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Islamic insurance may have wide appeal
15 August 2008
Islamic insurance may have wide appeal
Islamic insurance products may be attractive to the non-Muslim community due to the policies' ethical nature, claims Salaam Halal.
According to Salaam Halal, the UK's first provider of Islamic insurance, Islamic insurance uses the Islamic principle of Takaful ('guaranteeing each other') and is similar to other mutual insurance products.
Bradley Brandon-Cross, chief executive of Salaam Halal insurance, said: "Due to similarities with mutualilty and coupled with the policies' ethical nature we expect the Takaful products to appeal to the non-Muslim community in the UK too."
Mr Brandon-Cross claims the main benefit of Islamic insurance products is that, because they are collective, any money that is left over at the end of the year will be shared and result in lower insurance premiums for policyholders.
Applying for an Islamic insurance policy, like home insurance, uses the same process as a conventional insurer with people receiving a quote online or over the phone, according to Mr Brandon-Cross.
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