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News-Archiv für das Jahr 2008


UK´S FIRST ISLAMIC INSURANCE COMPANY AUTHORISED BY REGULATOR



Principle Insurance, UK's first independent Islamic insurance (takaful) company, has been authorised by the FSA (Financial Services Authority). The company will offer Shari'ah-compliant home and car insurance. The latter will be launched in the second quarter of 2008 and will be available online or over the phone.

Abdulaziz Hamad Aljomaih, the company's chairman, believes that Principle Insurance will go some way in altering the perception of Islamic finance in the UK, by showing that progressive, sensible and profitable businesses can be established in accordance with Islamic law. He also states that receiving the FSA authorisation proves that Shari'ah-compliant financial products are not only equitable and profitable but also conform to the modern day principles of international finance, especially from a regulatory standpoint.

Bradley Brandon-Cross, chief executive of Principle Insurance, estimates that over 500,000 British Muslims own cars and therefore, have car insurance (it is a legal requirement in the UK). However, conventional insurance compromises their beliefs. By offering the country's first Shari'ah-compliant motor insurance, the new takaful company will remove this dilemma.

Principle Insurance has established a Shari'ah Supervisory Committee, consisting of three prominent Muslim scholars: Shaikh Nizam Yaquby of Bahrain, Dr Mohammad Elgari of Saudi Arabia and Mufti Abdul Kader Barkatulla, who lives in the UK.

The company has been present in the UK market since 2006 under a previous name of British Islamic Insurance Holdings (BIIH). Its initial capital was around £60 million ($119 million), with over 45 per cent of the investment originating from Saudi Arabia. Other investors include organisations and individuals from GCC and Asia.

The company's long-term strategy is aimed the UK market to start with and, in due course, Europe and the countries in the Gulf region. Principle Insurance will be providing an ethical insurance alternative on a selective basis.



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