Motor policy news
31/07/2008
Shariah-compliant car insurance says Salaam
Insurance provider Salaam has introduced the first UK Shariah-compliant car insurance policy.
Shariah is the legal framework of Islamic religious law and the new halal motor insurance product, also known as takaful, will differ radically from other policies.
Mainstream UK insurance cover apportions the risk of an accident to the insurer: if the driver causes an accident the insurer pays. Of-course, the insurer agrees to take that risk, for a premium, literally.
A takaful insurance customer pays into a takaful fund; a single pool of insurance payments.
This fund is invested in approved products and services, strictly complying with the laws of Islam. When a car accident occurs the claim is settled from the investment fund.
Mr. Abdulaziz Hamad Aljomaih, Chairman of Salaam car insurance commented, "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."
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