Allied Insurance Company of the Maldives has won two awards at the 11th South Asian Islamic Finance Forum (IFSA) Awards, held in Colombo on 20 October.

The company’s Islamic insurance arm, Allied Takaful, received the Islamic Finance Entity of the Year award, while its product, Kamana Takaful, won Islamic Finance Product of the Year.

Held at the Shangri-La Hotel under the theme Building Legacies, the awards ceremony brought together representatives from financial institutions and the Islamic banking sector across the region.

Allied said the awards recognise progress made through management initiatives to expand and strengthen its takaful business. These include replacing conventional life insurance with family takaful services and offering new customers only takaful options through its mobile application.

The company also reported significant revenue growth for Allied Takaful between 2024 and 2025, supported by awareness and marketing campaigns in major cities across the Maldives.

Allied said the international recognition reinforces its efforts to advance Islamic finance and broaden takaful services in the Maldives.