PRU LIFE Insurance Corp. of UK Philippines (Pru Life UK) has partnered with Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP) to promote Islamic finance.
The partnership aims to “promote Islamic finance and takaful through financial education and capacity-building initiatives and help expand reach of financial inclusion to more Filipino communities, primarily in the Bangsamoro Autonomous Region in Muslim Mindanao,” Pru Life UK said in a statement on Monday.
“This collaboration between Pru Life UK and AAIIBP is a promising step towards a more inclusive and financially resilient Philippines,” it said.
The life insurer last year secured its takaful window operator license from the Insurance Commission (IC). It previously said it aims to launch its first takaful insurance product within this quarter.
Takaful is a type of Islamic insurance where members contribute a certain sum of money to a common pool. Takaful insurance needs to be compliant with Shari’ah law, which prohibits riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles.
“Pru Life UK’s Takaful journey is driven by our commitment to social inclusion, aiming to provide financial protection to more Filipino families. We are excited to collaborate with AAIIBP on financial education and capacity-building to help address the need to fill in the gap in financial education especially for Muslim communities,” Pru Life UK Chief Legal, Government Relations and Sustainability Paul Mandal said.
“As the country’s first Islamic bank, AAIIBP is committed to advancing financial inclusion through Shariah-compliant solutions. The partnership with Pru Life UK on financial education and capacity building is a significant milestone in our efforts to uplift Muslim communities and empower them to become key contributors to the nation’s progress. We are eager to witness the positive impact this collaboration will bring,” AAIIBP Chairman and Chief Executive Officer Amilbahar Amilasan, Jr. said.
Pru Life UK booked a premium income of P46.19 billion and a net income of P4.36 billion in 2023, IC data showed.
Meanwhile, AIIBP posted a net loss of P81.44 million in 2023, narrowing from the P86.448-billion loss in 2022, its financial statement showed. — AMCS
