National Pension Authority to introduce 'Islamic Version' of Universal Pension Scheme
To facilitate this, an international consultant has already been appointed with funding from the Asian Development Bank (ADB)
Bangladesh's National Pension Authority (NPA) is set to introduce an "Islamic version" of its Universal Pension Scheme to increase its acceptance and uptake among the devout Muslims.
This initiative aims to launch Islamic compliant versions for all four existing schemes: Probash, Progoti, Shurokkha, and Somota.
To facilitate this, an international consultant has already been appointed with funding from the Asian Development Bank (ADB).
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In addition to the Islamic versions, the authority is also exploring the inclusion of insurance benefits within the schemes and plans to bring bank employees, staff, and MPO-enlisted teachers and employees under the pension scheme's umbrella.
Sources within the NPA indicate that a significant portion of the population has been hesitant to join the universal pension scheme due to the absence of an Islamic compliant option.
This factor has also hindered the engagement of imams from millions of mosques across the country in promoting the scheme. By introducing Islamic versions of the four current schemes, the authority anticipates a substantial increase in subscriber numbers.
A member of the BNPA told UNB this week, "Bangladesh is a Muslim-majority country, and most people here are religious. Since there are no Islamic versions of the Universal Pension Scheme, devout Muslims are not coming forward. Consequently, the pace of registration for the universal pension scheme is not accelerating."
He added, "Considering all aspects, we have taken the initiative to launch Islamic versions of the four currently active schemes. The detailed examination of how to implement Islamic versions for all four schemes has been requested for presentation at the next meeting of the Pension Management Board."
The official further confirmed that the ADB-funded international consultant has been tasked with planning the implementation of Islamic versions across all four schemes.
Additionally, efforts are underway to incorporate insurance benefits, include bank and MPO-enlisted personnel, and pursue membership with the International Social Security Association (ISSA).
