Malayan Banking, Maybank, has launched a third, MYR120m ($32m) tranche of its five-year closed-end Shariah-compliant investment plan Takaful Capital Protection, following sell-out tranches for series I and II of MYR65m ($17.6m) in June 2005 and MYR106m ($28.8m) in March 2006.
Head of consumer banking Spencer Lee said, “The investment-linked plan is part of our initiative to meet the increasing needs from investors for plans that provide guaranteed protection on initial capital outlay as well as the opportunity to earn higher returns.”
The capital-protected TCPIII is linked via a dynamic investment strategy to Shariah-compliant global equities, and has a target return of 5.50% per annum. At least 70% of capital is invested in fixed income. The balance is invested in equity instruments based on the Dow Jones Islamic Market World Index.
The product also provides family takaful in the event of death in the form of gift, with double benefits for accidental death, from the Family Takaful Fund. (‘Takaful’ is an Islamic concept based on mutual assistance and guarantee.) As an extra incentive during Ramadhan and Raya, and to celebrate the bank’s 'Now 10' marketing campaign, it is giving away extra units equalling between 0.15% and 0.50%, depending on the size of the investment during the festive season.
TCPI has achieved returns of 6.2% since launch, while TCPII has registered 4.7% in its first six months.
Minimum investment is MYR15,000 ($4,000).
