by Editor Editor

Nominating Amanah Raya Berhad as Nominee or Trustee for Minor Children

A muslim EPF member can nominate an individual as nominee acts as administrator for the administration and distribution of the member’s savings according to the Hukum faraid. On the other hand, a non-muslim EPF member nominates an individuals to receive his/her savings as beneficiaries.

Starting from 1 January 2018, EPF members have an option to nominate Amanah Raya Berhad (ARB) as nominee in their Employee’s Provident Fund (EPF) other than next-of-kin. If a member chooses to nominate ARB as nominee, then ARB will act as an administrator for all member’s savings. A member can also appoint ARB as Trustee for a minor nominee who is below 18 years old. Estate administration fee will be charged a 2% flat rate of the total amount of member’s savings upon the members’ demise.

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by Editor Editor

Trust Declaration in ASNB for non-Muslim Unit Holders

Amanah Saham Nasional Berhad (ASNB) has introduced the Declaration of Trust for the investment in ASNB Unit Trusts as they don’t allow a non-Muslim Unit Holder to make a nomination.

Without a Trust Declaration, the estate administration process is complicated and time-consuming. When a Unit Holder dies, the Executor or Administrator has to obtain the Court Order to claim and administer the deceased’s unit trust investments in ASBN and distribute it according to the Will or the Distribution Act (as Amended) 1958. Read more