Allied Insurance Company of the Maldives has secured two major honors at the 11th Islamic Finance Forum of South Asia (IFFSA) Awards 2026. The company’s dedicated Islamic window, Allied Takaful, was recognised as the Islamic Finance Entity of the Year, while its Kamana Takaful product line won the coveted Islamic Finance Product of the Year accolade.
The prestigious award ceremony took place on Tuesday, 20 October 2026, at the Shangri-La Hotel in Colombo, Sri Lanka. Organised by UTO EduConsult under the theme "Building Legacies," the event gathered leading financial institutions, industry professionals, and key stakeholders from across the region to celebrate outstanding milestones in South Asian Islamic banking and finance.
The regional accolades reflect aggressive strategic measures taken by Allied’s leadership throughout 2025 to develop and expand its Takaful operations. A defining move in this transformation was the decision to phase out conventional life insurance entirely, repositioning Family Takaful as the company’s primary life protection offering.
Alongside product restructuring, Allied strengthened its digital distribution by updating its mobile app interface for new users. Conventional insurance alternatives were removed from view for incoming sign-ups, establishing Takaful as the default and exclusive protection pathway across the company's core digital touchpoint.
Supported by nationwide awareness campaigns, educational initiatives, and community outreach across major Maldivian cities, these operational shifts drove a substantial increase in Takaful revenue between 2024 and 2025. The double win at IFFSA reinforces Allied’s ongoing push to expand Shariah-compliant financial protection and elevate the Islamic finance ecosystem across the Maldives.