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Principle Insurance : First British takaful firm approved

04 Mai

Britain’s first independent Islamic insurance company has received regulatory approval from the Financial Services Authority (FSA).

Principle Insurance Holdings Limited, formerly known as British Islamic Insurance Holdings (BIIH), will offer Shariah compliant home and car insurance from later this year.

Abdulaziz Hamad Aljomaih, chairman of Principle, said in a statement: « I believe Principle will go some way in altering the perception of Islamic finance in the UK by showing that progressive, sensible and profitable businesses can be established in accordance with Islamic law.

« Achieving FSA authorisation is a clear vindication of my belief that Shariah compliant financial products are not only equitable and profitable but also conform to the modern day principles of international finance, especially from a regulatory standpoint. »

All of Principle Insurance’s products and services will be approved by the company’s Shariah supervisory committee. This comprises Shaikh Nizam Yaquby of Bahrain; Dr Mohammad Elgari of Saudi Arabia; and Mufti Abdul Kader Barkatulla, who is based in Britain. Principle will have around US$120 million in capital from institutional and private investors in the Gulf and Asia. Saudi Arabian investors account for 45.7% of the capital. It aims to focus first on the UK, before looking at entering other European countries and the GCC.

by Daniel Stanton, ArabianBusiness 01 May 2008

Lire aussi : Une assurance pour les Musulmans

A previous UK survey conducted by BIIH indicated « a strong preference for Shari’a compliant insurance solutions amongst UK Muslims with 50% responding that they are ‘extremely likely’ or ‘very likely’ to buy Motor Takaful as long as all aspects of the policy, including cost and level of cover, are comparable with their existing conventional insurance policy. A further 26% said that they would be ‘fairly likely’ to buy Motor Takaful. The corresponding figures for Household Takaful were 46% and 28% respectively. »

 
2 Commentaires

Publié par le mai 4, 2008 dans Assurance - Takaful, English Section, UK

 

2 réponses à “Principle Insurance : First British takaful firm approved

  1. ribh

    septembre 22, 2010 at 5:40

    UK takaful insurer sold to Kuwaiti buyer

    Principle Insurance Holdings, parent company of the UK’s first Shariah compliant insurance group, has confirmed the conditional sale of its subsidiaries, Principle Insurance Company and Principle Marketing Services, to Al Salam Group Holding Company – a member company of the Kuwait-based Al Madina Group – for an undisclosed sum.

    The Principle Group, which traded under the Salaam Halal insurance brand, was originally authorised by the Financial Services Authority in April 2008 and entered into solvent run-off in October 2009.

    Al Salam will now apply to the FSA for a change of control and PIC and PMS will apply for a variation of their permissions which, if approved, would allow them to recommence trading. Al Salam is already a shareholder in Principle through its sister company, Ekttitab Holding Company.

    Al Salam intends to issue an announcement tomorrow to the Kuwaiti Stock Exchange regarding the transaction. Al Madina will be making an announcement to KSE and to the Dubai Stock Exchange, on which it is also listed.

    Bradley Brandon-Cross, chief executive of Principle Insurance Holdings, stated: “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. However, there is much work to do in re-starting the business.

    « In the meantime, our status has not changed. 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.”

    by Mairi MacDonald

    Source : PostOnline (UK) 28 Apr 2010
    http://www.postonline.co.uk/post/news/1603300/uk-takaful-insurer-sold-kuwaiti-buyer

     
  2. ribh

    septembre 22, 2010 at 5:17

    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.”

    by Gill Montia

    Source : Insurance Daily (UK) April 28, 2010
    http://www.insurancedaily.co.uk/2010/04/28/second-wind-for-sharia-compliant-salaam-halal/

     

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