AmIslamic Bank targets RM40m for maiden investment-linked plan
Jul 2nd, 2008 by Takaful
Source: The Edge Daily, 2nd July 2008
AmIslamic Bank Bhd launched its first syariah-compliant investment-linked plan, the AmHigh Takaful Investment Linked Plan, targeting 11,000 participants and RM40 million in contributions within the first year.
The plan offers participants takaful protection and a choice of two investment strategies, AmHigh Islamic Cash Strategy or AmHigh Islamic Equity Strategies, depending on their risk appetite.
Takaful protection for the plan is provided by Syarikat Takaful Ikhlas Sdn Bhd, while its shared services system is provided Germany-based financial services group FWU AG.
AmIslamic Bank said plan would invest in syariah-compliant unit trust funds, with up to 50% of its net asset value (NAV) allocated for international funds.
The collaboration between the three parties would enable AmIslamic Bank to leverage on foreign expertise for systems and product development whilst riding on AmBank Group’s sales force, branch networking and customer database, said AmBank Group chairman Tan Sri Azman Hashim at the launch of the plan yesterday.
AmIslamic Bank chief executive Ahmad Zaini Othman said: “The theme of the day is savings, and it’s very timely of this product to be launched. Because of the rise in the fuel prices, this product proves to be very timely in the light of what’s happening in our country.”