Alliance Islamic Bank, a subsidiary of Alliance Bank Malaysia, has launched the Alliance Family Takaful Investment-Linked Plan, a savings and investment plan that comes with family Takaful coverage.
According to a statement by Alliance: "This product launch is a collaboration between Alliance Islamic Bank, Takaful Ikhlas and FWU Malaysia, a subsidiary of German-based financial services provider, FWU Group."
Yahya Ibrahim, CEO of Alliance Islamic Bank said: "Alliance Islamic Bank is pleased to partner with Takaful Ikhlas and FWU Malaysia to provide tailored Takaful products to our customers. This also serves to fill the gap of Takaful provision and to meet the growing demand for Islamic banking and Takaful products. This partnership is in tandem with Bank Negara's promotion of Islamic banking and Takaful in the country and supports the government's overall aspiration to make Malaysia the regional hub for international Islamic banking, finance and insurance."
Ronnie Lim, head of consumer banking for Alliance Bank Malaysia said: "Alliance Bank is proud to lend the strength of our branch network in support of this collaboration. We believe that this partnership offers a product suite that complements both our conventional and Islamic banking services."
Customers can either make a lump sum contribution or set up a regular contribution plan. The minimum lump sum contribution is RM5,000 ($1,644) while the minimum monthly subscription for regular contributions is RM200 ($65.77). From an investment perspective, customers may select suitable investment allocations between two strategies either in cash and money market, or in equity, depending on their risk appetite.
© The Islamic Globe 2011
