KUALA LUMPUR: The Employees Provident Fund (EPF) has allocated RM100 billion for the Simpanan Shariah for 2017, says its chief executive officer Datuk Shahril Ridza Ridzuan.
The allocation, he said, was equivalent to about 15 per cent of its total investment asset of RM681.71 billion as at end March 2016 and is based on a first-come first-served basis.
"Today is a momentous milestone for EPF as we commence registration for Simpanan Shariah.
"We are pleased to finally be able to meet members' demand following the overwhelming response during the members consultation exercise last year for a retirement savings option to be managed according to shariah principles.
"The choice to switch to Simpanan Shariah is entirely up to members and they should fully understand Shariah principles before deciding to convert their savings from the current conventional one," he said during the commencement of the new shariah fund today.
The new shariah fund, which will be launched in January 2017, is now open for registration at EPF branches nationwide to all members irrespective of race, religion and nationality.
Members who wish to convert their savings are required to go to any EPF branch and bring along their MyKad for thumbprint verification while foreign nationals are required to produce their passports for verification.