Last updated : 2/22/20 1:11 PM     

EPF MEET THE TARGETS SETS FOR SIMPANAN SHARIAH

  • 5.00% dividend declared for Simpanan Shariah
  • Results in line with targets despite challenging environment
  • 2020 expected to be more volatile than 2019

 

KUALA LUMPUR, 22 February 2020: The Employees Provident Fund (EPF) declared a dividend rate of 5.00% for Simpanan Shariah 2019, with a payout amounting to RM4.14 billion.

The EPF Act 1991 requires the EPF to pay the dividend for Simpanan Shariah at any rate according to the actual performance of the investment.

“We started offering Simpanan Shariah in August 2016 in response to keen interest and demand from members who wanted their savings managed and invested in accordance with Shariah principles,” said Chief EPF Officer, Alizakri Alias. 

Explaining the differing dividend rates between Simpanan Shariah and Simpanan Konvensional, Alizakri said, “The dividends from Simpanan Shariah differs because the universe of assets that we can invest in and which is Shariah-compliant is not as wide as that available for the conventional option. A majority of the investments were in the domestic markets, which did not perform as well in 2019.”

He said that, “However, members can take comfort from the fact that all their investments are Shariah compliant. Despite challenging market conditions in 2019, our prudent management and fund allocation efforts still ensured that we delivered on the targets we set for Simpanan Shariah last year and fulfilled our mandate.”

Alizakri said that 2020 looked to be similarly, if not more, volatile than 2019. “The COVID-19 virus will certainly have its impact on the markets, and to weather this storm our domestic markets must prove resilient. Despite these difficulties, we will do our best to sustain a similar performance for Simpanan Shariah in 2020.”

 

Issued by the EPF Media Desk

Corporate Affairs Department

[email protected]

22 February 2020

 

 

 

About the Employees Provident Fund (EPF)

The Employees Provident Fund (“EPF”) is one of the oldest retirement funds in the world. Established in 1951, the EPF is a Member-Linked Company (MLC) focused on a mission to safeguard member savings and deliver excellent services. In recent years, in line with its vision of helping members achieve a better future, the EPF has expanded its role to encompass the creation of a comprehensive social well-being ecosystem. Today, the EPF remains steadfast in its commitment to members through consistent efforts to update and improve itself, in order to build the foundation for sustainable, holistic and equitable well-being for all Malaysians.