Over 120,000 EPF members sign up for Simpanan Shariah

Long queues were seen at the Employees Provident Fund (EPF) headquarters in Jalan Raja Laut on Aug 8, 2016 as contributors rush to switch from conventional savings to the new Simpanan Shariah.

KUALA LUMPUR: The Employees Provident Funds (EPF) Simpanan Shariah has signed up 38,613 more members as at 4.45pm on Wednesday. 

In a statement, the EPF said it signed up 41,583 members on Monday and 46,686 on Tuesday.

“We expect throughout this first week, the volume of registration would continue to be high; therefore, we are still tabulating the take-up rate of the funds across all our branches,” it said.

EPF advised the members to monitor its Facebook page and Twitter feeds for updates on the congested branches.

The EPF Simpanan Shariah, which will be launched in January 2017, is open for registration at EPF branches nationwide to all members regardless of race, religion and nationality. 

It said members who wished to convert their conventional EPF savings to Simpanan Shariah would need to personally visit any EPF branch and bring along their MyKad to verify their thumbprints.

“Foreign nationals who are members should bring their passports,” it said.

A fund size of RM100mil, which is equivalent to about 15% of EPF’s total investment asset of RM681.71bil, as at end-March 2016, has been allocated for Simpanan Shariah 2017 and is based on a first-come first-served basis.

To be eligible for the scheme, members must submit their applications by Dec 23, 2016, subject to the availability of the RM100bil fund, it said. - Bernama