The Philippines Insurance Commission (IC) granted the first licences for takaful window operations, enabling the domestic rollout of Shari’ah-compliant insurance offerings as part of the broader National Strategy for Financial Inclusion (NSFI) 2022–2028 work programme highlighted in the Financial Inclusion Steering Committee’s 2024 Annual Report. The licences were issued on 4 November 2024 to Pru Life U.K. and Etiqa under the IC’s consolidated guidelines for takaful window operations, and were positioned in the report as a milestone that jumpstarted the domestic takaful sector and supported the expansion of the Philippines’ Islamic finance ecosystem.
Philippines Insurance Commission 2025-07-10
Philippines Insurance Commission licenses first takaful window operators Pru Life U.K. and Etiqa
The Philippines Insurance Commission issued the first licences for takaful window operations to Pru Life U.K. and Etiqa, marking a significant step in the domestic rollout of Shari’ah-compliant insurance. This initiative aligns with the National Strategy for Financial Inclusion 2022–2028 and aims to bolster the Philippines’ Islamic finance ecosystem.