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Posted August 19th 2008

Sharia Compliant Car Insurance

Sharia compliant car insurance policies are now being offered to over 1.5 million Muslims residing in the UK by Salaam Halal - Britain's first independent Islamic insurance group whose funds are invested only in enterprises whose practices and principles are acceptable to the laws of Islam. While conventional British insurance policies involve moving risk from the driver to the insurer, Salaam Halal's products spread risk between all policyholders with the company in accordance with Sharia, promising to return any surplus funds accrued by the business to all customers at the end of the financial year.

The UK is already considered to be a leading centre for Islamic finance outside the Middle East, but Abdulaziz Hamad Aljomaih, the chairman of Salaam Halal, describes the company launch as a significant step forward in this financial sector, and while a multi-lingual service is offered from a call centre based in Cheadle, Staffordshire, it's likely that Sharia-compliant policies are set to become the product of choice for an ever-increasing number of Islamic drivers seeking car insurance in the UK.