New Shariah-compliant investment-linked product addresses the needs of customers looking for values-based insurance solutions; further strengthening the Group’s Islamic Wealth Management offerings
SINGAPORE 6 January 2025 – Maybank’s insurance arm, Etiqa Insurance Singapore (Etiqa), today jointly announced the launch of Invest future, Singapore’s first Takaful offering in over a decade, with Maybank Singapore (Maybank) as its exclusive distributor.
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, tailored for the growing demographic seeking ethical investment options while offering flexibility and protection.
Mr Alvin Lee, Maybank Singapore Country CEO said, “Values-based financial solutions such as Etiqa’s Takaful ILP, is an integral component of Islamic Wealth Management (IWM) offerings based on Shariah principles. Maybank, as the regional offshore IWM hub for Maybank Group in Singapore, is the first Bank here to provide end-to-end values-based financial solutions. And as the exclusive distributor of Etiqa’s Takaful offering – a first in Singapore, 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.”
“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 Raymond Ong, CEO of Etiqa Insurance Singapore. “”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.”
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.
Committing to customers as a priority with values-based insurance
Etiqa Insurance Singapore’s launch of the new values-based insurance is part of the company’s ethos to make insurance accessible, keeping customers’ interests and needs as the core foundation of its product and service offerings.
Unlike traditional insurance plans, which focus solely on financial protection, values-based insurance encompasses a broader perspective of protection that covers the ethical, social and personal concerns of customers. This emerging product offering resonates with the diverse needs and aspirations of policyholders while managing risks, enabling individuals to connect more deeply with their values.
The benefits of values-based insurance include:
- Risk Sharing: Policyholders of a values-based insurance product share the financial risks collectively, leading to a sense of community and shared responsibility among policyholders.
- Purposeful: Values-based insurance plans are aimed at sustaining protection for a group of individuals, rather than maximising profit.
- Transparency: Values-based insurance products offer a 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 is the exclusive distributor of Etiqa’s Invest future solution in Singapore.
