Pru Life UK has entered into a strategic partnership with Al Amanah Islamic Investment Bank of the Philippines (AAIIBP) to advance the growth of Islamic finance and Takaful in the country. This collaboration aims to enhance financial inclusion in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) through educational initiatives and capacity-building efforts.
This partnership follows Pru Life UK’s recent acquisition of a Takaful operator license, marking a significant step towards expanding its offerings in the Islamic finance sector. As part of its initiatives, the insurer is also preparing to launch a Shariah-compliant insurance product, pending regulatory approval. This product is designed to bolster the Philippine government’s financial inclusion agenda, providing financial security to both Muslim and non-Muslim Filipinos.
AAIIBP, the nation’s first Islamic bank, plays a key role in fostering socio-economic development through Shariah-compliant banking and financing solutions. Chairman and CEO, Amilbahar Amilasan Jr., emphasized the importance of the partnership, underscoring its potential to uplift Muslim communities and enable their contributions to national progress.
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