Pru Life UK, AAIIBP boost Islamic finance

It also partnered with  Al Amanah Islamic Investment Bank to promote Islamic finance.

Pru Life UK partnered with Al Amanah Islamic Investment Bank of the Philippines (AAIIBP) to promote Islamic finance and Takaful through financial education and capacity-building initiatives, with a focus on enhancing financial inclusion in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). 

This follows Pru Life UK’s receipt of a Takaful operator license.

The insurer also is preparing to launch a Shariah-compliant insurance product, subject to regulatory approval, to support the Philippine government’s financial inclusion efforts and extend financial security to both Muslim and non-Muslim Filipinos.

AAIIBP, the country’s first Islamic bank, has a mandate to promote socio-economic development through Shariah-compliant banking and financing. 

Chairman and CEO Amilbahar Amilasan, Jr. highlighted the partnership’s significance, noting its potential to uplift Muslim communities and empower them as contributors to national progress.