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AmIslamic Aims To Raise RM100 Million From Amadvantage Plus NID-i

KUALA LUMPUR, July 21 (Bernama) -- AmIslamic Bank, the Islamic banking arm of AmBank Group, aims to raise RM100 million from its latest financial product, AmAdvantage Plus Islamic Negotiable Instrument of Deposit (AmAdvantage Plus NID-i).

Managing Director cum Chief Executive Officer Datuk Mahdi Murad said the instrument was targeted at customers who were bullish of the global demand for commodities such as oil, corn, copper and cotton while protecting them from price volatility in the market.

"The global demand for commodities has been on the rise in recent years and is expected to remain strong over the next few years.

"Besides, commodity prices are also expected to rise in line with escalating global inflation over the next few years," he told reporters after launching AmAdvantage Plus NID-i here today.

He said the product was based on the Shariah concept of Mudharabah Muqayyadah (profit sharing) and the pay-off on the final observation date would be linked to the least performing underlying commodity's performance at maturity against a 75 per cent strike level.

Elaborating, he said if commodity prices stayed above 75 per cent of the initial investment value, customers would gain returns of 6.5 per cent, annually, plus a two per cent hibah which would be paid one month after the closing date of the offer period.

However, if the value drops below that level, customers will not receive the annual dividend but would receive the principal amount plus the hibah.

With a tenure of three years, AmAdvantage Plus NID-i is a close-ended product available for public subscription for a 32-day period beginning July 18.

It is available at all AmBank Group distribution channels including AmIslamic and AmBank branches.

The minimum investment amount is RM70,000 and subsequent investment can be made in multiples of RM10,000.

-- BERNAMA


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