What is Islamic insurance?

The Muslim community prefer insurance that are based on takaful principles, such as:

- transparency in transactions
- fair dealings, meaning mutual benefit
- cooperation for a common good to assist those in need

Under these principles, the policyholders are fairly treated and receive a fair return on their savings. The insurance provider can also get a fair profit from operating their insurance business.

As a cooperative society, NTUC Income has been operating on principles that are similar to Islamic principles.

Some Muslim scholars even hold the view that takaful should be operated as a cooperative or mutual insurance.

Our Amanah fund ($300 million now, to be increased to $1 billion) is popular with both Muslims and non-Muslims.