Maybank launches two-year takaful plan
Jul 28th, 2008 by Takaful
Source: The Edge Daily, 28th July 2008
Malayan Banking Bhd yesterday launched the country’s shortest-term investment-linked takaful plan, a two-year commodities fund with a full subscription value of RM200 million.
Amirudin Abdul Halim, deputy chief executive of Etiqa Takaful Bhd, Maybank’s takaful arm, said Takaful Al-Waqi, a single-premium plan, is designed for investors looking for short-term investment with a potential upside return of 8.81% per annum.
He said the potential upside is attractive compared to the 12-month general investment account (GIA) or fixed deposit rates.
Speaking at its launch here, Amirudin said Takaful Al-Waqi is an innovative investment strategy that places at least 90% of the contributions in syariah-compliant fixed-income investments to safeguard the investment.
The remaining 10% is invested in syariah-compliant instruments that are referenced to the performance of an optimised commodity index, he added.
Amirudin said the fund is tailored for the wider segments of the market with an affordable minimum investment of RM20,000.