Finance
Hugosave Empowers Muslim Community with Shariah-Compliant Financial Solutions
SINGAPORE, Feb. 26, 2024 /PRNewswire/ — Singapore-based Wealthcare® and savings app Hugosave® announced that it is 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 the principles of Islamic law, offering Muslim clients access to financial tools and additional avenues for investment opportunities grounded in their values and beliefs.
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.”
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[1]. This endorsement meets the growing demand from Muslim clients looking to manage their finances in accordance with their faith.
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.”
The six Shariah-compliant products offered by Hugosave 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 serves as the digital companion, supporting individuals on their Wealthcare journey. The personal finance and savings app offers a comprehensive suite of financial products that helps everyone to make smarter spending choices, save for their goals and invest diligently.
“Hugosave is leading the charge in its field by adhering to Shariah 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 Shariah 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 Shariah 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 Shariah-compliant manner. Acquiring, preserving and growing wealth is part of the objectives of Shariah. 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 Shariah-compliant tab) suitable for Muslims.” added Ustaz Aminuddin Abu Bakar, representing S Tradition Pte Ltd.
Ustaz Hamrey Mohamad, representing Masryef Sdn Bhd emphasised, “Hugosave offers innovative financial solutions designed to empower you in achieving your financial goals while adhering to the core of Islamic Principles & Values. With their commitment to Shariah-compliant practices, you can invest with confidence and peace of mind to ensure halal income, insya Allah!”
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.
For more information about Hugosave, please visit www.hugosave.com.
Syahmi Aziz, 34 years old Singaporean, Senior Sales Executive and client of Hugosave, “As a Hugosave client since 2021, navigating rising costs has made me conscious of finding ways to improve and strengthen my financial well-being. I’m excited to hear that Hugosave’s products are now Shariah-compliant as it widens the range of financial tools and investment options available in Singapore that are in accordance with Shariah principles for Muslims This endorsement assures me that Hugosave is not just a reliable personal finance and savings tool but also one that aligns with my faith.”
About Atlas Consolidated Pte Ltd
Atlas Consolidated Pte Ltd was established in December 2019 by financial and technological stalwarts David Fergusson, Karl Franks, Braham Djidjelli and Surya Tamada. Atlas Consolidated holds a Visa Principal Member Issuing Licence, and received licensing approval to operate as a Major Payment Institution [PS20200550] from the Monetary Authority of Singapore in April 2022 and Regulated Precious Metals Dealers Certification [PS20200001983] from the Ministry of Law, Singapore in August 2021.
About Hugosave
Launched in July 2021, Hugosave is Singapore’s first Wealthcare® app and all-in-one personal finance account which aims to elevate lives by helping consumers to spend smarter, save more, and invest diligently, starting with gold. Today, more than 65,000 customers in Singapore are using Hugosave to optimise their finances. Since its launch, the app has won multiple awards including Consumer Finance Product of the Year and Financial Inclusion Initiative of the Year 2023 for Singapore at the Retail Banking Awards 2023 by Asian Banking & Finance.
Hugosave is owned and operated by Atlas Consolidated Pte Ltd and is a certified member of the Singapore FinTech Association. Atlas Consolidated holds a Visa Principal Member Issuing Licence, and received licensing approval to operate as a Major Payment Institution [PS20200550] from the Monetary Authority of Singapore in April 2022 and Regulated Precious Metals Dealers Certification [PS20200001983] from the Ministry of Law, Singapore in August 2021. Hugosave is jointly certified Shariah Compliant by a consortium led by Islamic Finance Singapore, Ustaz Kamal Mokhtar, S Tradition Pte Ltd, and Masryef Sdn Bhd in February 2024.
IFSG is an ecosystem builder dedicated to championing Islamic Finance initiatives in Singapore.
About Ustaz Kamal Mokhtar
He was appointed as a member of the Shariah Committee of Maybank Islamic on 1 September 2015. He graduated from the National University of Singapore (NUS) with a B.Sc. in Zoology and Botany. He obtained his Diploma in Arabic Language from the Islamic University of Medina (Saudi Arabia). Proceeded in the Faculty of Hadith and graduated with a BA (Hons.) in Hadith and Islamic Studies. Additionally, he graduated from the Shari’a Advisory Training Program jointly conducted by the Singapore Islamic Scholars & Religious Teachers Association (PERGAS) and the International Institute of Islamic Finance (IIIF). He holds a Master of Science (Finance) from the International University of Malaysia (IIUM). He is the Chairman of Bedok Cooperative and a Board member of Warees Halal Limited. He serves as a Shariah Committee member for Basil Fund, a private Real Estate Investment fund based in Singapore since 2012 and Shariah Advisor at Ar Rahnu Singapore. Additionally, Ustaz Kamal serves as an Associate Member of the Fatwa Council of Majlis Ugama Islam Singapore (MUIS) to discuss contemporary matters concerning the general Muslim public in Singapore. He is also a member of the Asatizah Recognition Board (ARB) Committee of Future Asatizah of MUIS and PERGAS, a member of the International Union for Muslim Scholars and the Association of Shariah Advisors in Islamic Finance (ASAS).
About Ustaz Zul Hakim Jumat
Zul Hakim Jumat is a seasoned researcher with over ten years of comprehensive academic and professional expertise in the Islamic finance field. As a dedicated researcher at the Center of Islamic Economics and Finance (CIEF), he has notably published co-edited monographs, including “Islamic Finance and Circular Economy” and “Islamic Finance, FinTech, and the Road to Sustainability.” Holding a Bachelor’s degree in Jurisprudence and Principles of Jurisprudence, with an Economics minor from Kuwait University (2015), and an M.Sc. with honours in Islamic Finance from HBKU (2018), he is also an AAOIFI Certified Shari’ah Advisor and Auditor (CSAA). Currently, he is furthering his education through a PhD in Islamic Finance and Economy at the College of Islamic Studies, Hamad Bin Khalifa University (HBKU). Beyond his academic pursuits, Zul Hakim plays a crucial role as the Deputy Managing Director and is one of the founding members of Islamic Finance Singapore Ltd.
About Ustaz Aminuddin Abu Bakar
Aminuddin is currently the Principal Consultant for S Tradition, a boutique consultancy firm in the Islamic Finance industry. He was part of the senior management team for Kuwait Finance House Malaysia (KFHMB), having served as Vice President and Head of its Shariah Division. He holds a degree in Islamic Law (Shariah) from Al-Azhar University (Cairo) and has an International Executive MBA from the University of Strathclyde, UK (with Distinction). He is appointed as a Shariah Committee member for HSBC Amanah (Malaysia) and Financial Shariah Advisory and Consultancy (FSAC) in Singapore. He is a certified Shariah advisor and auditor (CSAA) by the Auditing and Accounting Organization for Islamic Financial Institutions (AAOIFI), a Certified Shariah Advisor and member of the Association of Shariah Advisors in Islamic Finance (ASAS) and a registered Shariah Adviser at Securities Commission Malaysia. He has nearly two decades of working experience in the areas of Shariah, Islamic finance and socio-religious development.
About Ustaz Hamrey
Ustaz Hamrey is a Certified Shariah Advisor & Auditor (AAOIFI) and a Chartered Islamic Finance Professional (INCEIF) majoring in Islamic Finance & Banking and also a graduate of Al-Azhar University, Cairo. He currently serves as a resource person for Islamic Finance Singapore (IFSG) which is a one-stop platform to address any Islamic finance and investment-related needs of the local Muslim community by combining the efforts and strengths of finance professionals and Shariah scholars.
[1] Islamic Corporation for the Development of the Private Sector (ICD) – Refinitiv, Islamic Finance Development Report 2022: Embracing Change, 2022
SOURCE Hugosave
Canada is to establish a new and powerful law enforcement agency to investigate financial crime, in stark contrast to the US, where weakened federal investigators have struggled to pursue fraudsters and the White House has pardoned convicted money launderers.
A bill to create the Financial Crimes Agency (FCA) completed its first reading in parliament this week. The legislation was introduced by the governing Liberals and with their parliamentary majority, the party is likely to move it through both levels of government quickly.
The new agency, tasked with investigating and prosecuting financial crimes, is the result of a public inquiry that found Canada lacked a cohesive strategy against money laundering, placing it behind its international peers.
Jessica Davis, a former intelligence analyst with Canada’s spy agency who focuses terrorism and illicit financing, said: “The fact we’re actually seeing the creation [of a] new enforcement agency is a meaningful investment and hopefully signals the understanding of the seriousness of the challenge.”
In addition to a new law enforcement agency, Canada will ban cryptocurrency ATMs, which officials say have been used by scammers to defraud victims and by criminals to launder the proceeds of crime. Canada has nearly 4,000 cryptocurrency ATMs, the most per capita in the world.
For more than a quarter of a century, the financial transactions and reports analysis centre (Fintrac) has functioned as Canada’s financial intelligence unit. Last year, the agency uncovered $45bn in transactions from money laundering, counterterrorist financing, sanctions and evasion disclosures.
“It’s a figure that could be too high or far too low – we just don’t fully know the scope of financial crime in this country,” said Davis, who runs the consulting firm Insight Threat Intelligence.
Fintrac does not track and arrest criminals, instead handing off its investigations to the police and prosecutors. Under the new legislation, the newly formed FCA will investigate and prosecute – a move that lessens the scope and mandate of Fintrac and the Royal Canadian Mounted Police, the country’s federal law-enforcement authority.
“The challenge for the RCMP is that it has been unable and unwilling to actually investigate and sustain investigations related to financial crimes,” said Davis. “There is a lack of funding, a lack of skills, lack of resources and a lack of political will. But financial crimes investigations are long, complex and require sustained resources, which I’m hopeful we’re now going to see put in place.”
A 2024 report on the scale of financial crimes estimated that more than US$3tn in illicit funds had moved through the global financial system in the previous year. Among the largest culprits were money laundering for human and drug trafficking, as well as terrorist financing. A 2024 report from the US treasury department found those efforts had had “devastating economic and social impact” on citizens.
The Canadian effort marks a stark contrast to the approach taken by the current US administration to the scourge of financial crime. Donald Trump’s government issued a high-profile pardon of Changpeng Zhao after the self-styled “king” of cryptocurrency pleaded guilty to money laundering charges. His company, Binance, had been ordered to pay a record $4.3bn penalty for its role in facilitating terrorist financing.
In a January letter to federal watchdogs, senior Democrats called for an investigation into Trump’s decision to shift more than 25,000 personnel away from investigating fraud, tax evasion and money laundering in favour of immigration enforcement.
“The Trump administration is letting white-collar criminals off the hook for all kinds of wrongdoing,” senator Elizabeth Warren, from Massachusetts, said in a statement. “Instead of protecting American families from fraud and predatory behaviour, the administration is diverting resources to pursue its inhumane immigration agenda. Nobody is above the law, and the Trump administration needs to stop treating white-collar criminals with kid gloves.”
“Canada and the US are diverging,” said Davis, adding that the US was still “far ahead of us in terms of its ability to prosecute and invest, investigate and prosecute” financial crimes. “We’re still playing quite a bit of catchup now. Hopefully Canada will shore up our own abilities to protect Canada. Because the things that happen in the US do tend to happen in Canada. And so this new agency is a bulwark against that.”
The creation of a new law enforcement agency was applauded by anti-corruption groups. Salvator Cusimano, the executive director of Transparency International Canada, said: “The [Canadian] government is proposing an ambitious but realistic mandate for this agency, which bodes well as a much-needed first step in improving our enforcement of financial crimes.
“Once established, the agency must coordinate closely with other enforcement and regulatory agencies across the country, and build on their efforts, if it is to achieve its potential.”
It is unclear how easily the agency will work alongside the RCMP, where it will be based and whether it will draw key resources from other units.
Davis said: “This agency is going to matter to Canadians because when you start to combine things like economic pressures, the cost of living and really difficult sort of existence for everyday people, we start to have less tolerance for people making money off of us.
“This is a massive and necessary investment for Canada. But we’ll also have to keep pressuring the government to continue to fund it, continue to prioritise it, to actually get some of those outcomes that we’re looking for.”
Finance
Canada will be the headquarters for a future NATO-linked financial institution, official says
TORONTO (AP) — Canada has been selected as the headquarters for a new, financial institution led by NATO and designed to reduce borrowing costs for members of the alliance, a senior government official said on Wednesday.
According to the official, the decision was reached after negotiations hosted by Canada involving nearly 20 founding members of NATO’s proposed Defense, Security and Resilience Bank, or DSRB.
The financial institution is meant to help NATO members and partner countries meet their defense spending commitments and reduce borrowing costs for military spending by pooling credit strength.
The official spoke to The Associated Press on condition of anonymity as they were not authorized to speak ahead of an official announcement. The official said they did not know which city in Canada would be the institution’s headquarters.
Earlier, Ontario Premier Doug Ford cited a report about Canada being selected as the headquarters and pitched in a post on social media that it be in Toronto, saying it’s “an opportunity to put Canada” at the center of global defense finance and manufacturing.
“As our nation’s financial capital, with a skilled workforce and unparalleled global connectivity, there’s no better place for the bank to be headquartered than Toronto,” Ford said.
Canadian Prime Minister Mark Carney’s government has said it will meet NATO’s military spending guideline.
NATO countries, including Canada, have pledged to spend 5% of their national GDP on defense. Carney said last year the government would meet the earlier 2% target this year, then later the same month committed Canada to reaching 5% by 2035.
European allies and Canada have already been investing heavily in their armed forces, as well as weapons and ammunition, since Russia launched an all-out invasion of Ukraine on Feb. 24, 2022.
U.S. President Donald Trump has previously complained that Canada doesn’t spend enough on its military.
DENVER, CO – Today the Senate voted to approve the 2026 School Finance Act, sponsored by Senator Chris Kolker, D-Centennial.
“As Chair of the Senate Education Committee, upholding our promise to Colorado students, teachers, and schools is my number one priority,” said Kolker. “During an extremely challenging budget year, we worked hard to ensure we don’t backslide on the important progress we’ve made to eliminate the Budget Stabilization Factor and drive more funding to our schools. While there is much more work to do to ensure Colorado is a national leader in public education funding, I’m proud that despite budgetary constraints we were successfully able to increase per pupil funding and protect funding for Colorado’s public schools.”
Also sponsored by Senator Barb Kirkmeyer, R-Weld County, SB26-023 sets statewide per pupil funding at $12,316 for Fiscal Year 2026-2027, an increase of $440 as compared to FY 2025-2026 funding levels, bringing total K-12 funding for the upcoming fiscal year to $10.2 billion and increasing total program funding by $194.8 million. The General Fund contribution to K-12 education is increasing significantly thanks to the Kids Matter Fund created by Democrats last year, which is forecast to invest more than $216 million in Colorado’s schools next year.
Under SB26-023, the new school finance formula (HB24-1448) is implemented at 30 percent and includes a three-year averaging model to help stabilize school funding in a declining enrollment environment. This follows requirements in last year’s School Finance Act that phased in the implementation of the new school funding formula at 15 percent per year for six years, and then 10 percent for the final seventh year of implementation.
This year, Democrats also increased funding by $14 million to continue free preschool access for all Colorado kids and increased funding by $38 million to implement the voter-approved Proposition MM to preserve access to free school meals for students.
SB26-023 now moves to the House for further consideration. Track its progress here.
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