Islamic insurance may attract non-muslims

Wed, 27 Aug 2008

Non-muslims could be interested in buying Islamic insurance because of its ethical nature, according to the UK’s first such provider.

The first UK provider of Islamic insurance, Salaam Halal, will work under Islamic law and provide the same level of cover as conventional insurance but under the under the Muslim principle of Takable, which means "guaranteeing each other".

In this manner, all policyholders agree to guarantee each other and make contributions (Tabaru'a) as an alternative to paying premiums, with the funds being assessed each year. If it is over-funded, the policyholders will get a discount. Bradley Brendon-Cross, chief executive of Salaam Halal, said the policy could appeal to non-Muslims, due to its "similarities with mutuality" and its "ethical nature".

Mr Brendan-Cross said that while the insurance is targeted at British Muslims, who constitute 2.7 per cent of the British population, the firm expects it to be taken up outside the Islamic community. Also, as Salaam Halal has successfully launched car insurance, it intends to offer home insurance in the future.
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