Commerce Takaful set to reap RM500 million this year
Jun 25th, 2007 by Takaful
Source: Bernama, 25th June 2007
Islamic insurer Commerce Takaful Berhad is set to increase total gross contributions to over RM500 million this year up from RM68 million last year, backed its newly launched Takaful Global Giants (TGG) product.
“We are targeting total gross contributions of more than RM500 million this year, and the new product itself is expected to bring in total sales exceeding RM250 million in the next few weeks,” said its chief executive officer Zainudin Ishak.
“With this product and other businesses, we are confident of reaping total gross contributions over RM500 million by end of this year,” he told reporters at the TGG product launch here Monday.
Commerce Takaful, owned by CIMB Group and United Kingdom’s biggest insurer Aviva Plc, currently offers general takaful products, the major contributor to its revenue last year, as well as family takaful and investments plans.
TGG, an alternative to fixed deposits, is the first joint venture takaful product between CIMB and Aviva.
The investment-linked product combines 100 percent capital protection if held to maturity and returns linked to the performance of 20 Syariah-compliant blue chips.
“We expect TGG to be extremely successful, driven by the strength of the joint venture, both in product delivery and in superior distribution capabilities,” said CIMB Bank’s head of consumer sales and distribution, Sulaiman Mohd Tahir.
“It meets the appetite of conservative investors who want to protect their principal investment and yet be granted the opportunity for potential higher returns at a relatively low risk,” Sulaiman said.
“We have selected among the best 20 Syariah-compliant global blue chips that include Nestle, Nike, Microsoft, Wal-Mart and Procter & Gamble among others to ensure that we meet the needs of our investors,” he said.
The minimum investment for TGG is RM10,000 and the maximum investment is RM1 million with subsequent investments of RM1,000.
It is a closed-ended fund and investors can subscribe to it from today until July 13, 2007.