Simpanan Shariah: EPF to allocate up to RM30b annually

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 Datuk 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 here today.

As of 8.30am today, 5,000 members has applied to convert their conventional EPF savings to Simpanan Shariah at 68 branches nationwide.