Hong Leong Tokio Marine Takaful (HLTM Takaful) Berhad today announced that the Company has achieved approximately SGD 10 million of sales with its GlobalInfrastructure & Income Plan (GIIP). GIIP which is a Capital Protection Investment-Linked (CPIL) scheme, falls under the International CurrencyBusiness Unit (ICBU), which Bank Negara Malaysia actively promotes.
GIIP is managed by HLTM Takaful with Citigroup Global Markets Limited (CGML) as the structure provider and Citibank Berhad (Citi) as the distributor, recordsHLTM Takaful as the LARGEST ICBU player in Malaysia when combined with their existing Retakaful business fromTokio Marine Saudi Arabia and Indonesia .
GIIP is a 4-year Singapore Dollar denominated Shariah-compliant and principal protected investment-linked plan which pays a contracted annual incomedistribution of 3% p.a. in Singapore Dollars for the first three years and an additional potential income upon maturity which is referenced upon 3 indices;energy, industrial metals and utilities. Energy, industrial metals and utilities are essential to the infrastructure sector, an industry which is expectedto be the potential beneficiary of the current public sector spending.
"We are pleased with the positive response and evident confidence from the public towards GIIP. This is an encouraging indicator that Malaysians, from allwalks of life, religion and race, are receptive to the notion that 'Takaful is for All‘. This, acceptance of Takaful contributes in driving Malaysia tobecome 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 H ong Leong Tokio Marine Takaful.
"GIIP is the first Takaful launch between Citi and HLTM Takaful and is a result of our joint development and research efforts. Both Citi and HLTM Takafulwanted to offer their customers a scheme that provides security and offers an opportunity to diversify in terms of their assets, as well as to participatein any potential market recovery" said Sanjeev Nanavati, CEO of Citibank Berhad.
"During the initial three years of the plan when market volatility is expected to continue, customers will receive a fixed income in Singapore Dollars, ata rate that issubstantially 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," he added.
With this product, Citi and HLTM Takaful has demonstrated that Takaful products, especially those with attractive investment propositions, are wellreceived by Malaysians, given the better understanding and acceptance of Shariah-compliant products.
For more information on Hong Leong Tokio Marine Takaful, please contact 03 21642339, e-mail us at ReachUs@hltm.hongleong.com.my or visit our websitewww.hltmt.com.my
Press Release - 24/06/2009