Second wind for Sharia-compliant Salaam Halal
Principle Insurance Holdings, the parent company of Salaam Halal, the UK’s first Sharia-compliant insurance brand, has announced the conditional sale of Principle Insurance Company Limited and Principle Marketing Services Limited, to Kuwait-based Al Salam Group Holding.
The transaction could result in the relaunch of Salaam Halal, which began trading in July of 2008 with a motor insurance offering aimed at the 1.6 million Muslims living in Britain.
However, the insurer closed to new business in November 2009, after failing to raise sufficient funds to continue trading.
The firm’s policies are Sharia-compliant meaning that risk is spread between all policyholders registered with the company, whereas conventional insurers transfer risk from the policyholder to the insurer.
Commenting on the sale, Principle Insurance Holdings’ chief executive, Bradley Brandon-Cross, said: “We are very pleased to announce this important and significant step and very much hope that it will lead to the reintroduction of our Shariah compliant insurance to the UK market.”
He added: “In the meantime … we are still in a period of solvent run-off, which means that while we continue to offer existing policyholders our full support, we are not providing any further policies to new or existing customers at this time.”
Category: Companies News, Insurance News
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