Practices
Halal
Finance
Halal Finance
AMPRO first embarked on halal finance with the aim to allow Muslims to invest their funds with insurance that is permissible in Islam – or Shariah compliant funds with insurance protection.
In 1994 AMPRO organised the Conference of Islamic Insurance, Finance and Banking that was officiated by Mr Abdullah Tarmugi the then Minister-in-charge of Muslim Affairs. Arising from this conference, AMPRO signed a memorandum of understanding with NTUC Income in 1995 to set up the AMPRO-Income Takaful Fund which became Singapore’s first investment-linked Islamic insurance scheme.
A year later AMPRO launched its first General Takaful product known as Motor Takaful with United Overseas Insurance (UOI).
AMPRO’s other involvements in Halal/Islamic Finance include:
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2002: AMPRO provided Shariah advisory services in finance and consumer business.
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Major clients include: NTUC Income, United Overseas Insurance, Seoul Garden and Breeks.
Other Projects Attempted:
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2002: AMPRO’s Halal IT Project endorsed by e-ASEAN Task Force
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2003: ASEAN Global Halal Exchange (AGHEX) Project
Financial Technology (Fintech) :
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AMPRO is currently in talks with a Fintech company to develop “insurance protection” that is Shariah-Compliant.
* AMPRO has a network of Shariah experts from Indonesia, Malaysia and Singapore to assist and ensure that the financial products are Shariah-compliant.