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Bank Islam Introduces Innovative Takaful-Linked Savings Plan

Kuala Lumpur, 20 April 2007: Bank Islam Malaysia Berhad (Bank Islam) is launching two pioneering Takaful-linked savings products, aimed at helping Malaysians save for their children’s education expenses and contribute to building the nest egg to cover the financial needs of their loved ones and those under their care. These new plans, called Tunai Didik-i and Tunai Kasih-i, are expected to mobilize savings deposits of at least RM30 million within the first year of their launch.

The new savings plans, the first of their kind in Malaysia, will be launched at Bank Islam’s Family Carnival at Alamanda Putrajaya tomorrow.

With these new savings plans, Bank Islam became Malaysia’s maiden bank to offer Shari’ah compliant savings products that provide Takaful coverage, at very affordable costs comprising the monthly Takaful premium and pre-agreed contribution amount.

Bank Islam’s General Manager of Consumer Banking Group, Puan Faizah Khairuddin said not only these Shari’ah-compliant savings plans help spare customers the hassle of doing banking transactions manually, they also provide peace of mind as they are designed with the Takaful coverage in the form of a waiver on monthly contribution payments in the event of the contributor’s death or total permanent disability without beneficiaries losing the plan’s benefits.

“We believe these innovative savings plans would help inculcate the savings culture and discipline among all Malaysians. In fact, all Malaysians, irrespective of their religious beliefs, are strongly encouraged to take advantage of our new products,” she added.

Tunai Didik-i is a savings plan specifically designed for parents with children below 12 years old, to instill the habit of saving for their children in particular to meet their children’s tertiary education expenses in the future. The plan requires the parents (contributors) to make monthly contributions of as low as RM10 for their children (beneficiaries) for a specific contract period.

The concept of the Tunai Kasih-i is the same as Tunai Didik-i although the beneficiaries are called the “loved ones” who may include parents, guardians, children or other next of kin. This plan allows the contributor to make monthly contributions of as low as RM100.
Present customers of Bank Islam can use their existing savings and current accounts to subscribe to these plans. Non-Bank Islam customers who are interested can sign up at any of the Bank’s 90 branches throughout the country.

Special Promotion in conjunction with the Bank Islam Family Carnival

The Bank Islam Family Carnival, to be held at the Centre Court, Alamanda Putrajaya, from 20th to 22nd April 2007 is part of the Bank’s ongoing campaign to create awareness of, and further promote its consumer products such as deposits, Bank Islam Card, house financing, personal financing and bancatakaful.
Apart from the product promotion, the Carnival showcases the art of calligraphy, educational traditional games, coloring competition and Dikir Idol competition, just to name a few, which we hope will keep the whole family entertained. Besides, there are lots of mysterious prizes to be won daily. Carnival visitors will also be in for a treat with a live performance by the nasyid group; Raihan and Rabbani and a stand-up comedy sketch by Salih Yaccob.

In addition, Bank Islam offers a wide range of Shari’ah compliant retail banking products and services that cater to our customers’ financial needs including various types of deposit and financing, payment services and fee-based services. Based on its customer-focus, value proposition and transparency philosophies, it is Bank Islam’s intention to educate the community on good financial planning practices. For this purpose, customers require ready access to a wide spectrum of products and services to effectively manage their finances throughout their life.


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