Pru Life UK, the pioneering insurer in the Philippines to secure a Takaful (Islamic insurance) license from the Insurance Commission, has launched an educational roadshow focused on increasing awareness and understanding of Takaful and Shari’ah principles. The initiative is designed to engage key stakeholders, including select agents, members of the media, and local communities. Initial sessions were successfully conducted in Davao City and Cagayan de Oro, fostering meaningful discussions and collaboration with various groups.
This groundbreaking Takaful initiative reflects Pru Life UK’s commitment to enhancing financial inclusion for Filipino families. By offering Shari’ah-compliant insurance products, the company aims to cater to a broader demographic, ensuring financial protection is accessible to everyone. The roadshow has already educated over 200 agents, community leaders, and media professionals on the fundamentals of Islamic finance, Shari’ah principles, and the unique features of Takaful.
“Our mission is to provide meaningful and inclusive financial solutions for Filipinos,” said Atty. Paul Mandal, Pru Life UK’s Senior Vice President and Chief Legal, Government Relations, and Sustainability Officer. “Takaful represents a significant step in bridging the insurance gap for millions of Muslim and non-Muslim Filipinos, particularly in underserved communities. These education sessions are part of our effort to engage and inform our stakeholders about this innovative insurance solution.”
The sessions featured insights from Maricel Estavillo, Pru Life UK’s Vice President for Government Relations and Sustainability, who discussed the mechanics of Takaful, and Atty. Mehol Sadain, Senior Professorial Lecturer at the Institute of Islamic Studies at the University of the Philippines, who shared expertise on Islamic finance and Shari’ah principles. Alongside these discussions, Pru Life UK also held meetings with Muslim Filipino communities and leaders from the religious sector to strengthen relationships and encourage collaboration.
Pru Life UK Team with key stakeholders from the government, academe and Muslim community.
This initiative supports the Philippine government’s objectives to expand Islamic finance in regions with large Muslim populations, such as Mindanao. The introduction of Takaful addresses gaps in the Islamic financial system by providing life insurance solutions rooted in mutual cooperation, ethical practices, and risk-sharing principles.
Pru Life UK aims to serve nearly seven million Muslim Filipinos nationwide, particularly in underserved areas such as the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the Zamboanga Peninsula. Beyond Muslim communities, Takaful is also expected to provide an alternative insurance option for non-Muslims, further broadening the reach of ethical and cooperative insurance solutions.
Discover more about Pru Life UK’s Takaful journey and how it’s shaping the future of inclusive insurance. Read the full story here.
About Pru Life UK
Established in 1996, Pru Life UK is the pioneer of investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country. Since its establishment, Pru Life UK has expanded its reach to over 170 branches and general agency offices in the Philippines, with the largest life insurance agency force with more than 40,000 licensed agents. The company ranks #1 for New Business Annual Premium Equivalent and Total Premium Income from Variable Life Insurance Products according to the Insurance Commission’s Life Insurance Sector Quarterly Statistics for Q3 2024.
Pru Life UK is headquartered in Uptown Bonifacio, Taguig City. Pru Life UK and Prudential are not affiliated with Prudential Financial, Inc. (a company whose principal place of business is in the United States of America), Prudential Assurance Company (a subsidiary of M&G plc, a company incorporated in the United Kingdom), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies). Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans. For more information: www.prulifeuk.com.ph
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