SME Takaful package

UAE: Methaq Takaful Insurance Company will offer customers in the UAE the first-ever small- and medium-sized enterprises (SME) Takaful package, catering specifically to the growing demand for SME business options in the country. Managing director Abdullah Al Maamarri said the package has been in development for some time in recognition of the important role played by SMEs in spurring economic growth.

Triple offer

SAUDI ARABIA: Al Rajhi Capital, the investment banking subsidiary of Saudi Arabia’s Al Rajhi Bank, has launched three Shariah compliant funds that provide capital protection whilst seeking returns from investments in equities in the Saudi, GCC or international markets.

Al Rajhi Local Shares Capital Protected Fund, Al Rajhi GCC Shares Capital Protected Fund and Al Rajhi International Shares Capital Protected Fund are a suite of three-year closed-end mutual funds offering quarterly redemption of up to 10% of each fund’s net asset value. They provide varying levels of capital protection from 90% to 95% and exposure to local, regional and international markets so as to offer investors greater choice in their overall asset allocation.

The funds are open to individuals, corporates and institutions, both local and foreign. They have a minimum subscription of SAR10,000 (US$2,666) and are open for investment until the 30th May.

Growth plan

MALAYSIA: HSBC Amanah Malaysia aims to garner a larger share of the Islamic business by opening more branches, said global CEO and MENA global banking and markets CEO Mukhtar Hussain. To date, HSBC Amanah Malaysia has five branches, and plans to open five more at a total cost of between RM12 million (US$3.8 million) and RM18 million (US$5.7 million). Mukhtar, who is also HSBC Bank Malaysia’s deputy chairman and CEO, said this move would place the bank on a stronger footing in the local banking industry.

ADDVANTAGEs abound

UAE: Noor Islamic Bank has launched ADDVANTAGE — a Shariah compliant account package. Head of consumer banking John Chang said the package targets mid-level executives and managers seeking simple, convenient and personalized banking. ADDVANTAGE customers are entitled to personalized service, extended banking hours, preferential pricing and rates, and fast and easy transactions.

Big plans

MALAYSIA: Bank Simpanan Nasional (BSN) aims to achieve more than RM500 million (US$156 million) in its Islamic banking business this year. BSN vice-president and head of Islamic banking Azaddin Ngah Tasir said the demand for Shariah compliant products had grown substantially in recent years, making the target a realistic one.

The bank also said it plans to launch the BSN Ahsan Warga Emas deposit scheme based on the Mudarabah concept. It is specially tailored for citizens aged above 50. Azaddin said the bank expected total deposits of RM250 million (US$78 million) under the scheme, which requires a minimum deposit of RM5,000 (US$1,559).

Aiming high

MALAYSIA: Maybank Islamic expects to see additional deposits of RM2 billion (US$623 million) within six months following the launch of its latest product, the Islamic fixed deposit (i- FD). CEO Ibrahim Hassan said the introduction of i- FD was a strategic part of the bank’s efforts in developing a diversity of products that can meet the wealth management needs of every customer segment. The i-FD is available to customers with a minimum initial deposit of RM1,000 (US$311), with flexible tenures ranging from one month to five years.