Company to market innovative single contribution plan

The plan, which complies with the guiding principles of Sharia'h law, has added special features to help customer's capital get the most from Sharia'h compliant investment opportunities - such as investment flexibility and the ability to switch funds as the market changes.

"Two especially attractive features of the SolidBond plan are the enhanced allocation to units and the loyalty bonus. Unlike many other types of investment, there is no bid/offer spread so investments are not subject to a front-end charge," said Rob King, General Manager, Solidarity - Family Takaful.

The plan, which is open to anyone aged 18 years and above, requires a minimum investment of US$20,000, which can be increased at any time during the plan's lifespan.

"As the Takaful market continues to develop and expand, the need for a greater selection of tailored and specifically designed products offerings will be key to continuing the markets success," said King. "The development of an investment vehicle such as SolidBond is one step closer to accommodating the diverse individual needs of clients without causing both an ethical and financial aggravation."

The introduction of the plan continues to underline Solidarity - Family Takaful's commitment to developing regional and global takaful markets, which are expanding at an estimated rate of 15-20% per annum.

"Takaful products are in huge demand because they rely so heavily on the virtue of fairness and are concurrent with the teachings of Islam. There is a necessitated desire to move away from ethically regressive protection means, opting for consumer driven products that compliment the holistic nature of Islam, as well as providing attractive returns of investment for shareholders and policyholders alike," added King.