MIB to provide 2 billion unit trust for Indians

The Malaysian Action Plan for the Indian Community (MIB) is expected to provide two billion unit trust for Indians in the country within five years, MIC president Datuk Seri Dr S. Subramaniam said.

He said the offer, aimed at raising the Indian community's economy, would be opened through Permodalan Nasional Berhad (PNB) to two categories, the B40 low-income households and the second category is open to all Indians.

"This is the first initiative of its kind for the Indian community to help them save, make contributions and promote a culture of long-term savings," Dr Subramaniam, who is also the Health Minister, told reporters here Tuesday.

Dr Subramaniam who had earlier chaired the MIB Community Liaison Committee Meeting, said the matter was still in discussion between PNB and the Socio-Economic Development Plan of the Indian Community (Sedic).

"We have yet to finalise the mechanism," he said.

He said among the proposals for the B40 was the 20 percent subsidy and interest-free loans for the purchase of the shares.

"We are waiting for the consent of Prime Minister Datuk Seri Najib Tun Razak," he said, hoping the special scheme would be announced in the 2018 Budget which will be tabled next month.

Also present was Sedic director-general Prof Datuk Dr N.S. Rajendran.- BERNAMA