UK Money News
28th July 2008
Shariah-compliant car insurance launched for UK Muslims
Muslim drivers in the UK will be able to take out Shariah-compliant car insurance for the first time with the launch of a company offering cover which adheres to principles of Islamic law.
The policies, from Salaam Halal insurance, are distinct from standard cover in the respect that they spread the risk among a pool of investors who pay into a fund, from which claims are paid.
At the end of the year, any monies remaining in the fund, which has been invested in the interim in Shariah-compliant industries, is redistributed among policyholders.
Western car insurance cover typically spreads the risk from the driver to the insurer.
Abdulaziz Hamad Aljomaih, chairman of Salaam insurance, said: "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."
The policies also feature no claims bonuses.
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