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PruLife UK has obtained the first Takaful license in the Philippines, allowing the company to offer Islamic insurance by next year, targeting the 7-million Muslim population in the country. All contributors to the Takaful fund are covered in case something happens. Meanwhile, payable claims are also distributed equally among members.While the license for PruLife UK’s products has already been approved by the Insurance Commission, specific details on the products they are planning to offer have yet to be fleshed out. Chakrabarty, however, noted that their first products will be focused on savings and protection.
“You’re trying to penetrate a community that has been traditionally underserved or unserved even, and financial literacy is poor… affordability is also a question mark. So you have to take all these factors into account so you have to get simple, very simple, easy to understand, intuitive products out at very affordable prices,” Chakrabarty said.