AmIslamic to distribute RM40m worth of certs

KUALA LUMPUR: AmIslamic Bank Bhd aims to distribute up to 11,000 subscription certificates worth more than RM40mil for its newly launched scheme, AmHigh Takaful Investment-Linked Plan, in a year in the Klang Valley, said chief executive officer Ahmad Zaini Othman.

The plan would be distributed via AmBank and AmIslamic Bank's 183 branches in three phases, with the first six months in the Klang Valley.

The tripartite arrangement between AmIslamic, Takaful Ikhlas Sdn Bhd and FWU Group is suitable for people who wish to invest for their future financial needs such as for retirement, education and for generating wealth.

Ahmad Zaini said AmIslamic would act as distribution agent, Takaful Ikhlas the takaful underwriter and FWU Group as system and shared services provider.

“As part of global reach and a means of global diversification and risks mitigation, we also invest up to 50% of the net asset value in international unit trust funds,” AmBank group chairman Tan Sri Azman Hashim said at the launch of the plan.

He said this investment would allow AmIslamic not only to offer innovative investment strategies with the potential for attractive returns but also take into account the need to manage investment risks.

“The product is offered through FILOS, a front office application system developed by our partners, FWU and this online application process is the first of its kind in the Asia-Pacific region,” he said.

He said the participants could opt for lump sum contribution or regular contribution plan in AmHigh Takaful Investment-Linked Plan.

“For lump sum contribution, the tenure is between one and 52 years while for regular contributions, the tenure is between 10 and 52 years.

“The minimum lump sum contribution is RM5,000 while regular contributions are as low as RM200 a month,” he said.

Azman said the plan also offered participants the option to choose suitable investment allocations between AmHigh Islamic Cash Strategy and AmHigh Islamic Equity Strategies.

“The power in investing in unit trust funds is that it leverages on the multi-manager advantages,” he added.