Friday 2nd May 2008
Regulatory approval has been granted for the first ever specialist Islamic insurance provider in the UK, it has been announced.
Principle Insurance has been cleared for business by the Financial Services Authority and will offer home insurance and motor insurance products.
In keeping with Shariah law, the firm will not use interest and will shun investments in sectors that contravene Islamic principles, such as breweries.
Bradley Brandon Cross, chief executive of the firm, said the launch of the company will mean that the two million UK-based Muslims will now be able to use insurance policies that do not compromise their religion.
He said: "We estimate that in excess of 500,000 British Muslims are car owners and, with motor insurance being a legal requirement, these consumers currently have to buy motor insurance that compromises their beliefs.
"Some elements of conventional UK insurance, such as the earning of interest, the investment of policyholders' funds and uncertainty mean that it is not in accordance with Muslim beliefs."
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Insurance
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