PHILIPPINES: A survey conducted by Pru Life UK found that four out of 10 respondents seek Shariah compliant insurance and investment options for their financial futures. The survey noted that the Filipino Muslim population of approximately seven million, the majority of whom reside in Mindanao, remains one of the most underserved groups in terms of financial services. It said many Muslim Filipinos maintain traditional practices such as keeping their savings at home rather than in banks – due to prohibition of interest, which is against Islamic principles.
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