The Philippines grants Pru Life UK the first Takaful license for Shariah-compliant insurance.

The Philippines' Insurance Commission has granted Pru Life UK the first Takaful license, enabling the launch of Shariah-compliant Islamic insurance products in early 2025. Targeting both Muslim and non-Muslim Filipinos, the initiative aims to enhance financial inclusion and address the needs of the underserved population. Takaful operates on mutual contributions and will be supported by a dedicated Shariah Committee to ensure compliance and promote financial literacy.

November 05, 2024
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