Maybank’s insurance arm, Etiqa Insurance Singapore (Etiqa), in collaboration with Maybank Singapore, unveiled Invest Future, Singapore’s first Takaful offering in over ten years. Maybank Singapore is the exclusive distributor of this innovative Shariah-compliant investment-linked product (ILP).
Designed to address the growing demand for Islamic financial solutions, Invest Future supports sustainable wealth accumulation goals through ethical and Shariah-compliant investing. This offering provides flexibility and protection, catering to customers seeking values-based financial options.
Alvin Lee, Maybank Singapore Country CEO, highlighted the significance of the launch, stating, “Values-based financial solutions such as Etiqa’s Takaful ILP are integral to our Islamic Wealth Management (IWM) offerings based on Shariah principles. As the regional offshore IWM hub for Maybank Group in Singapore, we are proud to be the first bank here to provide comprehensive values-based financial solutions.
“Through our exclusive distribution of Etiqa’s Takaful offering – a first in Singapore – we continue to meet the evolving needs of our customers while aligning with their ethical considerations.”
Raymond Ong, CEO of Etiqa Insurance Singapore, added, “We are thrilled to introduce our first Takaful product in Singapore. Ethical investing is gaining traction among Singaporeans, and our Takaful ILP promotes Shariah values of mutual cooperation and purposeful investing.
“By offering values-based insurance to all sectors of the community, we aim to deliver ethically crafted, holistic solutions that our customers can trust. Our commitment is to align our products with strong ethical principles, creating lasting value and positively contributing to society.”
A Commitment to Values-Based Insurance
Etiqa Insurance Singapore’s new values-based insurance reflects the company’s dedication to making insurance accessible and prioritising customers’ needs. Unlike traditional plans focused solely on financial protection, values-based insurance incorporates ethical, social, and personal dimensions.
Key benefits of values-based insurance include:
- Risk Sharing: Policyholders collectively share financial risks, fostering a sense of community and shared responsibility.
- Purposeful Solutions: Plans are designed to sustain protection for groups rather than maximising profit.
- Transparency: Investments, payouts, and underwriting profits undergo stringent reviews by Shariah advisors to ensure fairness and clarity.
Through this product, Etiqa and Maybank Singapore demonstrate their ongoing commitment to offering financial solutions that uphold principles of cooperation, fairness, and shared responsibility, enabling customers to align their financial decisions with their values.
Maybank Singapore remains the exclusive distributor of Etiqa’s Invest Future solution, setting a milestone in the city-state’s financial landscape.
