CAGAYAN DE ORO CITY , 03 December 2024 – For the first time ever in the Philippines, Pru Life UK became the first company to offer Takaful (Islamic insurance) to the country’s Muslim community.
Filling in the long-standing gap for Shari’ah-compliant insurance and support the government’s efforts to promote and develop Islamic finance, this breakthrough is set to advance financial inclusion especially for the over seven million Muslim Filipinos primarily in regions such as BARMM and the Zamboanga Peninsula, where many remain without bank accounts or uninsured, this initiative has the potential to transform the landscape of financial services in these communities.
Pru Life UK’s introduction of Takaful aims to close the gap in insurance coverage, offering solutions that are not only culturally respectful but also directly responsive to the needs of these underserved populations.
Takaful, a Shariah-compliant form of insurance, means joint guarantee. It is founded on cooperative arrangement and aligns with the principles of mutuality and solidarity. In the Philippines, Takaful will not only close the gap for insurance that complies with Shariah rules and principles for Muslim Filipinos, but will likewise broaden the options for the rest of the population since Takaful is available for all, Muslims and non-Muslims alike.
To set up its Takaful operations, Pru Life UK worked with its Prudential affiliates with established Takaful operations in Malaysia and Indonesia. Its Takaful operation is supported by a robust Shariah governance that is supervised by its newly created Shari’ah Committee and imbibes the best practices from the insurer’s Takaful affiliates abroad.
“We are honored to be at the forefront of this significant development to bring Shari’ah compliant financial protection solutions for the first time,” said Sanjay Chakrabarty, President and CEO of Pru Life UK during the November 4 launch of Takaful at the Manila Hotel attended by distinguished guests from the government, foreign embassies, industry, academe, and Muslim Filipino communities. “With Prudential’s regional expertise and our commitment to inclusivity, we aim to set new standards for financial protection that resonate with every Filipino, regardless of their faith.”
Members of the Cagayan de Oro Media joined the Dec 2 Takaful roadshow with a Workshop Fundamentals of Shari’ah, Fiqh, and Takaful. (EON photo)
Pru Life UK’s pioneering approach to Takaful emphasizes a holistic journey, including stakeholder collaboration, thought leadership, community investment, specialized training for agents, and public awareness educational initiatives.
By working closely with the Muslim Filipino communities and their leaders, Pru Life UK seeks to ensure that its Takaful journey remains culturally relevant and tailored to the unique needs of the Muslim community.
Central to this initiative will be efforts to promote financial literacy and economic empowerment in areas like Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the Zamboanga Peninsula, where financial inclusion challenges are most acute.
To start, Pru Life UK has developed comprehensive training programs for its selected agents, equipping them with in-depth knowledge of Takaful principles, and will launch public awareness campaigns to educate communities on the benefits of Takaful.
Pru Life UK’s Takaful education roadshow aims to educate and engage key stakeholders—including select agents, the media, and local communities—on Shari’ah and Takaful. Pilot Takaful education sessions have been conducted in both Davao City and Cagayan de Oro, enhancing understanding of Islamic insurance principles and fostering dialogues and collaboration with stakeholders.
To date, the roadshow provided more than 200 agents, community leaders and members, 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 Cagayan de Oro form part of our mission to educate our stakeholders across sectors about Takaful,” shared Atty. Paul Mandal, Pru Life UK Senior Vice President and Chief Legal, Government Relations, and Sustainability Officer.
During the Cagayan de Oro Workshop Fundamentals of Shari’ah, Fiqh, and Takaful, Maricel Estavillo, Pru Life UK’s Vice President for Government Relations & Sustainability, discussed Takaful, while Atty. Mehol Sadain, Senior Professorial Lecturer at the Institute of Islamic Studies, University of the Philippines, 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.
Over 450 students and teachers from three community madrasahs benefited from Pru Life UK’s pilot Adopt-a-Madrasah program held recently in Bangkal, Davao. This initiative is part of the company’s long-term support for Mindanao, anchored in its commitment to building resilient communities.
A madrasah, or an educational institution primarily focused on the study of Islamic teachings, plays a vital role in Muslim communities by providing students with the intellectual and moral guidance to make informed choices based on Islamic values.
Students of Dar Alkhair Madrasah, Maahad Talomo Al-Islamie, and Almadrasatol Arabia Wal Islamia were given school supplies and showcased their art skills through a workshop.
Pru Life UK employee and agent volunteers facilitated the activity in collaboration with the leaders and members of the Muslim Filipino community in Bangkal, Davao.
National Commission on Muslim Filipinos (NCMF) Commissioner for the Youth Samer Musa Allong expressed his appreciation for the support Pru Life UK extended to the madrasahs, emphasizing the importance of educational initiatives in Muslim Filipino communities.
“Creating meaningful and lasting impact for the community is part of Pru Life UK’s commitment,” reiterated Atty. Paul Mandal, Pru Life UK’s SVP for Legal, Government Relations & Sustainability, stressing the company’s dedication to sustainable development.
“The Adopt-a-Madrasah program is the start of our long-term support for Mindanao. By providing educational support, we aim to empower the youth, helping them reach their full potential and contribute positively to society.”
