The history of Shariah Adviser dates back to the seventh century. The first question that comes to one's mind is how this Islam banking and finance or also known as "Sharia Compliant Banking", is different from the conventional banking used by most people around the world. Its roots go to Islamic law, which abides by avoiding the Riba and Gharar not just for muslin but also for non-Muslim investors.
One of the aspects is Islamic banking and finance includes Islam superannuation Melbourne around. The term superannuation simply means the money that you put together for the time when you retire. This system is designed for the employees where they would make regular payments from their income amount as part of their superannuation fund/scheme.
Why Is It Important?
- Any form of saving for the future is a financial security that you can swear by at the time when you have to retire from the job or are no more capable of working given the age. Superannuation is one such form of saving for retirement. This assists you to start your saving early in the form of super contributions that you would make in the account set up by you. It is, in fact, one of the important sources of wealth increase in Australia.
- Though the contribution may vary as per your personal circumstances, it is ideally up to a maximum of 15% of the employee's basic pay. The contribution is said to be made by the employer but is a part of the Cost that company pays to the employee.
- Even if you change the company, you are assisted by the bank to transfer your superannuation to the new employer. One thing that you may have to be clear about here is that your new employer may or may not have the superannuation scheme; in such a case, you are either allowed to withdraw the money or retain it until your retirement.
- Like other retirement benefits, superannuation does offer income tax benefits. It is, in fact, a great way to gain tax incentives. Further, you can make an extra effort to save the tax by getting professional advice from the banking experts regarding the contributions and saving tax like salary sacrifice, personal super contribution and more.
- As far as Islamic laws and ethics are concerned, they want to ensure that all the income that one earns are only from a legitimate source. The investment that one wants to make is only allocated once screened by Accounting and Auditing Organisation of Financial Investments (AAOFI) standards. This is to ensure that all of your investments are governed by the requirements of Shariah law and the principles of Islam.
Financial planning is essential for life, no matter what if your current financial situation. Superannuation provides you peace of mind of having enough funds. Especially if you are an individual who wants to follow the idea of faith-based investments, then this halal investment is one of the great alternatives. So start thinking about your retirement needs right away and talk to your employer regarding the Islam finance around.
