Pru Life UK Expands Financial Inclusion for All Filipinos

Pru Life UK has achieved a historic milestone, being the first in the Philippines to offer Takaful, or Islamic insurance, with a newly issued Takaful license from the Insurance Commission. This development is not only a step toward more inclusive financial services but also opens up Shariah-compliant insurance options for the Philippines’ seven million Muslim Filipinos and others seeking alternative insurance choices.

What is Takaful?

Takaful, which means “joint guarantee,” is an Islamic insurance model rooted in community and solidarity. Unlike traditional insurance, Takaful operates through a cooperative system, with participants pooling resources to support one another in times of need, following Shariah (Islamic) principles. This approach means that families now have access to insurance that aligns with their values and is inclusive of diverse faiths and backgrounds—Takaful is open to both Muslims and non-Muslims.

A Commitment to Serving Filipino Families

In launching Takaful, Pru Life UK has collaborated with its affiliates in Malaysia and Indonesia, where Takaful is already established. Their approach prioritizes a strong Shariah governance structure, supported by a newly created Shariah Committee to ensure adherence to Takaful principles.

“We’re excited to offer a service that truly reflects the values and needs of Muslim Filipinos,” shared Sanjay Chakrabarty, President and CEO of Pru Life UK. “With this launch, we aim to provide reliable financial protection for every Filipino family.”

Empowering Communities through Financial Literacy

Pru Life UK’s initiative will focus on promoting financial literacy and empowerment in underserved areas, particularly in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the Zamboanga Peninsula. In these regions, many households are uninsured or lack access to basic banking, making Takaful a welcome new option. Pru Life UK has developed a specialized training program for agents to ensure they’re fully prepared to answer questions and educate communities on the benefits of Takaful.

Supporting Filipino Families, One Community at a Time

By introducing Takaful, Pru Life UK is opening up new pathways for financial protection, giving families across the Philippines the peace of mind that they have coverage in times of need—whatever their values or beliefs may be. Through this meaningful new initiative, Pru Life UK hopes to build a more financially inclusive future, making insurance accessible to every Filipino household.

With the goal of connecting with and empowering Muslim Filipino families, Pru Life UK is here to support your journey towards financial security, inspired by shared values of cooperation and care.