Philippines: Pru Life UK receives the country's first takaful licence
Source: Middle East Insurance Review | Dec 2024
Pru Life UK has made history after receiving its first takaful licence in the Philippines.
Besides addressing the long-standing need for shariah-compliant insurance in the Philippines, this entity hopes to advance financial inclusion, especially for the country’s 7m Muslims and advances the government’s efforts to promote Islamic finance to all sections of the populace.
Pru Life UK has worked with its Prudential affiliates who have established takaful operations in Malaysia and Indonesia to guide the new set-up.
At a launch event at the Manila Hotel in November, Pru Life UK president and CEO Sanjay Chakrabarty 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.”
Central to this initiative will be efforts to promote financial literacy and economic empowerment in areas like Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the Zamboanga Peninsula, where financial inclusion challenges are most acute.
Pru Life UK has developed comprehensive training programmes for its selected agents, equipping them with in depth knowledge of takaful principles and will launch public awareness campaigns on the benefits of takaful. M