Over 300,000 members have opted to switch to the Employee Provident Fund's (EPF) new shariah-compliant savings scheme, Simpanan Shariah, since it was introduced to the public on Aug 8.
According to EPF, Simpanan Shariah will go into implementation on Jan 1, 2017.
"Registration to switch over to Simpanan Shariah is still open until Dec 23. It would be wise to avoid registration at the last minute," said an EPF personnel.
Those interested in registering their application for the scheme can go to the nearest EPF counter for verification of their membership via thumbprint.
"The member can then access Simpanan Shariah through i-Akaun as usual. There is also no need for members to inform their employers of the change," she said.
The Simpanan Shariah account would be managed based on Akad Wakalah, an EPF Board that has been appointed and entrusted to act on behalf of its members to ensure that management of the savings and the investments made are shariah-compliant.
Simpanan Shariah is open for registration for members of all religion and citizenship status.
However, each member is allowed to own only one type of account, whether the conventional scheme or the shariah-compliant one.
SHARIAH ADVISORY COMMITTEE
Along with setting up of the new scheme is the establishment of the Shariah Advisory Committee (SAC), which comprises experts in the field of shariah such as in banking, finance and legal matters.
The committee holds the power to decide and advise in shariah-related matters pertaining to Simpanan Shariah.
At the moment, the committee comprises the Executive Director of the International Shari'ah Research Academy for Islamic Finance (ISRA) Prof Dr Mohamad Akram Laldin as the chairman, a lecturer in Islamic Banking and Finance from the International Islamic University of Malaysia (IIUM) Dr Aznan Hasan and a lecturer from IIUM's Faculty of Economics and Management Science Dr Zaharuddin Abdul Rahman.
INVESTMENT CONCEPT
According to the EPF, its investment stategy is guided by the Strategic Asset Allocation with the objectives of preserving the values of members' retirement savings as well as enhancing it.
"We have guidelines and investment policies that fulfill the ethical mandates that prohibits EPF from investing in sectors that promote gambling, distributing and marketing of arms and military equipment, alcohol or liquor in manufacturing and non-shariah compliant entertainment," said an EPF spokesperson.
To safeguard the shariah-compliancy status of Simpanan Shariah, EPF has also established a comprehensive shariah governance framework.
This is to ensure the operational and investment activities under Simpanan Shariah adhere to the operational and investment prerequisites endorsed by the SAC.
The SAC will prepare and issue a report on shariah compliance of Simpanan Shariah every financial year, as part of EPF's commitment to corporate governance.
IMPLEMENTATION OF SIMPANAN SHARIAH
Simpanan Shariah will come into effect on January 1, 2017, for members who have registered their application by Dec 23 2016.
However, this is also subject to the shariah-compliant allocation for this financial year and based on a first-come-first-served basis, in addition to other terms set by the EPF.
Those seeking to withdraw from their savings can still use their withdrawal amount to fund conventional housing loans and Islamic housing financing.
Members are still subject to the current terms and conditions for fund transfers under the EPF Members Investment Scheme.
However, members who have chosen Simpanan Shariah and applied to have their credit transferred to investments under the Fund Management Institution will only be allowed to invest in shariah compliant funds approved by the EPF.
FOR THE EMPLOYERS
Employers, meanwhile, are still subjected to the existing rules and regulations on contributions.
There will no additional costs incurred by employers if their employees wish to choose Simpanan Shariah. Employers are also not required to make separate contribution payments on behalf of employees who have chosen Simpanan Shariah.
They are only required to complete Form A as per existing process with no additional forms to complete or changes to be made.
For further enquiries, the public can contact the EPF Relations Management Centre at 03-8922-6000 or browse their official website at www.kwsp.gov.my. - Bernama
Bernama
Tue Dec 20 2016
Members who have chosen Simpanan Shariah and applied to have their credit transferred to investments under the Fund Management Institution will only be allowed to invest in shariah compliant funds approved by the EPF. - Filepic
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