Insurance provider Pru Life UK received the Philippines’ first Takaful Islamic insurance license from the Insurance Commission, serving as a go signal for the firm to serve over seven million Muslim Filipinos as it continues its commitment to financial inclusion.
A Shariah-compliant form of insurance, Takaful provides joint guarantee and is founded on cooperative arrangement aligned with the principles of mutuality and solidarity.
In setting up its Takaful operations, Pru Life UK Philippines worked with Prudential affiliates with established Takaful operations in Malaysia and Indonesia.
Pru Life UK president and CEO Sanjay Chakrabarty said that the firm’s Takaful launch is a defining milestone for the entire Philippine insurance sector.
“We are honored to be at the forefront of this significant development to bring Shari’ah compliant financial protection solutions for the first time,” he said. “With Prudential’s regional expertise and our commitment to inclusivity, we aim to set new standards for financial protection that resonate with every Filipino, regardless of their faith.”
Pru Life UK works closely with the Muslim Filipino communities to ensure that its Takaful offerings are tailored to the unique needs of the community.
The firm will be boosting efforts to promote financial literacy and economic empowerment in areas including Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the Zamboanga Peninsula, where financial inclusion challenges are most acute.
Additionally, training programs for its selected agents will also be implemented to equip them with in-depth knowledge of Takaful principles.
