The Socioeconomic Development of Indian Community Unit (SEDIC) was designated as an implementation entity for the Malaysian Indian Blueprint (MIB). SEDIC was restructured in line with the focus areas and initiatives defined in the Blueprint to uplift the socioeconomic status of the Indian community, especially B40.


SEDIC - PNB Amanah Saham 1Malaysia Scheme To be Launched in 1st Quarter 2018.

11 December 2017

Press Statement

Following the 2018 budget announcement by YAB Prime Minister Dato’ Sri Najib Abdul Razak, a new investment initiative would be introduced for the benefit of the Malaysian Indian Community. Extra 1.5 billion units will be allotted under the Amanah Saham 1Malaysia Scheme (AS1M) by Permodalan Nasional Berhad (PNB) to enable Malaysian Indians to top up their investment in this unit trust fund, up to 30,000 units per investor.

Moreover, to ensure equitable representation in this investment scheme, especially for the benefit of B40 families, the Government would allocate a special funding of RM500 million as a special interest-free loan scheme over a period of 5 years to encourage and enable participation of this B40 group. An interest free loan of RM5,000 for the purpose of investing in Amanah Saham 1Malaysia will be provided to qualified B40 families. Furthermore, Datuk Seri Dr. S. Subramaniam added that this investment scheme would eventually supplement the savings of 100,000 participants from the B40 households, particularly those below the poverty line.

This scheme will be launched in the 1st quarter 2018. As with any new scheme, SEDIC together with PNB are in the midst of setting up the software and hardware required for a smooth implementation process. All applications would be accepted through online channels and also satellite offices, which would be set up in various states.

SEDIC will be providing timely updates with regards to AS1M launch and its application procedures. Do keep yourself updated by heading over to our website at www.sedic.my or follow our Facebook page @mysedic.

SEDIC Management team together with PNB management team after the meeting to streamline the implementation process.

This SEDIC-PNB investment scheme is crucially aimed at achieving the target earmarked in the Malaysian Indian Blueprint (MIB), which is to ensure at least 50% of registered poor households can demonstrate increased savings within 10 years of MIB implementation. Beyond meeting the minimum basic needs, it is also important to assist those with income-earning capacity to lift themselves out of poverty in a sustainable way. Budget 2018 demonstrates the government’s commitment to resolve issues pertaining to the Indian community on a long-term basis.

 

PROF. DATUK DR. NS. RAJENDRAN
Director General
Unit for Socioeconomic Development of Indian Community (SEDIC)
Prime Minister’s Department