Utilisation of CPF Savings to Service Mortgage Loans for HDB Flats Based on Islamic Financing

27 Mr Zhulkarnain Abdul Rahim asked the Minister for Manpower whether the CPF Board will consider allowing CPF savings to be utilised to service mortgage loans for HDB flats based on Islamic financing.

Dr Tan See Leng: There are currently no mortgage loan products for HDB flats based on Islamic financing. If financial institutions approach relevant authorities to allow the use of CPF for such products, the CPF Board and authorities will assess such proposals, taking into consideration the need to protect CPF members’ retirement savings.