The take-up rate of the Employees Provident Fund's (EPF) syariah-compliant savings scheme has touched 50 percent, EPF’s chief executive officer Shahril Ridza Ridzuan said today.

Shahril Ridza said the fund still has room for members who were interested to shift their conventional saving scheme.

"Those who are interested can submit their applications at any EPF branch to avoid a last-minute rush.

"The procedure is actually a two-minute process and they must do so by Dec 23, 2016," he told reporters after the launch of e-Caruman Contribution Payment Transformation Programme in Kuala Lumpur.

Shahril Ridza said the retirement fund has allocated an initial RM100 billion fund for the syariah-compliant savings scheme and was looking at an additional allocation of between RM20 billion and RM30 billion annually for its 'Simpanan Syariah' from 2018.

The Islamic pension scheme will take effect on Jan 1, 2017. The registration for the scheme was opened on Aug 8 this year.

- Bernama