Pru Life UK has introduced the first Takaful (Islamic insurance) in the Philippines. This initiative aims to improve financial inclusion for over seven million Muslim Filipinos nationwide.
Takaful is a type of insurance that follows Shariah law. It means a shared guarantee. It focuses on making socially responsible investments and aligns with environmental, social, and governance (ESG) principles.
Pru Life received its Takaful license from the Insurance Commission during a ceremony at the Manila Hotel on November 4, 2024. To set
With around 6.4% of the country’s total population, Insurance Commissioner Reynaldo Regalado shared the initiative opens new doors of opportunity for the insurance industry, providing better services for the Muslim communities.
“This challenge has contributed to prevalent poverty and lack of financial security within these communities. Recognizing this need for inclusive financial services, the Insurance Commission in cooperation with insurance companies and industry players has been in the works to introduce Takaful, Islamic insurance in the country,” shared Regalado.
“This initiative plays a crucial role in improving insurance penetration and developing a more resilient financial sector that serves every Filipino, regardless of their faith and other background,” he added.
Pru Life UK is starting its Takaful operations by working with its Prudential partners who already have Takaful services in Malaysia and Indonesia. They are supported by a new Shari’ah Committee that oversees Shariah governance. This will follow the best practices from the company’s Takaful partners abroad.
Pru Life UK created training programs for its agents to help them understand Takaful principles. They will also run public campaigns to inform communities about the benefits of Takaful.
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