Pru Life UK Launches Philippines’ First Takaful Insurance

Pru Life UK has introduced the Philippines’ first Takaful, an Islamic insurance, with the aim of improving financial inclusion for over seven million Muslim Filipinos. The Insurance Commission granted Pru Life UK the Takaful license at a ceremony in Manila Hotel.

Insurance Commissioner Reynaldo Regalado highlighted the importance of this move. Muslims, making up around 6.4% of the population, have long been underserved by conventional banking and insurance, limiting their financial security.

To start its Takaful operations, Pru Life UK worked with Prudential affiliates in Malaysia and Indonesia that have Takaful experience. The insurer has also set up a Shari’ah Committee for governance and adopted international best practices.

Related topics

• Could Allowing Roofers More Wind Mitigation Work Reduce Florida’s Insured Losses?
• Washington to Consider Changes to Homeowners and Auto Premium Rule
• Ageing Population to Boost Insurance Uptake in South Korea