EPF Simpanan Syariah

EPF Simpanan Syariah on track to launch on Jan 1, 2017 w RM100b initial fund size. Applications open 8.8.16

Updated: Jul 20, 2017

simpanan-syariah

EPF Simpanan Syariah (EPF-i)

  • Approved after 71% positive respondents to Members Consultation on EPF Scheme Enhancement in April 2015
  • Managed according to syariah principles (Akad Wakalah – Syariah economics)
  • Fully Syariah compliant companies
  • No min profit/dividend guarantee (EPF: min 2.5%)
  • No switching back from EPF-i to EPF
  • EPF Unit Trust investment withdrawal only to Syariah compliant UT
  • Conventional banking not part of EPF-i portfolio
Shariah Advisory Committee
Shariah Advisory Committee as of Aug 2016

 

EPF-i Future Plans

  • RM25b investments per year
  • 45% of overall EPF holdings in EPF-i (55% in EPF)

 

EPF-i Application

  • Application Date: Aug 8-Dec 23, 2017 or until fund size reached; 2018 application open until Dec 24, 2017.
  • Fund size: RM100b (15% of EPF total fund size)
  • Restrictions: No restrictions on race, religion & nationality to apply
  • Must register at EPF counter
  • Bring IC / Passport (non-malaysians)
  • Submit application & verify thumbprint
  • Application status notified by SMS 7 days before effective date (Jan 1, 2017)

 

EPF-i Applicants Signup

  • Aug 9, 2016: 41k signups
  • August 12, 2016: 150k signups
  • August 15, 2016: 208k signups / RM25.1 b (25.1%)
  • January 17, 2017: 635k signups / RM59.0 b (59.0%)

 

EPF-i Expected Performance

  • EPF-i will under perform EPF (conventional) if banking sector performs well (and vice versa) as no exposure to conventional banking (Islamic finances only)
  • EPF stated variance between EPF conventional & EPF-i to be ~0.50% (or less)
  • EPF-i expected to outperform in troubled and uncertain economic times

 

FAQ

  • Q: Do I need to inform my employer?
    No
  • Q: Any difference to EPF Withdrawals?
    No

 

More Info

 

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