The Islamic Globe has learned that Singapore's Financial Alliance, an investment and wealth advisory firm, will sign a distribution agreement with HSBC Insurance Singapore on August 26.
A source close to the deal informed this paper that FA will gain distribution rights for HSBC's conventional and Takaful products. FA Islamic, the firm's dedicated Shari'ah compliant unit, has been building a suite of Shari'ah compliant products and the partnership with HSBC Insurance Singapore will be the final building block.
FA Islamic will now offer a full range of Shari'ah compliant products and services including Takaful, investment, Islamic estate planning and Zakat management. FA Islamic's Shari'ah advisor is ISRA's executive director Akram Laldin (left), who also sits on HSBC's Global Shari'ah Advisory Board and Regional Shari'ah Committee for Singapore.
HSBC Insurance Singapore is a subsidiary of HSBC Insurance Asia Pacific which is wholly owned by the HSBC Group.
The subsidiary currently underwrites three Takaful plans and holds approximately 80% market share of Shari'ah compliant investment-linked policy sub-funds in Singapore. There is speculation that the signing ceremony could also see the launch of new Takaful products by HSBC and FA for the Singapore market.
© The Islamic Globe 2011
