Maybank’s Insurance Arm, Etiqa Insurance, Pioneers the Return of Takaful Offerings in Singapore
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 - Media OutReach Newswire - 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.
Note to Editors
About the five IWM pillars:
- Wealth Creation: Creates wealth through Shariah-compliant banking, savings and financial products in line with Islamic principles. It seeks to achieve sustainable and ethical growth over time.
- Wealth Accumulation: Generates and accumulates wealth through Shariah-compliant investment products, and is focused on values-based investing principles.
- Wealth Preservation: Protects the accumulated wealth as aligned with Islamic principles through risk management and Takaful (Islamic insurance).
- Wealth Purification: Purifies wealth through the concept of zakat. Zakat is the giving of alms to the less fortunate, and it is obligatory upon every Muslim who meets the requirements to pay zakat.
- Wealth Distribution: Distributes wealth for future generations, which involves the transfer of wealth or assets through will writing (wasiat), endowment (wakaf) and gift (hibah).
Takaful
Takaful is based on Shariah or Islamic religious law where protection is offered on the Islamic concept of mutual help. Although Takaful must operate according to Islamic cooperative principles, it is not limited to the Muslim community, as anyone who upholds personal ethical and social principles can purchase a Takaful plan for protection needs and objectives.
Invest future
Invest future is Etiqa Insurance Singapore's first Takaful values-based ILP, designed for those seeking ethical investing aligned with Shariah principles. It is a values-based insurance product designed to combine wealth accumulation with life protection, offering flexible investment options, access to Shariah-compliant funds, and enhanced returns through multiple bonuses. Invest future is certified Shariah compliant by the Financial Shariah Advisory and Consultancy (FSAC) of Singapore Islamic Scholars & Religious Teachers Association (Pergas).
Key benefits of Invest future include:
- Investment bonuses, including start-up bonus up to 80% of first-year premiums, special bonus at 5% of regular premiums from the 6th policy year, and loyalty bonus at 0.2% of account value annually post premium payment term.
- Access to Shariah-compliant funds with investments from as low as S$200 per month with access to reputable, Shariah-compliant regional and global funds.
- Flexible plan options allow for two free partial withdrawals from the 4th policy year, plus options for premium adjustments, top-ups, premium-free periods, and free fund switching.
- Comprehensive coverage includes death and total permanent disability benefits up to 105% of net premiums or account value.
- Legacy and giving options enable policyholders to pledge benefits as a legacy gift to loved ones or *wakaf to charitable organisations (*wakaf is a voluntary charitable endowment from one's personal belongings or wealth in the form of cash or property for pious and religious causes).
- Guaranteed issuance policy, no health checks needed.
- Option to add on rider for additional coverage subject to underwriting.
To learn more about Invest future, please visit: www.etiqa.com.sg/personal/investments/invest-future
Hashtag: #EtiqaSingapore
The issuer is solely responsible for the content of this announcement.
Maybank Singapore
Maybank is the fourth largest financial institution group in ASEAN by assets. It has been ranked the Best Bank in Asia Pacific and Singapore by The Banker in 2023; and the number one domestic bank in Malaysia for trade finance, according to the Euromoney Trade Finance survey in 2024.
Maybank Singapore is one of the Group's largest overseas operations and a Qualifying Full Bank in Singapore. As at 31 December 2023, Maybank's total assets in Singapore were approximately S$80.26 billion. With strategically located banking branches and over 2,000 employees in Singapore, Maybank is well-positioned to provide highly personalised services and locally-oriented solutions that will deliver more value to customers.
Etiqa Insurance Pte. Ltd. (Etiqa Insurance Singapore)
Protecting customers since 1961, Etiqa Insurance Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act 1966. The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and Takaful business in ASEAN offering life and general insurance and family and general Takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa Insurance Singapore is rated 'A' by credit rating agency Fitch for the group's 'Favorable' business profile and 'Very Strong' capitalisation.
Etiqa Insurance Singapore is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.
