Friday 12 August 2016

EPF's pension offshoot set to boost Islamic finance

Malaysia's Islamic finance market is set for a much-needed boost when the Employees Provident Fund (EPF) launches a RM100 billion (US$24.9 billion) Islamic fund in January, offering a potential boon for asset managers.

The EPF's syariah-compliant pension plan opened to acclaim this week with Malaysians lining outside its offices to invest.

The allocation represents about 15% of the EPF's total investments of RM681.7 billion as of March.

Having a standalone pension fund of that size is a rarity in Islamic finance, even for majority-Muslim Malaysia, and it is expected to draw interest from foreign asset management firms with homegrown players also upbeat about the prospects.

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