Etiqa Insurance Singapore, the insurance arm of Maybank, has announced the launch of Singapore’s first takaful offering in more than 10 years, Invest future.
With Maybank Singapore serving as the offering’s exclusive distributor, Invest future will be catering to the demands for Islamic financial solutions in the country as an investment-linked plan that aims to support wealth accumulation goals that are sustainable through Shariah-compliant investing.
Speaking on the launch of the offering, Maybank Singapore Country CEO Alvin Lee shared his thoughts about how Invest future meets the growing demand for such financial solutions.
“Values-based financial solutions such as Etiqa’s takaful ILP, is an integral component of Islamic wealth management (IWM) offerings based on Shariah principles,” said Lee.
“We are very pleased to mark another milestone in scaling 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.”
Compared to traditional insurance plans, values-based insurance includes coverage for ethical, social, and personal concerns of customers. Its benefits include risk sharing among policyholders, purposeful plans which sustain protection for a group of individuals, and transparency.
“We are excited to lead the way in launching Takaful ILP as our inaugural takaful product in Singapore, recognising that ethical investing is increasingly gaining traction among Singaporeans,” said Etiqa Insurance Singapore CEO Raymond Ong.
“Our takaful ILP promotes Shariah values of mutual cooperation and purposeful investing. By introducing values-based insurance that targets all sectors of the community, we aim to provide ethically crafted, holistic life journey solutions that all customers can trust. We believe that by aligning our products with strong ethical principles, we can create lasting value for our customers and contribute positively to society,” Ong said.
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