Takaful licensed Pru Life UK on Monday announced a strategic partnership with Al Amanah Islamic Investment Bank of the Philippines (AAIIBP) to promote Shariah-compliant insurance products and enhance financial inclusion, particularly in Muslim-majority regions like the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). This collaboration aims to provide access to Takaful, an insurance model based on mutual support and Islamic principles, addressing the needs of underserved communities.
The partnership aligns with both companies’ goals to increase financial education and social inclusion, offering a viable alternative to conventional insurance that is compatible with Islamic values. “Our Takaful journey is driven by our commitment to providing financial protection for Filipino families, regardless of their faith,” said Paul Mandal, chief legal officer at Pru Life UK.
This initiative is in line with the Philippine government’s efforts to improve financial inclusion nationwide. As part of its outreach, Pru Life UK has launched the “Adopt-a-Madrasah Program” to support Islamic schools and students, helping to broaden financial literacy and empower local communities.
Both Pru Life UK and AAIIBP are committed to expanding access to Takaful, ensuring both Muslim and non-Muslim Filipinos have the tools for greater financial security.
