Wealthtech

Singapore Wealth App Hugosave Earns Shariah-Compliance Certification

Singapore-based wealth and savings app Hugosave announced that it is now jointly certified as Shariah-compliant.

This certification, awarded by a consortium including Islamic Finance Singapore, Ustaz Kamal Mokhtar, S Tradition Pte Ltd, and Masryef Sdn Bhd, ensures that Hugosave’s services adhere to Islamic law, addressing the needs of Muslim clients seeking financial solutions in line with their faith.

Hugosave’s Shariah-compliant products include savings accounts protected by a local bank, a Visa Platinum Debit Card without annual fees or minimum income requirements, and “Money Pots” for goal-oriented saving and investing.

Additionally, the app offers the ability to trade in physical gold, platinum, and silver, access to a free trust service, and a rewards center that incentivises users to reach financial milestones.

The growth of Islamic financial assets, which expanded from US$2.17 trillion in 2015 to approximately US$4 trillion in 2021, with projections to reach about US$5.9 trillion by 2026, underscores the significance of such Shariah-compliant offerings.

David Fergusson

David Fergusson, Chief Executive Officer, Hugosave 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, it is also Hugosave’s contribution to nation-building by promoting financial wellness across all segments of society.”