Pru Life UK introduces Philippines' first Takaful insurance

It collaborated with Takaful-experienced affiliates in Malaysia and Indonesia.

Pru Life UK has introduced the Philippines' first Takaful, or Islamic insurance, aiming to enhance financial inclusion for over seven million Muslim Filipinos. 

The Insurance Commission granted Pru Life UK the Takaful license in a ceremony held at Manila Hotel.

Insurance Commissioner Reynaldo Regalado emphasised the significance of this development, noting that Muslims—constituting around 6.4% of the population—have historically been underserved in conventional banking and insurance services, which has limited financial security in these communities. 

To establish its Takaful operations, Pru Life UK collaborated with Prudential affiliates experienced in Takaful in Malaysia and Indonesia.

The insurer has created a Shari’ah Committee to oversee Shariah governance and adopted best practices from its international counterparts.