BRITAIN'S two million Muslims will now be able to take out motor insurance that complies with their faith, with the launch of Salaam Halal insurance, the UK’s first independent Islamic insurance operator in the UK.
Despite the UK insurance market being flooded with over a 100 insurance companies actively writing motor and property insurance, there has never been a real choice for Muslims who want the option of buying a product that is aligned with their faith, says the company.
Salaam Halal insurance will offer Shariah-compliant motor insurance and have plans to launch a home insurance product before the end of the year.
In addition to offering a genuine choice to British Muslims, the products are also designed to appeal to the non-Muslim community who are interested in products of an ethical or co-operative nature, because of the nature of Halal insurance - known as Takaful.
This is a strucrure in which risk is shared between all policyholders and allows participants to pay their contribution into a pool (Takaful fund). The pooled contributions are invested strictly in Shariah-compliant investments, which means funds will not be invested in any prohibited goods in Islam including alcohol, gambling or pork and any investment profits are distributed back to the Takaful Fund.
The fund is used to pay claims, and at the end of the year, if the Takaful Fund is over-funded it is then distributed back to policyholders as a participation discount on their next year’s premium. This will be in addition to any conventional no claim bonus.
In order to ensure that the insurance is fully compliant with Islamic law, all the activities and products of Salaam insurance are overseen by its Shariah Supervisory Committee - a group of internationally noted Shariah scholars who monitor and guide the activities of Salaam insurance to ensure that all investments, operational and administration activities are consistent with Shariah principles.
Said shairman of Salaam insurance Abdulaziz Hamad Aljomaih: "The launch of Salaam insurance - the first independent, fully Shariah-compliant Takaful operator available in this country - is a significant step for the growth of Islamic finance in the UK." continues here
Despite the UK insurance market being flooded with over a 100 insurance companies actively writing motor and property insurance, there has never been a real choice for Muslims who want the option of buying a product that is aligned with their faith, says the company.
Salaam Halal insurance will offer Shariah-compliant motor insurance and have plans to launch a home insurance product before the end of the year.
In addition to offering a genuine choice to British Muslims, the products are also designed to appeal to the non-Muslim community who are interested in products of an ethical or co-operative nature, because of the nature of Halal insurance - known as Takaful.
This is a strucrure in which risk is shared between all policyholders and allows participants to pay their contribution into a pool (Takaful fund). The pooled contributions are invested strictly in Shariah-compliant investments, which means funds will not be invested in any prohibited goods in Islam including alcohol, gambling or pork and any investment profits are distributed back to the Takaful Fund.
The fund is used to pay claims, and at the end of the year, if the Takaful Fund is over-funded it is then distributed back to policyholders as a participation discount on their next year’s premium. This will be in addition to any conventional no claim bonus.
In order to ensure that the insurance is fully compliant with Islamic law, all the activities and products of Salaam insurance are overseen by its Shariah Supervisory Committee - a group of internationally noted Shariah scholars who monitor and guide the activities of Salaam insurance to ensure that all investments, operational and administration activities are consistent with Shariah principles.
Said shairman of Salaam insurance Abdulaziz Hamad Aljomaih: "The launch of Salaam insurance - the first independent, fully Shariah-compliant Takaful operator available in this country - is a significant step for the growth of Islamic finance in the UK." continues here
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