The Employee Provident Fund (EPF) is a crucial retirement savings scheme in Malaysia that offers financial security to employees. In an effort to cater to the diverse needs of its members, EPF introduced the Shariah-compliant savings scheme known as EPF Shariah Savings. This scheme allows Muslim members to invest their funds in accordance with Islamic principles. In this blog post, we will guide you through the process of changing your EPF savings to the EPF Shariah Savings scheme online through the EPF i-Account portal in 2023.
Step 1: Accessing the EPF i-Account Portal
To begin the process, you need to log in to your EPF i-Account. Visit the official EPF website (www.kwsp.gov.my) and click on the "Login" button located at the top right corner of the page. Enter your User ID and password to access your account.
Step 2: Navigating to the "Account Management" Section
Once you have successfully logged in, you will be directed to the main dashboard of your EPF i-Account. Look for the "Account Management" section, usually located on the left-hand side of the dashboard. Click on this section to proceed.
Step 3: Changing Your Savings Scheme
Within the "Account Management" section, you will find various options related to your EPF account. Look for the option that allows you to change your savings scheme. It may be labeled as "Change Savings Scheme" or something similar. Click on this option to proceed with the scheme change.
Step 4: Selecting the EPF Shariah Savings Scheme
After clicking on the "Change Savings Scheme" option, you will be presented with a list of available savings schemes. Look for the EPF Shariah Savings scheme in the provided list. Select the scheme by clicking on it.
Step 5: Confirming Your Selection
Once you have selected the EPF Shariah Savings scheme, a confirmation window will appear on your screen. This window will display the details of the scheme you have chosen. Carefully review the information to ensure that it aligns with your preferences and requirements. If everything appears correct, click on the "Confirm" or "Save" button to proceed.
Step 6: Acknowledging the Changes
After confirming your selection, you will be prompted to acknowledge the changes made to your EPF savings scheme. Read through the acknowledgment statement and ensure that you understand the implications of switching to the EPF Shariah Savings scheme. Once you are ready, tick the checkbox provided to indicate your consent and understanding.
Step 7: Completing the Process
To finalize the process, click on the "Submit" or "Finish" button, depending on the terminology used by the EPF i-Account portal. You may be required to enter your password or provide additional verification to authenticate the transaction. Follow the instructions provided to complete the process.
Conclusion
Changing your EPF savings scheme to the EPF Shariah Savings scheme can be done conveniently through the EPF i-Account portal. By following the step-by-step guide outlined in this blog post, you can switch to the EPF Shariah Savings scheme in a few simple clicks. Remember to carefully review all the details and ensure that the scheme aligns with your preferences and requirements. With EPF's commitment to providing inclusive and customizable options for its members, the EPF Shariah Savings scheme allows Muslim members to invest in accordance with their religious beliefs while securing their financial future.
