SINGAPORE, January 6, 2025 – Etiqa Insurance Singapore (Etiqa), the insurance arm of Maybank, has launched Singapore’s first Takaful product in over a decade. The investment-linked plan (ILP), called Invest Future, is exclusively distributed through Maybank Singapore, catering to the rising demand for Shariah-compliant financial solutions in the region.
Invest Future is designed to address the needs of customers seeking ethical and values-based insurance products. The plan aligns with Islamic principles, providing a flexible and sustainable avenue for wealth accumulation while offering protection and adhering to Shariah guidelines.
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 offerings. Maybank is proud to be the first bank in Singapore to provide end-to-end Shariah-compliant solutions. This milestone underscores our commitment to delivering comprehensive financial options that uphold customers’ values and ethical considerations through their life stages.”
Etiqa Insurance Singapore CEO Raymond Ong echoed the sentiment, emphasising the growing interest in ethical investing among Singaporeans. He stated, “Our Takaful ILP reflects the Shariah values of mutual cooperation and purposeful investing. By offering values-based insurance for all segments of the community, we aim to provide ethically crafted solutions that foster trust and long-term value for our customers.”
Values-Based Insurance
Values-based insurance differs from traditional insurance by prioritising ethical, social, and personal considerations alongside financial protection. This approach resonates with policyholders seeking transparency and alignment with their values. Key benefits include:
- Risk Sharing: Policyholders collectively share financial risks, fostering a sense of community and mutual responsibility.
- Purposeful Protection: Focused on sustaining group protection rather than profit maximisation.
- Transparency: Investments and payouts are reviewed by Shariah advisors to ensure fairness and adherence to ethical principles.
This launch marks a significant milestone for Etiqa and Maybank, as both entities work towards creating accessible and values-driven financial solutions. By introducing Takaful offerings, Etiqa aims to uphold principles of fairness, cooperation, and shared responsibility, setting a new standard in Singapore’s insurance landscape.