IslamicFinance.de

Syarikat Takaful Malaysia Berhad has revealed that it bought a RM85 million Islamic bond from 1Malaysia Development Berhad (1MDB) in 2009, but the Islamic insurance company assured that the investment was low-risk. Takaful Malaysia group managing director Datuk Seri Mohamed Hassan Md Kamil said the bond was purchased from Terengganu Investment Authority (TIA), which was 1MDB's previous incarnation. It was purchased at a coupon rate of 5.25% and will mature in 2039. The bond iis guaranteed by the government. Hassan said the sukuk only represented about 2% to 3% of its total asset base of RM7.1 billion. He said 1MDB had yet to redeem the bond.