Provident funds

Withdrawing from a mandatory provident fund

Q: I am working in a company where we have a provident fund facility. I wanted to take some amount from my PF Account. In case of temporary withdrawal, the company will charge a certain % as loss of interest. Can I borrow this amount from my PF account? The purpose of borrowing is making investing in some areas.

Secondly, the company always gives interest on our PF balance on annual basis so would it be jaiz for us since this activity of fund and participating in fund is mandatory. The decision of investing PF fund is also with trustees of fund and not with us.

Provident fund

Q: I am employed in the motor vehicle industry. Is it permissible to contribute towards a provident fund? The employer contributes 8% of the monthly salary, and 7,5% is deducted from my salary.

Pension fund

Q: Our company has a pension fund that has various portfolios options of which one is a shariah compliant option. The problem is that the fund is loosing so much on my money monthly. Do you continue loosing money or place it in a safe interest bearing portfolio?