Latest Car Insurance News
Welcome to Expert Car Insurance News. Here you will find all the latest information concerning the motor insurance industry.
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.
