Principle Insurance, the Uk’s first independent Islamic insurance company has been authorised by the the insurance governing body FSA.
The company will offer unique Shariah compliant home and motor insurance to UK residents from later this year. There are an estimated two million Muslims living in Britain.
Principle will launch its Halal motor insurance at the end of the first quarter of 2008 and will be available both online and by telephone.
Islamic insurance is different to conventional insurance in that it is fully Shariah compliant (or Halal) and does not use interest or invest in any industries that go against Islamic teachings (alcohol, for example).
2 comments so far
1 Julian The Motor Insurance Guru // May 29, 2008 at 7:15 am
This article focuses about Insurance Policy. Principle Insurance is the Islamic Insurance company has been
empowered by Insurance governing body named FSA.
It has been declared that company offers its unique
Shariah compliant home & motor insurance to UK residents. Principle set up its Halal motor Insurance at the end of 2008, and be available through online and
telephone. Islamic Insurance differs from the conventional insurance!!!
2 kamran // Jun 22, 2008 at 4:10 am
slaam brother and sister i am sure this insurance is not HALAL. I have studied and my conclusion is that it is Haram. When they launch i will be part of the takafull pool and then i will start a legal fight. conventional insurance has uncertaintey, gambling and intrest acctivies. Insallah i will be back soon let them launch and bare in mind what are there real intensions to make money or help muslims with haram. 1 mil of muslims x policy premium of eg 500 average = how much would they pay out in claims !!! how much they spending on marketing that will be more than the number of muslims. 3.5 mil they are investing youthink they would do this if they were not goin to make excessive profit. it is just a scam and i can challege and prove why it is HARAM im thinking how much would they pay me or bribe me not to tell the uk the truth because they will lose excessively if i got 5 mil i could stay quite as they goin into billions. see you soon INSALLAH. ASLAAMU ALYKAM.