KUALA LUMPUR, 8 August 2016: The Employees Provident Fund’s (EPF) Simpanan Shariah, which will be launched in January 2017, is now open for registration at EPF branches nationwide to all members regardless of race, religion and nationality.
Members who wish to convert their conventional EPF savings to Simpanan Shariah will need to personally go to any EPF branch and bring along their MyKad to verify their thumbprint. Foreign nationals who are members should bring their passports.
EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan said, “Today is a momentous milestone for EPF as we commence registration for Simpanan Shariah. We are pleased to finally be able to meet members’ demand following the overwhelming response during the Members’ Consultation exercise last year for a retirement savings option to be managed according to Shariah principles.”
He added that the choice to switch to Simpanan Shariah is entirely up to members and advised members to fully understand Shariah principles before deciding to move from their current EPF conventional savings.
A fund size of RM100 billion, which is equivalent to about 15 per cent of the EPF’s total investment asset of RM681.71 billion as at end March 2016, has been allocated for Simpanan Shariah 2017 and is based on a first-come first-served basis. To be eligible for Simpanan Shariah 2017, members must submit their application by 23 December 2016 and subject to the availability of the RM100 billion fund.
For employers, the current contribution and enforcement processes remain the same. There will be no changes or additional forms for employers to complete if their employees choose Simpanan Shariah.
For more information on Simpanan Shariah, Frequently Asked Questions (FAQs) and the registration process, visit the EPF website at new.epf.gov.my or call EPF Contact Management Centre at 03-89226000.
About the Employees Provident Fund (EPF)
The Employees Provident Fund (EPF) is Malaysia’s premier retirement savings fund to help its members achieve adequate savings for a comfortable retirement. This is in line with EPF’s vision to help members achieve a better future and the mission to safeguard members’ savings and deliver excellent services. The EPF has evolved significantly from transaction-centric to a professional fund management organisation with a strong focus on retirement security. The EPF is guided by a robust and professional governance framework when making investment decisions. It continues to play a catalytic role in the nation’s economic growth and seeks to cultivate a savings and investment culture among its members to improve the country’s financial literacy level.