Kuching: The state government has chosen Bank Islam to manage the accounts created for recipients of the Sarawak Endowment Fund (SEF).
The bank which has six branches in Sarawak yesterday started receiving information on successful applicants for the fund directly from the National Registration Department. The will happen every two weeks.
Welfare, Community Well-being, Woman, Family and Childhood Development Minister, Datuk Sri Fatimah Abdullah, revealed this at a press conference cum briefing on the fund at Wisma Wanita yesterday morning.
Earlier, four banks were short-listed by the ministry and an oversight committee headed by Fatimah herself. It was decided that Bank Islam is the most suitable partner in the project as it mirrored the ideas and aspirations of the state government.
In a brief statement to the press, the bank’s deposits and cash management head, Zuri Rahimee, explained that Bank Islam would affix a 4.2% profit rate on the trust accounts, and parents are encouraged to top up the RM1,000 from the fund.
He said, “If parents add their deposits to the fund they would be eligible to participate in lucky draws which offer attractive cash prizes.
“The cash prizes are for the parents and not for the trust accounts. The parents are of course allowed to save the prizes in their children’s accounts.”
Money in the trust accounts cannot be withdrawn by parents of the account holders until the children has reached the age of 18.
Having come of age, the children themselves can withdraw the money using their identification cards (NRIC).
Bank Islam is proud to be the administrator of the scheme and will be looking to add new branches in Sarawak to accommodate the potential increase in clientele accruing from their successful appointment to manage the accounts.
Bank Islam received the first batch of approved applicants from the department yesterday in a brief ceremony witnessed by Fatimah.
Also present at the event were Kota Samarahan MP Rubiah Wang, Welfare, Community Well Being, Woman, Family and Childhood Development Ministry’s acting Permanent Secretary Dr Zufor Abdullah, Women and Family Department director Noriah Ahmad, National Registration Department Sarawak deputy director Hjiawati Tambi, leaders of NGOs, and leaders from GPS Women’s wings.
