Islamic influence
HSBC Amanah Wealth Management is expanding into the market for Islamic mutual and cooperative insurance, otherwise known as takaful. Shamillia Sivathambu looks at the latest developments in this Sharia-compliant asset class
In the conventional financial market, the insurance industry has provided a real boost to the distribution of structured products. In Islamic finance, the appetite for such products has been slow to take off, at least until recently. In the past 12 months, HSBC Amanah Wealth Management has been busy planning its strategy for widespread infiltration of the takaful (mutual/cooperative insurance) market with the creation of a global takaful unit and a string of structured funds.
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