Capita to sell Islamic insurance products

Mon, 03 Mar 2008

Outsourcing company Capita will sell Islamic home and car insurance products from April, it has been reported.

According to Insurance Daily, the firm has been appointed by British Islamic Insurance Holdings (BIIH) to sell home and car insurance on its behalf.

Speaking to the website Bradley Brandon-Cross, chief executive of BIIH, said: "The Muslim faith states that, because of various product features, conventional UK insurance options are in conflict with Islam and this creates a dilemma for British Muslims."

He added that his firm was aiming to create an insurance firm which removes this dilemma.

Capita will start by selling home and car insurance and BIIH hopes to offer life insurance, saving accounts and other financial products through the firm later in the year.

Under sharia law, the charging of interest on money is prohibited, something which means that traditional financial products offered by UK banks are not suitable for Muslims.
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