Singapore-based wealthcare and savings app
Hugosave has been certified shari'ah-compliant
by a consortium comprising Islamic Finance Singapore (IFSG), Ustaz Kamal Mokhtar, S Tradition, and Masryef.
David Fergusson, CEO, Hugosave said, “Our vision has always been to
build financially healthy and thriving communities, and this certification from the
consortium of established shari'ah advisory companies reinforces our commitment to the
Muslim community in Singapore.
According to a 2022 report by the Islamic Corporation for the Development of Private
Sector (ICD) and Refinitiv, Islamic financial assets grew to about S$4 trillion from S$2.17 T between 2015 and 2021, and are projected to rise to roughly S$5.9 T by 2026*.
Ustaz Kamal Mokhtar, Chairman of the Shariah Consortium said: “Hugosave provides
another avenue for Muslim investors to diversify their investment portfolio, especially in
terms of gold investment. Gold is an important component of any investor's portfolio due
to its hedging mechanism against the volatility of the market. Global political
uncertainties and the status and strength of the American dollar should make every
investor consider increasing their gold portfolio.
"Historically since 1990 till 2020, gold
prices have appreciated 360% which is about 18% annually. And the increasing demand
for gold in the technology sector gives good potential for investing in gold. Hugosave
provides a convenient platform for any investor to access the purchases of gold via an
app. They could monitor the price of gold and make purchases from the convenience of
their homes or offices.”
Hugosave is a personal finance and savings app that helps users to make smarter spending choices, save for their goals and invest. Shari'ah-compliant products offered include:
● Hugosave Accounts: Savings in these accounts are safeguarded by a local bank.
● Hugosave Visa Platinum debit card: When a client spends with their Hugosave
debit card, the transaction is rounded up to the nearest dollar and the excess is
saved on their behalf, which is subsequently invested in a precious metal of their
choice. This card has no annual fees and no minimum income requirement. When
used overseas at millions of merchants worldwide, only Visa's currency
conversion applies.
● Hugosave Money Pots: Clients can set short-, medium-, or long-term savings
goals and create automated saving and investing schedules to help achieve them.
● Hugosave Precious Metals: Clients can buy and sell physical gold, platinum, and
silver, with a minimum investment as low as S$0.01. This feature provides clients
with a live view of the value and gains of their investments, allowing them to
make informed financial decisions by tracking market trends and investment
performance in real time.
● Hugosave Trust: Hugosave has democratised access to a free trust service. With
no fees and minimum income, clients can protect their legacy through Trustbox
via a licensed trust service provider. This empowers customers to exercise greater
control and flexibility over their assets, with the assurance that their wealth and
assets are well-protected.
● Hugosave Rewards Centre: Clients are rewarded with sure-win spins when they
reach specific milestones.
“Hugosave is leading the charge in its field by adhering to shari'ah standards, marking a
significant and pioneering move that pushes the boundaries of Islamic finance in
Singapore. Their bold and commendable decision to ensure their products comply with
shari'ah principles sets a new standard for innovation and inclusivity in the financial
industry.
"This move highlights their commitment to alternative-ethical finance and opens
up new avenues for growth and development within our community. IFSG is hopeful that
Hugosave's initiative will inspire other companies to embrace the principles of shari'ah
compliance, thereby enriching Singapore's financial landscape with a variety of ethical
and inclusive financial solutions.” said Ustaz Zul Hakim, Co-Chair of the Shariah
Consortium.
“There is much confusion in navigating the current financial offerings and investments
for Muslims in Singapore. Hugosave helps to simplify them and offer solutions in a
shari'ah-compliant manner. Acquiring, preserving and growing wealth is part of the
objectives of shari'ah. Although wealth is not an end in itself, it is a means for Muslims to
live their lives, fulfil their responsibilities and prosper in this world with the blessings from
the Allah SWT the All Mighty. Hugosave helps app users manage their finances, provide
a payment solution, facilitate savings via gold and other precious metals, and perform
investments in ETFs. All in a worry-free app (under its shari'ah-compliant tab) suitable
for Muslims,” added Ustaz Aminuddin Abu Bakar, representing S Tradition.
Ustaz Hamrey Mohamad, who spoke on behalf of Masryef emphasised: “Hugosave offers
innovative financial solutions designed to empower you in achieving your financial goals
while adhering to the core of Islamic principles and values. With their commitment to
shari'ah-compliant practices, you can invest with confidence and peace of mind to
ensure halal income, insha'allah!”
Syahmi Aziz, Senior Sales
Executive said: “As a Hugosave client
since 2021, navigating rising costs has made me conscious
of finding ways to improve and strengthen my financial
wellbeing...This
endorsement assures me that Hugosave is not just a reliable
personal finance and savings tool but also one that aligns
with my faith.”
Hugosave currently serves more than 70,000 clients.
*Islamic Corporation for the Development of the Private Sector (ICD) - Refinitiv, Islamic Finance
Development Report 2022: Embracing Change.
SWT stands for subhanahu wa ta'ala (سُبْحَانَهُ وَتَعَالَى), 'glorious and exalted is He'.
ETF is an exchange-traded fund.
