This development aims to address a long-standing gap for Shari’ah-compliant insurance in the Philippines, particularly for the country’s nearly seven million Muslim residents.
The new license will enable Pru Life UK to offer insurance aligned with Islamic principles, supporting the government’s efforts to enhance financial inclusion and promote Islamic finance.
Takaful, which means “joint guarantee,” operates on a cooperative model rooted in mutuality and solidarity. This insurance type adheres to Shari’ah rules, making it suitable for Muslim Filipinos while remaining accessible to non-Muslim customers.
The introduction of takaful in the Philippines by Pru Life UK marks a significant advancement in the country’s financial services, bridging cultural and economic gaps, according to company officials who witnessed the launch event in Manila.
The company collaborated with its Prudential affiliates in Malaysia and Indonesia, who have extensive takaful experience, to establish its local operations.
Officials of Pru Life UK said its takaful framework includes a dedicated Shari’ah committee, ensuring compliance with Islamic law and incorporating best practices from its regional counterparts.
“Our takaful launch will be a defining milestone not just for Pru Life UK but for the entire Philippine insurance sector,” stated Sanjay Chakrabarty, president and CEO of Pru Life UK. “We are honored to lead this initiative to bring Shari’ah-compliant financial protection solutions for the first time.”
To maximize the impact, Pru Life UK plans to collaborate with Muslim Filipino communities, particularly in underserved regions such as the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the Zamboanga Peninsula.
The company has developed a specialized training program for agents on takaful principles and will launch awareness campaigns to educate communities on the benefits of takaful.
By extending insurance coverage that aligns with Islamic values, Pru Life UK is expected to set a new benchmark for inclusive financial services in the Philippines, supporting economic empowerment and financial literacy across diverse regions.
