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.