Dubai Islamic Bank launches Al Islami Muthmir investment plan
Source: BI-ME , Author: BI-ME staff
Posted: Wed February 24, 2010 2:17 pm

UAE. Dubai Islamic Bank (DIB) announced today the launch of Al Islami Muthmir, a distinctive investment plan that offers a built-in family takaful cover.

The latest addition to DIB’s range of Sharia-compliant investment products, Al Islami Muthmir is a medium- to long-term plan that offers investors access to a range of top performing Sharia-compliant funds.

Ideal for high net worth individuals, Al Islami Muthmir is a single contribution investment plan with a minimum contribution of AED 100,000 or USD 30,000 and no fixed term. Based on the Wakalah principle of Islamic banking, the plan allows customers to invest in a selection of funds based on their investment needs and risk appetite, and can be partially or fully withdrawn at any time.

“Creating and managing an investment portfolio is challenging under any circumstances, and now more than ever. Prudent investors today are looking for options to maximise their potential returns, while seeking protection against downside risks,” said Dr. Adnan Chilwan, Chief of Retail and Business Banking, Dubai Islamic Bank. “The Al Islami Muthmir plan offers customers a range of Sharia compliant investment options with a family takaful cover that protects the contributed amount in the case of death.

“The fast pace of today’s world means that our customers’ needs are also dynamic and evolving. We are in constant touch with our customers and remain committed to offering innovative products to fulfill their lifestyle requirements. DIB’s investment products have met with immense success over the years, and we are confident that our customers will take advantage of the combined benefits of takaful and investment returns offered by the Al Islami Muthmir plan,” Chilwan added

Through Al Islami Muthmir, customers may invest in a wide range of managed and specialist funds, switch without cost between funds, and choose automatic fund re-balancing to maintain fund allocation levels.

The Al Islami Muthmir plan offers a built-in family takaful cover providing, a lump sum payment if the covered member passes away. The payment is equivalent to 101 per cent of the single contribution amount or the fund value, whichever is greater. The minimum age to enroll in the plan is 18 years and the maximum age is 70 years. The maximum age at the maturity of plan is 85 years.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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