Pru Life UK is the first insurer in the Philippines to received a Takaful or Islamic insurance license from the Insurance Commission. With this, the insurance company has embarked on a Takaful education roadshow which aims to educate and engage key stakeholders- including select agents, the media and local communities, on Shari'ah and Takaful. Pilot Takaful education sessions were conducted in both Davao City and Cagayan de Oro, enhancing understanding of Islamic insurance principles and fostering dialogues and collaboration with stakeholders.
Pru Life Uk's mission is to enhance financial inclusion to more Filipinos by offering Takaful insurance that is compliant with Islamic rules and principles. To date, the roadshow has provided more than 200 agents, community leaders and the media with knowledge of Islamic finance, Shari'ah rules and the distinct features of Takaful.
"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 CDO form part of our mission to educate our stakeholders across sectors about Takaful," said Atty. Paul Mandal, Pru Life UK SVP and Chief Legal, Government Relations & Sustainability Officer.
At the education session, Maricel Estavillo, Pru Life UK's VP for Government Relations & Sustainability, discussed Takaful and Atty. Mehol Sadain, Sr. Professorial Lecturer at the Institute of Islamic Studies in UP, 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.
The roadshow 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 million Muslim Filipinos across the country, 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.
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