Malaysia pension fund to start RM100b Islamic savings plan

Kuala Lumpur

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 (EPF), a state-owned vehicle that manages US$178 billion of assets including London's Battersea Power Station project, aims to open the Syariah-compliant plan in January 2017 and is targeting an initial size of as much as RM100 billion (S$34.6 billion), chief executive officer Shahril Ridza Ridzuan said in Kuala Lumpur.