News Article Published:
Friday, 02 May 2008
Category:
Insurance
The UK's first ever Islamic insurance provider has been approved by the Financial Services Authority (FSA).
Competing insurance marketing companies will no doubt be keeping a close eye on the new competition, Principle Insurance, which boasts the ethical dimension of being in keeping with Shariah Law.
According to the chief executive of the firm Bradley Brandon Cross, there are an estimated 500,000 British Muslim car owners that could be keen to switch on the basis of their company's ethical stance.
Principle Insurance has pledged not to charge interest and will not invest in un-Islamic firms such as breweries.
"Some elements of conventional UK insurance, such as the earning of interest, the investment of policyholders' funds and uncertainty mean that it is not in accordance with Muslim beliefs," Mr Cross added.
However, the company has so far only committed to providing home and motor insurance which will no doubt take the pressure off other insurance marketing campaigns.
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