Is there REALLY only One Insurance Company Promoting Takaful In Singapore?

Thu, May 3, 2012

Insurance, Investment

Just now, I chanced upon a marketing material, created by one of our peers.

They are claiming that only their insurance company provides investment in Takaful fund.

Dont be misled. Till date, I do not understand why this group of individuals need to mislead the public that only their insurance company promotes Takaful investment funds. My opinion, even if you want to claim monopoly over shariah compliance funds, there is no need to bring down other Muslim financial planners from other insurance companies in Singapore.

I hope, this is a misunderstanding on their part in their excitement to promote Islamic finance in Singapore.

For the record, I am writing this blog post, to balance the perpetuated, biased views, on Islamic finance in Singapore…. and I will like to put things in the correct perspectives.

NTUC Income Cooperative, Muslim financial consultants also promotes Takaful fund. http://www.income.com.sg/fund/frame.asp?fundid=4

We do not want war. We want peace. Wassalam. (Msg edited on 1st June 2012)

We believe, as long as, our financial instrument is free from riba, maysir and gharar, no one, can claim that only theirs as halal. Our Takaful fund does not invests in pork, wine or vice related activities. Our Takaful fund does not invest in banking stocks, or fixed income instruments or bonds that gives interest.

As for the factor of maysir (gambling) and gharar (uncertainty), they are being remedied because the instrument is provided by a cooperative. The foundation of a cooperative is donation, mutual support, helping each other out, when in need or in hardship due to the peril or hazard that befalls them.

Surah al-Maidah, verse 2, reads to the effect:
“Help (ta’awun) ye one another in righteousness (birr) and piety, but help ye not one another in sin and rancour, fear Allah, for Allah is strict in punishment”.

I hope, my explanation suffice. Insya’Allah..

 

p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…

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- who has written 416 posts on The Official Helmi Hakim Website.

A certified financial consultant, Helmi Hakim has won praise for his patience, perseverance and practicality when solving his clients' financial concerns. For more information on how you can manage your finances better, contact Helmi Hakim at 96520134.

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