May 21, 2010

Sukuk 1Malaysia

Bank Negara Malaysia has launched a government savings plan, Sukuk 1Malaysia, for Malaysians above 21 years old. This is a 3-year syariah-compliant savings plan which guarantees tax free 5% profit rate per annum, to be paid quarterly. The minimum and maximum subscription is RM1,000 and RM50,000 respectively. There will be a 0.1% admin charge payable to the agent banks when you buy the sukuk.

The key features of this savings plan is available here and the extensive FAQ is available here.

From my personal observation, Sukuk 1Malaysia is good because:
  1. Provides much higher profit rate than fixed deposit/cash fund
  2. Government guaranteed returns
  3. Can sell/transfer easily without any cost.

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