UK Islamic Insurance Market

Car insurance according to Islamic principles has become even more accessible according to an article in the Independent.

Salaam Insurance is the latest company to provide halal insurance and is available through the price comparison site moneysupermarket.com. The Islamic insurance market has yet to peak. According to Emile Abu-Shakra of Lloyds Banking “UK Islamic finance is in its infancy, it’s still set to become big business…We offer Islamic current and business accounts, mortgages and investment funds.” We have already seen the growth in Islamic mortgages. According to Datamonitor the market has grown from 0.3 per cent in 2003 to 0.8 per cent in 2009. 

Islamic car insurance will no doubt prove to be popular with all people who seek ethical financial products irrespective of their belief.

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