EPF Simpanan Shariah First Day Registrations Nationwide Opened With Encouraging Response
Registration for the Employees Provident Fund’s (EPF) Simpanan Shariah opened yesterday at all EPF branches nationwide with very encouraging response as a total of 41,583 members registered at the counters.
Members started queuing at most branches by 7.00am yesterday morning. This clearly reflects the strong demand from members during the Members’ Consultation Exercise conducted in April 2015, of which 71% of EPF members agreed for a Shariah-compliant savings to be introduced.
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.
The first day of registration for Simpanan Shariah saw many EPF branches across the country operating at maximum capacity, with some branches resorting to manual registration. We expect that throughout this first week, the volume of registration would continue to be high and therefore we are still tabulating the take-up rate of the funds across all our branches. Members are advised to monitor EPF's Facebook page and Twitter feeds for latest updates on congested branches.