Gulf Arab Investors Plan U.K.'s First Islamic Insurer (Update1)
By Will McSheehy
June 5 (Bloomberg) -- British Islamic Insurance Holdings, a $38 million venture backed by Persian Gulf investors, plans to become the first standalone insurer to offer U.K. Muslims cover that complies with their religious beliefs.
BIIH's general insurance unit applied to Britain's Financial Services Authority for a license and aims to start writing policies for Islamic insurance, or Takaful, in the first quarter of 2008, it said in a statement posted on Dubai- based business Web site Ame Info today.
The company ``hopes to be able to offer a compelling Takaful proposition to British Muslim consumers,'' Chairman Abdulaziz al-Jomaih said in the statement.
Global Takaful premiums will jump more than five-fold to $11 billion by 2015 as Muslims become richer and their awareness of product availability grows, according to American International Group Inc., the world's biggest insurer. Lenders competing to win business from the U.K.'s 1.8 million Muslims include HSBC Holdings Plc and Lloyds TSB Group Plc., which started units complying with Islamic Shariah law.
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Pertinent Links:
1) Gulf Arab Investors Plan U.K.'s First Islamic Insurer
Tuesday, June 05, 2007
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