Malaysian Pension Fund to Start $26 Billion Islamic Saving Plan
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Employees Provident Fund Shariah-compliant plan due January
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`Another brick on the wall for Islamic finance industry’: Lau
Malaysia’s biggest pension fund expects almost a quarter of its members will migrate to an Islamic retirement plan in its first year alone.
The Employees Provident Fund, a state-owned vehicle that manages $178 billion of assets including London’s Battersea Power Station project, aims to open the Shariah-compliant plan in January 2017 and is targeting an initial size of as much as 100 billion ringgit ($26 billion), Chief Executive Officer Shahril Ridza Ridzuan said in an interview in Kuala Lumpur. There’s strong demand and 1.5 million of its 6.7 million members should switch in the first year, he said…
Malaysian Pension Fund to Start $26 Billion Islamic Saving Plan