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
The Employees Provident Fund (EPF) is looking at an additional allocation of between RM20 billion to RM30 billion annually for its Simpanan Shariah from 2018.
Chief executive officer Shahril Ridza Ridzuan said the retirement fund had started the registration process for its members to convert their conventional EPF savings to shariah-compliant savings.
Simpanan Shariah, the new retirement savings option, will be launched in January 2017.
A fund size of RM100 billion has been allocated for the Simpanan Shariah 2017, and is based on a first come, first served basis.
“From the aspect of asset allocation, it is the same with the existing conventional fund. The shariah fund will focus on capital stabilisation,” he told reporters at the retirement saving fund’s headquarters in Kuala Lumpur today.
EPF Simpanan Shariah draw non-Muslim interest
KUALA LUMPUR, Aug 8 — The Employee Provident Fund (EPF)’s Simpanan Shariah which opened for registration today has also drawn the interest of non-Muslim members who want to convert their conventional account to a Shariah-compliant one.
A non-Muslim member, Christine Yeow, 49, said she has been waiting for EPF to implement the Simpanan Shariah because she wanted her retirement funds to be free of such investments as gambling, arms trading and so on.
“Even though I am not Muslim, I have always believed that the Shariah concept is better than the conventional one. Money which is kept there will be invested in things which bring about good.
“I also believe that if we invest in good, the outcome will also be good,” she told reporters when met after she converted her conventional account to Simpanan Shariah at the EPF building here today.
An executive director in a private firm, Yeow praised the EPF’s efforts in taking various initiatives to disseminate information on the Simpanan Shariah, including at briefings given to its members.
She said the briefings given at the EPF office were very beneficial especially to non-Muslims such as her as they helped the public understand the concept of Simpanan Shariah.
Meanwhile, another member Abdul Hamid Sheikh Daud, 47, said he was a new convert to Islam and wanted to fully practise the Muslim way of life, including in banking affairs.
“I am now Muslim, which is why I changed (from conventional savings to Simpanan Shariah). I have converted all financial-related matters, including my bank account, to be Syariah compliant. I am confident that Simpanan Shariah is free from any element syubahat (unIslamic practices),” Abdul Hamid, a cashier, said.
Meanwhile, Sayiwati Kermah, 38, said she was aware that the EPF abided by the investment policies and ethical guidelines, and did not invest in the gambling sector or in the production and distribution of arms for war etc.
However, she said, after EPF introduced the Simpanan Shariah, she would have no more doubt about her retirement funds and she was confident that the dividends she received were according to Islamic principles.
An executive in a private firm, she praised EPF for ensuring that the first day of registration for the Simpanan Shariah went on smoothly, with 39 counters opened here today.
She said the process of converting the conventional account to Simpanan Shariah took less than 20 minutes.
Simpanan Shariah which was opened to all members for registration today at all EPF branches regardless of race, religion or nationality, will be launched in January 2017. — Bernama