EPF's Simpanan Shariah 2017 reaches RM25.1 billion - Shahril Ridza

The Employees Provident Fund (EPF) today announced that 25.09 per cent, amounting to RM25.1 billion, from the initial allocation of RM100 billion for Simpanan Shariah 2017 have been utilised as of Aug 14, 2016.

Chief Executive Officer Datuk Shahril Ridza Ridzuan said the take-up rate was extremely encouraging since registration opened on Aug 8.

"We believe members will continue to come to our counters to register for Simpanan Shariah 2017," he said in statement today.

To date, an accumulated 208,795 registrations have been recorded for Simpanan Shariah. This averages to more than 40,000 registrations per day, in the first week.

Shahril reminded members that the closing date to register for Simpanan Shariah 2017 was Dec 23,2016, subject to the RM100 billion fund allocation.

On concerns of not being able to register before the closing date, he assured members that this would not be a one-time event and that EPF would open registration for Simpanan Shariah in the following years.

"We expect to increase Simpanan Shariah by RM20 billion to RM30 billion every year, subject to members’ demand and availability of assets," he said.

Shahril also said members would have the opportunity to switch in later years even if the initial RM100 billion allocation is fully taken up for 2017.

For more information on Simpanan Shariah, Frequently Asked Questions (FAQs) and the registration process, visit the EPF website at www.kwsp.gov.my or call EPF Contact Management Centre at 03-89226000.