Budget 2023: EPF syariah savings to be separated from next year for more competitive returns, says Anwar

KUALA LUMPUR: From next year, assets under the EPF syariah savings will be separated to give a more competitive return to 1.25 million account holders, says Datuk Seri Anwar Ibrahim.

The Prime Minister said EPF syariah savings scheme introduced in 2017 is invested alongside syariah-compliant assets in conventional savings.

"Starting from 2024, the assets under syariah savings will be segregated to give competitive returns to the account holders," he said when tabling the revised Budget 2023 in the Dewan Rakyat on Friday (Feb 24).

Meanwhile, he said that in line with the Madani framework, the wakaf (endowment) approach is a wealth distribution mechanism that can contribute to the well-being of the people.

He added that registered wakaf lands stood at 3,500ha or about 12%, adding that more efforts should be put into developing the land and wakaf assets.

"I would like to announce that the government has received a commitment from the private sector to set up the Wakaf Madani, with assets worth RM1bil.

"The assets consist of lands, mosques, buildings, health and education facilities which will be optimised to benefit the hardcore poor, lower income group and other vulnerable groups," he said.

He added that the government will also form the National Wakaf Land Committee with the objective to contribute 20% to the development of the social Islamic finance sector by this year.

"To ensure that the objectives are met and to show the seriousness of the government, I will chair this national committee myself," he added.