Following its receipt of Takaful operator license, Pru Life UK is partnering with Al Amanah Islamic Investment Bank of the Philippines (AAIIBP) to promote Islamic finance and Takaful through financial education and capacity-building initiatives and help expand reach of financial inclusion to more Filipino communities, primarily in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
Takaful, a Shariah-compliant form of insurance, means joint guarantee. It is founded on cooperative arrangement and aligns with the principles of mutuality and solidarity.
“Pru Life UK’s Takaful journey is driven by our commitment to social inclusion, aiming to provide financial protection to more Filipino families. We are excited to collaborate with AAIIBP on financial education and capacity-building to help address the need to fill in the gap in financial education especially for Muslim communities,” shares Atty. Paul Mandal, Pru Life UK’s Chief Legal, Government Relations and Sustainability.
Pru Life UK is preparing to introduce an insurance product, subject to regulatory approval that is compliant with Shariah rules and principles, in support of the Philippine government’s financial inclusion thrust, and help Muslim and non-Muslim Filipinos achieve financial security.
AAIIBP is the first Islamic bank in the country with the mandate to promote and accelerate socio-economic development through banking, financing and participating in agricultural, commercial and industrial ventures based on the concept of Islamic banking.
“As the country’s first Islamic bank, AAIIBP is committed to advancing financial inclusion through Shariah-compliant solutions. The partnership with Pru Life UK on financial education and capacity building is a significant milestone in our efforts to uplift Muslim communities and empower them to become key contributors to the nation’s progress. We are eager to witness the positive impact this collaboration will bring,” said AAIIBP’s Chairman & CEO Amilbahar Amilasan, Jr.
This collaboration between Pru Life UK and AAIIBP is a promising step towards a more inclusive and financially resilient Philippines.
Part of Pru Life UK’s Takaful journey is the roll out of community investment and engagement initiatives. In October 2024, the insurer launched the “Adopt-a-Madrasah Programme, covering over 450 students and teachers from three community madrasahs in Bangkal, Davao City. Pru Life UK targets to expand the reach of this programme and launch financial education sessions in key sites across the country especially in Mindanao this year.