Pru Life UK, an insurance provider, is partnering with Al Amanah Islamic Investment Bank of the Philippines (AAIIBP) to promote financial inclusion and Islamic finance through education and capacity-building initiatives, especially in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
Takaful, a Shariah-compliant form of insurance based on cooperation, aligns with principles of mutuality and solidarity. Pru Life UK is preparing to launch a Takaful insurance product, pending regulatory approval, to support the government’s financial inclusion goals and provide financial security for both Muslim and non-Muslim Filipinos.
“Pru Life UK’s Takaful journey is driven by our commitment to social inclusion, aiming to provide financial protection to more Filipino families,” Atty. Paul Mandal, chief legal, government relations and sustainability officer of Pru Life UK, said in a media release.
AAIIBP, the country’s first Islamic bank, plays a crucial role in advancing Islamic banking and fostering socio-economic development.
“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,” said Amilbahar Amilasan Jr., chair and CEO of AAIIBP.
In 2024, Pru Life UK launched the “Adopt-a-Madrasah Programme,” benefiting over 450 students and teachers in Davao City. The company plans to expand its reach and conduct financial education sessions nationwide, particularly in Mindanao, this year.