Singapore-based Wealthcare® and savings app Hugosave® announced that it was now jointly certified Shariah Compliant by a consortium led by Islamic Finance Singapore, Ustaz Kamal Mokhtar, S Tradition Pte Ltd, and Masryef Sdn Bhd.
In line with its dedication to fostering inclusivity and diversity within the financial sector, Hugosave has meticulously ensured that its offerings align with Islamic law principles, offering Muslim clients access to financial tools and additional avenues for investment opportunities grounded in their values and beliefs.
Hugosave Chief Executive Officer David Fergusson said: “Our vision has always been to build financially healthy and thriving communities, and this certification from the consortium of established Shariah advisory companies reinforces our commitment to the Muslim community in Singapore.
“This certification assures our Muslim clients that we are a trusted digital companion that is aligned with their faith. On a macro level, Hugosave’s contribution to nation-building is promoting financial wellness across all segments of society.”
According to a 2022 report by the Islamic Corporation for the Development of Private Sector (ICD) and Refinitiv, Islamic financial assets grew to about $4 trillion from $2.17 trillion between 2015 and 2021 and are projected to rise to roughly $5.9 trillion by 2026. This endorsement meets the growing demand from Muslim clients looking to manage their finances per their faith.
Shariah Consortium Chairman Ustaz Kamal Mokhtar said: “Hugosave provides another avenue for Muslim investors to diversify their investment portfolio, especially in gold investment. Gold is an important component of any investor’s portfolio due to its hedging mechanism against market volatility.
“Global political uncertainties and the status and strength of the American dollar should make every investor consider increasing their gold portfolio. Since 1990 till 2020, gold prices have appreciated 360 per cent, about 18 per cent 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 gold purchases via an app. They could monitor the price of gold and make purchases from the convenience of their homes or offices.”
Hugosave serves as the digital companion, supporting individuals on their Wealthcare journey. The personal finance and savings app offers a comprehensive financial product suite that helps everyone make smarter spending choices, save for their goals and invest diligently.
Since its launch in 2021, Hugosave has been Singapore’s leading Wealthcare companion, with more than 70,000 clients optimising their finances and building healthy financial habits through the app. –
