The Jamat is requested that they should take the following aspects into consideration for themselves and their families:
- Maintain strong discipline in family budgets. Prioritize necessary spending only and if possible, save some portion of the income to allow for its utilization during an emergency situation.
- Families should not spend beyond their means and should not come under pressure from the behavior of the larger society around. Do not take unnecessary loans or credit card debts and instead, maintain simplicity in daily affairs.
- Households that are reliant on a single earner should discuss within the family regarding options on how an additional family member can be engaged in employment activities to help increase the family’s income. Women who are educated should be highly encouraged and motivated to seek safe and secure employment.
- With the rising costs of healthcare the Jamat should prioritize health insurance for their families. It is encouraged that the ‘household heads’ study and review the existing health insurance schemes available in the market and then select a plan that suits the family’s basic healthcare needs.
- The Jamat should look to secure their savings and investments in fixed income products offered by the banks that are presently offering a high return to the depositors. In addition, the Jamat may also learn more about the investment options offered by the government’s national saving schemes. Do NOT get tempted in daily trading activities within the stock market which is behaving in an extremely unpredictable manner and can very quickly cause severe losses. It is suggested that a better approach is to seek proper consultation for long term investments that offer stable dividends (returns).
- Business owners involved in retail, trade and manufacturing should be mindful of the revised government policies pertaining to sectors of import and export and the relevant duties and currency devaluation trends. It should be noted that bank Interest rates are expected to remain exceptionally elevated which will impact business feasibilities. Therefore, unnecessary debt-driven business activities should be reassessed.
The Council would like to re-emphasize that the Jamat needs to remain very careful in these tough economic conditions. There is a possibility that the ongoing economic conditions may further elevate incidents of theft and fraudulent scams including cyber-crimes such as online identity theft. It is important that the Jamat remains alert at all times.
The Council will continue to monitor the situation and advise the Jamat accordingly.
