Broker introduces new Islamic insurance for the UK
The cover offers real estate investors and companies access to insurance compliant with the principles of shariah law. It is underwritten by Cobalt Underwriting and QBE Insurance (Europe) and XL Group are providing the security. The policy retains price neutrality, meaning the premiums are equivalent to a like-for-like non-shariah policy.
John Dilley, managing director at Willis Real Estate Practice, said: “Although the global economic crisis has affected many areas of the world’s financial system, Islamic finance has continued to deliver a rapid rate of growth. Islamic finance assets reached an estimated $1.7 trn at the end of 2013, having experienced an average compound annual growth rate of 17.6% in previous four years.”
He added: “Hand in hand with the growth in Islamic finance is the demand for shariah-compliant insurance cover, in particular for real estate investors. Access to underwriting capacity, which is compliant with Islamic law for major risks, has not previously been available in the UK. Willis has responded to the needs of real estate investors by developing the UK’s first shariah-compliant real estate insurance solution.”
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