Takaful, a Shariah-compliant form of insurance rooted in mutual cooperation and solidarity, provides a joint guarantee among participants. This aligns with Pru Life UK’s mission to drive social inclusion and offer financial protection to more families.
“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,” said Atty. Paul Mandal, Pru Life UK’s chief legal, government relations, and sustainability officer.
The partnership aims to bolster financial literacy and introduce Shariah-compliant insurance products, subject to regulatory approval. It supports the Philippine government’s push for greater financial inclusion, benefiting both Muslim and non-Muslim Filipinos.
As the country’s first Islamic bank, AAIIBP is committed to advancing socio-economic development through Shariah-compliant banking. “This collaboration with Pru Life UK is a significant milestone in our efforts to uplift Muslim communities and empower them to contribute to the nation’s progress,” said AAIIBP chair & CEO Amilbahar Amilasan Jr.
In October 2024, Pru Life UK launched the “Adopt-a-Madrasah Programme,” benefiting over 450 students and teachers in Davao City. Plans are underway to expand the initiative and introduce financial education sessions across Mindanao.
