A study commissioned by Pru Life UK says up to 6 percent of Filipinos with no savings or insurance accounts in banks and insurers are Muslims. The study supports the Insurance Commission’s goal to promote takaful products which are Islamic insurance alternatives.
Pru Life UK plans to launch an insurance and investment product that will cater to at least 3 million financially underserved Filipino Muslims.
In an email to Daily Tribune, the insurer said it commissioned a study to determine the spending behaviors and top needs of around a total of 7 million Filipino Muslims in the country.
“The findings in the study can help the government and the industry better understand the financial needs of the Muslim Filipino population and identify areas for collaboration to drive wider financial inclusion,” Atty. Paul Mandal, Pru Life UK chief for legal and government relations and sustainability officer, said.
Takaful products
Pru Life UK said the study supports the Insurance Commission’s goal to promote takaful products which are Islamic insurance alternatives.
Pru Life UK shared that the study reveals up to 6 percent of Filipinos who do not own savings, investment, or insurance accounts offered by traditional banks and insurers are Muslims. Respondents in the study reasoned their products are non-compliant to Islamic law or Shari’ah rules and principles.
Yet, the study indicated most Filipino Muslims are saving to protect their health, respond to medical emergencies and build financial security.
Savings in homes not in banks
“The findings highlight that many Muslim Filipinos maintain traditional practices such as keeping their savings at home rather than in banks,” Pru Life UK said.
“Four out of 10 expressed a desire for Shari’ah-compliant insurance and investment options that can help secure their financial future without compromising their beliefs,” the firm added.
Data from the study show 58 percent of Filipino Muslims prioritize healthcare, while 56 percent fear healthcare. A substantial number of respondents or 42 percent said they worry about financial stability.
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