EPF’s Simpanan Shariah attracts 41,000 members - Labour Law Blog

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Aug 10, 2016

EPF’s Simpanan Shariah attracts 41,000 members

EPF’s Simpanan Shariah attracts 41,000 members

KUALA LUMPUR: The Employees Provident Fund’s (EPF) Simpanan Shariah has signed up 41,000 members nationwide as of yesterday.

The scheme, to be launched in January 2017, is open for registration at EPF branches nationwide, regardless of race, religion or nationality.

Chief executive officer, Datuk Shahril Ridza Ridzuan, said a fund size of RM100 billion, equivalent to about 15 per cent of EPF’s total investment asset of RM681.71 billion as at end-March 2016, has been set aside for Simpanan Shariah 2017 based on a first-come first-served basis.

“Members who wish to apply for Simpanan Shariah 2017 must submit their applications by Dec 23, 2016. They must bring along their MyKads to any EPF branch for thumbprint verification,” he told reporters after a working visit by Second Finance Minister, Datuk Johari Abdul Ghani, yesterday.

At the moment, there will be no online registration for the scheme as the members needed to verify their thumbprints, he said.

Shahril said contributors who were keen on the scheme were encouraged to visit EPF’s social media and websites to know the details and updates.

“We have received tremendous response when we opened for registration yesterday and our Klang Valley branches especially, are experiencing delay for the process,” he said.

The choice to switch to Simpanan Shariah was up to the members, said Sharil, adding that they should understand the Shariah principles first before deciding to make the switch from their current EPF conventional savings. — Bernama

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