Non chex systems bank and Rants

Bank Islam Malaysia Bhd has target an initial fund size of RM100 million from its newly launched Ziyad NID-i, an investment product, structured on the recovery of Asia’s equity market.

Bank Islam general manager for its consumer banking division, Khairul Kamarudin said, Ziyad NID-i is a five-year investment product in the form of Islamic negotiable instruments with a 100 percent capital protection upon maturity.

“Ziyad NID-i investors should receive a minimum profit of 7.35 per cent over the whole investment period or approximately 1.47 per cent per annum if held to maturity,” Khairul said during the launch of Ziyad NID-i Monday.

He said Ziyad NID-i is linked to a basket of stocks deemed to benefit from the massive stimulus plans undertaken by various Asian governments.

“The stocks in the basket are China Mobile Ltd (China), CNOOC Ltd (China), Panasonic Corp (Japan), Canon Inc (Japan), BHP Billiton (Australia) and KDDI Corp (Japan),” he said.

In addition, he said, these stocks will be monitored closely throughout the investment period to ensure no infringement of Shariah rules and principles.

The minimum investment amount for Ziyad NID-i is RM65,000 and subsequent investments are in multiples of RM5,000.

The product will be available at all Bank Islam branches throughout the country, starting Monday.

– BERNAMA