Allied Insurance Company of the Maldives has secured two awards at the 11th Islamic Finance Forum of South Asia (IFFSA) Awards 2026, recognising the company’s efforts to expand Islamic insurance services and strengthen its Takaful operations in the Maldives.
The company’s Islamic insurance division, Allied Takaful, was named Islamic Finance Entity of the Year, while its Kamana Takaful product received the Islamic Finance Product of the Year award.
The awards were presented at a ceremony held on October 20 at Shangri-La in Colombo, Sri Lanka, bringing together financial institutions, industry professionals and representatives of the Islamic finance sector from across South Asia.
Organised by UTO EduConsult under the theme “Building Legacies,” the annual event recognises achievements in Islamic banking, insurance and financial services, highlighting institutions and products contributing to the development of the regional Islamic finance industry.
The double recognition follows a series of changes introduced by Allied Insurance during 2025 to strengthen its Takaful business and encourage greater adoption of Islamic insurance products.
Among the most significant decisions was the company’s move to discontinue the sale of conventional life insurance products, replacing them with Family Takaful as its life protection offering.
The shift marked a major change in Allied’s approach to life insurance, placing Shariah-compliant protection at the centre of its product strategy.
Unlike conventional insurance, Takaful operates on principles of mutual assistance and shared responsibility, with participants contributing to a common fund used to provide financial protection against covered risks.
The model is structured around Islamic finance principles, including the avoidance of interest-based transactions and excessive uncertainty.
Family Takaful provides financial protection for individuals and families through arrangements designed to comply with these principles, offering an alternative to conventional life insurance products.
Allied also introduced changes to its digital services to encourage customers to consider Takaful products.
As part of the company’s digital strategy, the conventional insurance option was removed from the Allied mobile application for new customers, leaving Takaful as the available option presented to them.
The decision was intended to strengthen the visibility and accessibility of Islamic insurance products through the company’s digital channels.
Alongside these changes, Allied expanded its marketing, customer education and community engagement initiatives across major cities in the Maldives.
The activities focused on improving public understanding of Takaful, explaining its benefits and encouraging greater participation in Islamic insurance services.
According to the company, these initiatives contributed to a significant increase in Takaful revenue between 2024 and 2025.
Although Allied did not disclose the exact revenue figures or percentage growth, the company attributed the improvement to its strategic changes, promotional activities and efforts to expand customer awareness.
The recognition of Kamana Takaful as Islamic Finance Product of the Year also highlights the company’s efforts to develop insurance solutions within the Islamic finance framework.
The awards come as Islamic financial services continue to play an important role in the Maldives, where Shariah-compliant banking and insurance products are offered alongside conventional financial services.
Takaful has become an established component of the country’s insurance sector, providing individuals and businesses with financial protection based on Islamic principles.
As demand for financial products that align with Islamic values continues, insurers have increasingly focused on product development, digital accessibility and customer education to strengthen their services.
Allied Insurance, one of the country’s established insurance providers, operates across multiple insurance segments and has been expanding its Islamic insurance offerings through Allied Takaful.
The company’s decision to prioritise Family Takaful for life protection reflects a broader strategy to increase the contribution of Islamic insurance to its business operations.
Regional recognition through the IFFSA Awards also provides an opportunity for Maldivian financial institutions to demonstrate their achievements alongside established Islamic finance providers from other South Asian markets.
The IFFSA Awards have become a platform for recognising institutions and professionals involved in advancing Islamic financial services, with categories covering different areas of banking, insurance and financial innovation.
Allied said the two awards reflect the results of initiatives undertaken by its management to strengthen the Takaful business and expand public access to Islamic insurance.
The company reaffirmed its commitment to developing Takaful services, improving customer awareness and supporting the continued growth of Islamic finance in the Maldives.
