Muslim Car Insurance Policies Align With Islamic Law
For the first time Muslim drivers are offered car insurance policies that adhere to the teachings of the Koran, according to the Daily Mail.
Unlike the majority of non-Islamic insurers, Salaam Halal Insurance complies with Islamic law by avoiding investments associated with gambling, alcohol, pork, etc.
While still offering the same kind of cover as traditional insurers, Salaam Halal invests its funds into sharia-compliant ventures and reinvests profits back into the fund.
Peter Staddon of the British Insurance Brokers’ Association reveals a positive response to the policies and pricing of Salaam Halal.
Mr Staddon goes on to say, “It’s exciting to see a completely new product on the market.
“And I think there will be many people - Muslim and non-Muslim - who will want to switch to a company that does not invest in weapons, alcohol or gambling.”
In addition to providing sharia-compliant cover, what separates Halal Insurance from its British counterparts is the risk is shared amongst its policyholders. When a claim is made, the money is derived from a “pooled sum” and surplus cash is offered back to customers by way of a discount in the following year’s premium, which may include no-claims discounts.
Although the Muslim community remains its target market, Salaam Halal welcomes other customers from varying religious backgrounds.
Technorati Tags: muslim, islamic, car insurance, sharia, compliant, salaam, halal
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Sorry, the comment form is closed at this time.