KUALA LUMPUR, 17 January 2017: The Employees Provident Fund (EPF) announces that as at 23 December 2016, a total of RM59.03 billion of the initial RM100 billion fund allocated for Simpanan Shariah 2017 have been taken up and 635,037 members have switched to Simpanan Shariah, with the majority, at 99.41 per cent, being Muslim members.
EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan said, “We have anticipated that at least half of the initial RM100 biliion fund will be taken up and we are truly encouraged by the latest statistics. For Simpanan Shariah 2018, we have allocated RM50 billion as further injection.
“We are on a good track of growing our investment in Shariah assets. About 45 per cent of EPF’s total investment assets are already Shariah compliant and we expect to grow these assets by at least RM25 billion a year on average.”
Simpanan Shariah was introduced in August 2016 as an option for members who wish to convert their current conventional EPF savings to one that is managed and invested in accordance with the Shariah principles. Members who wish to switch to Simpanan Shariah 2018 may do so before 24 December 2017.
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.