• February 6, 2025

Following its receipt of Takaful operator license, Pru Life UK is teaming up with Al Amanah Islamic Investment Bank of the Philippines (AAIIBP) to bring financial protection to more Filipinos, particularly in Muslim communities.

The collaboration aims to promote Islamic finance and Takaful, a Shariah-compliant form of insurance that means joint guarantee, through financial education and capacity-building initiatives, particularly in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

“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, shares Atty. Paul Mandal, Pru Life UK’s Chief Legal, Government Relations and Sustainability.

Pru Life UK is preparing to introduce a Shariah-compliant insurance product, subject to regulatory approval. This product supports the government’s push for financial inclusion while addressing the unique needs of both Muslim and non-Muslim Filipinos.

AAIIBP is the first Islamic bank in the country with the mandate to promote and accelerate socio-economic development through banking, financing and participating in agricultural, commercial and industrial ventures based on the concept of Islamic banking.

“As the country’s first Islamic bank, AAIIBP is committed to advancing financial inclusion through Shariah-compliant solutions. 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. We are eager to witness the positive impact this collaboration will bring,” said AAIIBP’s Chairman & CEO Amilbahar Amilasan Jr.  

As part of its Takaful journey, Pru Life UK has already launched initiatives like the “Adopt-a-Madrasah Programme,” benefiting over 450 students and teachers from three madrasahs in Bangkal, Davao City. This program aims to support education in underserved areas while expanding to other key sites in Mindanao and across the country.

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