Etiqa Insurance Singapore and AIA Singapore have entered into a distribution partnership that aims to expand access to Shariah-compliant takaful products in Singapore, according to a media release on Tuesday.
Under the arrangement, Etiqa’s suite of family takaful products will be distributed through AIA Singapore and AIA financial advisers, which the companies describe as the nation’s largest tied distribution channel, comprising more than 6,300 AIA insurance representatives.
The insurers positioned the tie-up against what they said is rising demand for values-based financial solutions, citing forecasts that the global takaful market is projected to grow from US$36.5bn in 2025 to US$63.6bn by 2030, an 11.7% compound annual growth rate.
Etiqa said it has seen “strong and accelerating momentum” since launching its takaful offerings, supported by increasing consumer awareness and confidence in Shariah-compliant protection. The companies also framed the partnership as a move to build a more cohesive takaful ecosystem locally, combining Etiqa’s Shariah advisory framework with AIA’s distribution reach.
“This partnership marks an important step in advancing access to Shariah-compliant protection and savings solutions in Singapore,” said Claudia Soh, acting chief executive officer of Etiqa Insurance Singapore. “By leveraging AIA’s extensive distribution network and strong presence within the Muslim community, we can scale takaful solutions more effectively and reach customer groups that have historically been underserved.”
Beyond distribution, Etiqa Insurance Singapore said it has a long-term commitment to raising awareness, understanding and adoption of takaful solutions in Singapore, while the partnership aims to support educational programmes and community engagement initiatives intended to deepen understanding of takaful principles and improve financial literacy among underserved communities.
The Etiqa-AIA Singapore partnership is the latest collaboration between companies on advancing takaful insurance access in Asia this year. In late January, Zurich Malaysia and Kenanga Investment Bank Berhad joined forces to expand the delivery of general insurance and takaful, life insurance, and family takaful through Kenanga Group’s advisory-led and digital distribution channels.
