S'pore's Islamic insurance

S'pore's Islamic insurance

SINGAPORE (AFP): Singapore's first Islamic insurance scheme
has been launched with the aim of giving Moslem Singaporeans an
investment vehicle that will not compromise their religious
beliefs, its promoters said yesterday.

The Takaful Fund was announced by Ampro Holdings Singapore
Pte. Ltd., the economic arm of the Association of Moslem
Professionals, and the NTUC Income insurance cooperative which
hope to widen Singapore's role as a financial center.

The fund will invest in "halal" or Islamically-permitted
stocks here and elsewhere in the region, avoiding businesses
related to such activities as gambling, alcohol-production and
interest-bearing instruments barred by Islam.

More than a dozen countries have adopted Islamic principles in
their financial systems and in some nations including Malaysia,
Thailand, the Philippines and Hong Kong, parallel Islamic
financial instruments are available.