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Sunday, 16 September 2007

Hong Leong Tokio Marine Takaful launched Capital protection investment-linked scheme

KUALA LUMPUR: Hong Leong Tokio Marine Takaful Bhd has introduced its first capital protection investment-linked scheme, in which returns are benchmarked against the performance of property-related indices or commodities. Chief executive officer Ezamshah Ismail said the scheme, which used the concepts of Murabahah and Wa'd, was an affordable investment instrument whose returns at maturity were benchmarked against the performance of indices such as the European Public Real Estate Index and the Tokyo Stock Exchange real estate investment trust (REIT) index. Initial investment starts from RM10,000 with an upfront fee of 3%. "There is also Takaful protection of up to 125% of a single contribution," Ezamshah said at the product launch on Tuesday. The three-year Shariah-compliant scheme is managed by Hong Leong Tokio Marine Takaful, with Citibank as the structure provider. It is distributed by Hong Leong Bank. Hong Leong Bank general manager, wealth management Karen Ng said the product had a wide target market. "It is for any individual who wants to always remain invested in global markets, " she said. Ezamshah, meanwhile, said the company would introduce more products in the future. "The economic (growth) is still on an uptrend," he said, adding that new products would be driven by market demand. - (Star, 11 Sep 07)
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