It addresses the specific needs of Muslim customers and allows them to invest in globally diversified equities that adhere to Shariah principles.
The fund feeds 100 per cent into the underlying Shariah-compliant HSBC Islamic Global Equity Index Fund, which closely tracks the performance of the Dow Jones Islamic Market Titans 100 Index.
The global Islamic finance industry is estimated to be worth some US$2.2 trillion and anticipated to grow to US$4.94 trillion by 2025.[2]
Mr Ben Tan, Chief Corporate Development Officer of Prudential Singapore, said that the PRULink Islamic Global Equity Index Fund appeals to Muslim customers and also to customers who want to make socially responsible investments.
"Doing good and planning for your financial future can go hand in hand. There is a large opportunity to serve customers who are keen on socially responsible investments such as PRULink Islamic Global Equity Index Fund. We will continue to develop innovative and inclusive solutions to better serve the diverse needs of our customers and distributors, and to make insurance and wealth planning accessible to everyone."
Shariah investing is aligned to the guidelines for permitted financial activities for Muslims and seeks to do good by encouraging ethical support for the community. Similarly, Prudential's approach to responsible investment seeks to shift capital from harmful activities towards those that support environmental and social needs.
Anyone can sign up for the PRULink Islamic Global Equity Index Fund through Prudential's Investment-Linked Plans (ILPs) such as PRUVantage Assure, PRULink InvestGrowth, PRUVantage Wealth, PRUActive LinkGuard, and PRUVantage RetireCare. Existing customers with eligible ILPs[3] who are interested in investing in the new fund can also choose to perform a fund switch, premium re-direction and/or top up.
Additional information
For more details on the long-term performance of shariah-compliant funds compared to conventional funds, please refer to: www.prudential.com.sg/PLIGEI
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The issuer is solely responsible for the content of this announcement.
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country's citizens for 92 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor's, with S$49.4 billion funds under management as at 31 December 2022. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.
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