Pru Life UK, AAIIBP partner to boost Islamic finance

MANILA, Philippines — Pru Life UK has partnered with Al Amanah Islamic Investment Bank of the Philippines (AAIIBP) for initiatives geared toward financial promotion and education in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

In a statement, Pru Life UK said 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 BARMM.

“Pru Life UK’s Takaful journey is driven by our commitment to social inclusion, aiming to provide financial protection to more Filipino families,” Pru Life UK chief for legal, government relations and sustainability Paul Mandal said.

“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,” Mandal said.

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 November, Pru Life UK received the country’s first Takaful license from the Insurance Commission.

According to Pru Life UK, it is preparing to introduce an insurance product, subject to regulatory approval that is compliant with Shariah rules and principles, in support of the Philippine government’s financial inclusion thrust, and help Muslim and non-Muslim Filipinos achieve financial security.

AAIIBP is the first Islamic bank in the country with the mandate to promote and accelerate socio-economic development through banking, financing and participating in agricultural, commercial and industrial ventures based on the concept of Islamic banking.

“As the country’s first Islamic bank, AAIIBP is committed to advancing financial inclusion through Shariah-compliant solutions,” AAIIBP chairman and CEO Amilbahar Amilasan Jr. said.

“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,” he said.

Pru Life UK pointed out that the collaboration with AAIIBP is a promising step towards a more inclusive and financially resilient Philippines.

It emphasized that the roll out of community investment and engagement initiatives is part of the company’s Takaful journey.