Maybank launches Islamic commodity structured deposit

Malaysian bank Maybank has launched the Al-Sayf (MAS-i) structured Islamic deposit which is a sharia-compliant Mudharabah investment which is designed to provide exposure to the commodity-based Maybank Al-Sayf index.

The three-and-a-half year, 100% capital protected deposit offers a guaranteed 1% payout each year in Malaysian ringgits (which is paid via Islamic negotiable instruments of deposit) and a potential 3% yearly coupon in Singapore dollars (which will be converted into Malaysian ringgits) if the index is above its starting level on the observation date. The product also offers an indicative 100% participation in the performance in the index at maturity plus a head-start 28% coupon, which is