Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 24th of April 2018
July 31, 2009

Salaam Halal launches Shariah home insurance

by Richard Kilner

Story link: Salaam Halal launches Shariah home insurance

Salaam Halal insurance has launched home insurance compliant with the principles of Shariah.

The firm claims to be providing the millions of British Muslims with their first opportunity to take advantage of Shariah-compliant coverage.

In mid-2008 Salaam Halal launched the country’s first Shariah-compliant car insurance, to which it has now added home insurance.

The insurer also aims to appeal to non-Muslims by its emphasis on co-operative and ethical products.

Those taking up the new home insurance can choose between Building only, Contents only and Building & Contents combined coverage.

Unusually, the Contents insurance from Salaam Halal provides cover for wedding and birth gifts as standard.

Chief executive Bradley Brandon Cross has expressed delight at being able to offer protection for both the home and the car, particularly as Muslims will now be able to enjoy insurance designed with Shariah principles in mind.

In March of this year Standard & Poor’s, the credit ratings agency, stated that because Shariah law prohibited interest-based financial products Shariah insurance firms would be very resilient during the financial crisis and in its immediate aftermath.

 

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