Etiqa Insurance Singapore (Etiqa) has launched ‘Invest future’, Singapore’s first takaful offering in over a decade. Maybank Singapore (Maybank) will be the exclusive distributor of this takaful product.
The new product Invest future is designed to cater to the growing demand for Islamic financial solutions in Singapore. This investment-linked plan (ILP) is designed to support sustainable wealth accumulation goals through shariah-compliant investing is tailored for the growing demographic seeking ethical investment options while offering flexibility and protection.
The benefits of values-based insurance include risk sharing where policyholders of a values-based insurance product share the financial risks collectively, leading to a sense of community and shared responsibility among policyholders.
These products being values-based insurance plans are aimed at sustaining protection for a group of individuals, rather than maximising profit and thus are very purposeful.
Values-based insurance products offer more transparent approach in terms of what the policy is invested in, how the funds are paid out, and underwriting profits, if any through stringent reviews by the shariah advisors to ensure fairness to customers.
Maybank Singapore country CEO Alvin Lee said, “Values-based financial solutions are an integral component of Islamic wealth management offerings based on shariah principles.
He said, “We have scaled our capabilities with a comprehensive suite of solutions aligned to the five IWM pillars for customers through their different life stages. This is our ongoing commitment to meet evolving customers’ needs while upholding their values and ethical considerations.”
Etiqa Insurance Singapore CEO Raymond Ong said, “We are excited to launch Takaful ILP as our inaugural takaful product in Singapore, recognising that ethical investing is increasingly gaining traction among Singaporeans.
Mr Ong said, “Our Takaful ILP promotes shariah values of mutual cooperation and purposeful investing. By aligning our products with strong ethical principles, we can create lasting value for our customers and contribute positively to society.”
By extending its insurance solutions with this new product offering, Etiqa Insurance Singapore hopes to offer financial solutions that adhere to the principles of cooperation, fairness, and shared responsibility. M