Pru Life UK, the first insurer in the
Philippines to receive a Takaful or Islamic insurance license from the
Insurance Commission, has embarked on a Takaful education roadshow. This aims
to educate and engage key stakeholders—including select agents, the media, and
local communities—on Shari’ah and Takaful. Pilot Takaful education sessions
were conducted in both Davao City and Cagayan de Oro, enhancing understanding
of Islamic insurance principles and fostering dialogues and collaboration with
stakeholders.
The leading life insurer’s Takaful journey
aligns with the company’s mission to enhance financial inclusion to more
Filipino families by offering Takaful insurance, one that is compliant with
Islamic rules and principles. Watch this video
to know more.
To date, the roadshow provided more than
200 agents, community leaders and members, and the media with knowledge of
Islamic finance, Shari’ah rules, and the distinct features of Takaful.
“Pru Life UK is committed to creating
meaningful financial solutions for all Filipinos. The introduction of Takaful
will open doors for millions of Muslim and non-Muslim Filipinos who previously
had limited access to insurance products. The sessions in Davao and Cagayan de
Oro form part of our mission to educate our stakeholders across sectors about
Takaful.” shared Atty. Paul Mandal, Pru Life UK Senior Vice President and
Chief Legal, Government Relations, and Sustainability Officer.
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Pru Life UK Team with key stakeholders from the government, academe and
Muslim community. |
At the education session, Maricel
Estavillo, Pru Life UK’s Vice President for Government Relations &
Sustainability discussed Takaful and Atty. Mehol Sadain, Senior Professorial
Lecturer at the Institute of Islamic Studies, University of the Philippines covered
Islamic finance and Shari’ah rules and principles. Pru Life UK also conducted sideline
meetings and dialogues with stakeholders from Muslim Filipino communities and
the religious sector.
Pru Life UK’s Takaful offering reinforces
the company’s ongoing efforts to support the Philippine government's goal of
expanding Islamic finance, especially in regions with large Muslim populations
such as Mindanao.
This operation is designed to address the
gap in the Islamic financial system by introducing a life insurance product
that adheres to Shari’ah-compliant principles of mutual
cooperation, risk-sharing, and ethical considerations.
Among Muslims, Pru Life UK aims to serve close
to seven (7) million Muslim Filipinos across the country, especially families
in underserved communities such as the Bangsamoro Autonomous Region in Muslim
Mindanao (BARMM) and the Zamboanga Peninsula. Takaful is also set to broaden
the insurance options of non-Muslims in the country.
Read the full story on Pru Life UK’s Takaful
launch here.
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