest topic of town where you can share and exchange conversations with anyone now, especially at PokeShop or PokeGym. (You will only know it if you're one of the trainers) Well, it's here in Malaysia. So what? If you're playing the games, you should read this to earn back your 'cost'. If you're a share investor, you must read this. If you're not either of them, you can just ignore this. Identifying the cost of playing... Just because of the game, many of us will be experiencing either not enough mobile data, or not enough battery power . Then, what would you do? Buy more la... That's why, as an investor, we should invest in telcos such as Maxis, DiGi, Axiata... whom would be benefiting from higher data consumption, thus, providing higher revenue and profit. Maxis alread...