Affin Islamic Bank lists latest sponsored venture on IAP

Affin Bank Bhd’s wholly owned subsidiary, Affin Islamic Bank Bhd, has today listed its latest sponsored venture with Segi Seri Sdn Bhd on Investment Account Platform (IAP), a shariah-compliant platform similar to crowdfunding and peer-to-peer lending platforms.

Affin Islamic said the venture plans to raise RM3.3 million on IAP to part-finance contract awarded to them recently, which is related to preparation and serving of dietetic food to an established government hospital in Malaysia for a duration of three years.

Segi Seri has established itself in providing centralised meal trays, pack meals and therapeutic diets to

both government and private healthcare institutions.

“As one of the shareholder banks of IAP, we have progressed a lot since last year and we are confident to offer another attractive investment proposition on IAP that the investing public is looking for.

“With potential high returns and broader choices by investors, IAP has expanded as an avenue to channel local and foreign Shariah-compliant investments in financing products.

“Segi Seri has captured our interest with their good reputation in providing therapeutic dietetic meals to both government and private healthcare institutions. The collaboration with Segi Seri adds to another milestone for Affin Islamic this year,” said its chief executive officer Nazlee Khalifah in a statement today.

For the venture, Affin Islamic said it is offering an attractive indicative return of seven per cent per annum to the investors with a minimum investment of RM5,000.

With such an attractive indicative return, Nazlee said the bank urged the individual investors to consider investment via IAP as a lucrative investment avenue and to capitalize on the incentive introduced by the government in the Budget 2015 where they are provided with income tax exemption for profits earned for three consecutive years after the first profit is made for each investment.

This exemption applies to investments on IAP made from year 2016 to year 2018.

Affin Islamic said the tenure of the investment is for 33 months and RAM Solutions Sdn Bhd has accorded Segi Seri’s RM3.3 million fundraising exercise via IAP a rating of a3.

Established in 2003, Segi Seri owns and operates Laman Kayangan, a fully furnished exclusive marquee tent for corporate functions, social gatherings and weddings located in Seksyen 7, Shah Alam.

Meanwhile, IAP Integrated Sdn Bhd chief executive officer Encik Mohamed Izam Mohamed Yusof said IAP has had three listings totaling RM92 million from the sponsoring banks in 2017.

Source: NST

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