Hong Leong Tokio Marine Takaful sold approximately US$6.868 million with its Global Infrastructure & Income Plan.
GIIP is a four-year Singapore Dollar denominated Shariah-compliant and principal protected investment-linked plan which pays a contracted annual income distribution of 3 percent per annum in Singapore Dollars for the first three years and an additional potential income upon maturity which is referenced upon three indices; energy, industrial metals and utilities. Energy, industrial metals and utilities are essential to the infrastructure sector, an industry which is expected to be the potential beneficiary of the current public sector spending.
A Capital Protection Investment-Linked scheme, GIIP falls under the International Currency Business Unit, which Bank Negara Malaysia actively promotes.
GIIP is managed by HLTM Takaful with Citigroup Global Markets Limited as the structure provider and Citibank Berhad as the distributor.
"This is an encouraging indicator that Malaysians, from all walks of life, religion and race, are receptive to the notion that 'Takaful is for All'. This acceptance of Takaful contributes in driving Malaysia to become a world-renowned Islamic financial hub. We expect our ICBU unit to have a comprehensive range of foreign currency products by the end of this year," said Encik Ab Latiff Abu Bakar, Chief Executive Officer of Hong Leong Tokio Marine Takaful.
"During the initial three years of the plan when market volatility is expected to continue, customers will receive a fixed income in Singapore Dollars, at a rate that is substantially above the fixed deposit returns paid by banks in Singapore. In the final year, when markets have hopefully recovered, customers could potentially enjoy an enhanced income that is linked to the market improvements," said Sanjeev Nanavati, CEO of Citibank Berhad.
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