KUALA LUMPUR, Oct 16 (Bernama) --  Bank Muamalat  Malaysia Berhad ( Bank Muamalat ) signed a memorandum of understanding (MoU) with Yayasan Pengaman Malaysia to assist future pensioners and existing pensioners of the Royal Malaysian Police (PDRM).

 Bank Muamalat ’s chief executive officer, Datuk Mohd Redza Shah Abdul Wahid, said the MoU is aimed at increasing the awareness on the importance of financial management and preparation for retirement among PDRM staff who have retired or are about to do so. 

“This agreement will benefit 6,000 retirees. Among the personal financing products being offered are ‘Pembiayaan Peribadi Pesara’ (3P) and ‘Pembiayaan Peribadi Pra-Persaraan’ (3PS),” he said at a press conference after the MoU signing ceremony.

Mohd Redza signed the MoU on behalf of  Bank Muamalat , while Yayasan Pengaman, established to provide for the welfare of PDRM retirees, was represented by its deputy chairman Tan Sri Hussin Ismail. The signing was witnessed by Inspector-General of Police, Tan Sri Mohamad Fuzi Harun.

Currently, 1,000 retirees and future retirees have subscribed to 3P and 3PS, which provide a payment term of 10 years.

Uniquely, retirees can combine the payment for the financing products with Amanah Saham Bumiputera payments to create a startup capital, where they only need a sum of RM10,000 for the bank to increase it seven-fold.

“For now, we are focusing on providing the funding to uniformed services such as  the police force, the armed forces, and fire departments,” added Mohd Redza.   

--BERNAMA