Pru Life UK, the first insurer in the Philippines to receive a Takaful license from the Insurance Commission, conducts a Takaful education roadshow to engage key stakeholders, including agents, media, and local communities. Pilot sessions were conducted in Davao City and Cagayan de Oro, enhancing understanding of Islamic insurance principles and fostering dialogues. The company’s Takaful journey aligns with its mission to enhance financial inclusion for Filipino families by offering Takaful insurance compliant with Islamic rules. Over 200 agents, community leaders, and the media were educated on Islamic finance, Shari’ah rules, and Takaful features.

“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.

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 nationwide, 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.