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.