By Perfecto T. Raymundo, Jr.
MANILA — Pru Life UK and the Insurance Commission (IC) on Monday (Nov. 4) evening launched the Philippines’ first Takaful here at the historic Manila Hotel.
Takaful is an Arabic word which means mutual guarantee.
Present were Insurance Commissioner Atty. Reynaldo Regalado, BSP Deputy Gov. Chuchi Fonaciet, Finance Usec. Renato Reside, Monetary Board Member Jose Querubin, and DTI Usec. Allan Gepti, among others.
Sanjay Chakrabarty, President & CEO of Pru Life, noted that it’s the launching of the Philippines’ first Takaful, an affordable product, that is of mutual guarantee.
The support of the BSP has been robust and fruitful.
He expressed his heartfelt gratitude for the support of everyone present in the maiden launching of Takaful.
Regalado congratulated and greeted Pru Life for the successful launch of Takaful.
“Today, there are 7 million Muslims accounting for about 6.5 percent of the total population (120 million Filipinos),” he said.
Takaful aligns with the culture and tradition of Filipinos.
Takaful is aimed at providing financial inclusion to Filipino families, especially Muslim community.
The “window of operation” of Takaful by Pru Life U was handed over.
Prudential Life has 1.8 million customers
It is involved in health, wealth and in the healthcare industry.
Malaysia and Indonesia have successfully managed and operated their respective Shariah Takaful products for Muslim population.
Indonesia is the world’s largest country in terms of Muslim population and the Philippines has 7 million Muslim population out of the 114 million total population.
Dean Julkipli Wadi, Chairman of Committee on Shariah Takaful Window of Pru Life UK, said that the Takaful system has strengthened the Halal system.
Wadi cited the establishment of the Islamic Bank in 2019.
He highlighted the Islamic Study conducted by the UP Institute of Islamic Studies.
Wadi stressed that the undertaking should be guided by the principles and values of the Holy Quran.
