KUALA LUMPUR – The Employees Provident Fund (EPF) will declare a dividend of not less than 2.5 per cent per cent for members who have not elected for their accounts to be managed according to Syariah.
It will also be for those who have made the elections but they have not come into effect.
This proposal was made under the amendments to Employees Provident Fund Act 1991 which was tabled for the first reading at Dewan Rakyat here today.
For members whose elections for their accounts to be managed according to Syariah, the board would declare dividend at any rate according to the actual performance of the investment made by the board in relation to the accounts.
The Bill also seeks to enable the board to invest monies belonging to the fund by depositing them in a bank or an investment bank duly licensed under the Financial Services Act 2013.
Financial Services Act 2013 is an Islamic bank duly licensed under the Islamic Financial Services Act 2013 or a development financial institution regulated under the Development Financial Institutions Act 2002.
The Bill also seeks to enable the board to invest monies belonging to the fund in shares offered pursuant to an initial public offering which have been approved under the Capital markets and Services Act 2007 or shares listed on a stock exchange which have been approved under the Act 671.
The Bill also seeks to provide for the establishment of the Syariah Advisory Committee which should be the authority for the ascertainment of Syariah matters.
Meanwhile, another amendment proposed for the Malaysian Deposit Insurance Corp Act 2011 (PIDM), seeks to delete the words “certified cheques” as it is not an instrument used in Malaysia.
It is also to enable the corporation to specify the annual due date for payment of annual premiums administratively.
The corporation may also impose overdue charges on unpaid premium surcharge.
Other amendment proposed for PIDM states that the protected benefits of policies will continue to be protected until the fulfilment of the obligations of the former insurer member. – BERNAMA