An estimated 600,000 Muslim motorists will be offered ethically and co-operatively based car insurance policies that are Sharia compliant for the next two years, says insurer.
AutoWindshields (UK), specialists in windscreen repair and replacement announced that it will be helping policyholders of Salaam Halal Insurance, the trading name for the London-based shareholder-owned Principle Insurance Group to obey the teachings of Quran.
AutoWindshields (UK) director, Barry Donaldson said: “This major contract is testament to our client specific pricing method and the excellent performance of our 60-strong highly trained nationwide fleet of fitters that enable us to provide the quickest average response time in the industry at a customer’s home, workplace or wherever it is needed.”
According to reports, Salaam Halal Insurance provides the same services as a conventional company however, it cannot invest in organisations linked with gaming, alcohol or pork. At the same time, it cannot take financial risks or speculate with revenue.
Salaam Halal Insurance, the trading name for the London-based shareholder-owned Principle Insurance Group also applies Takaful principles that allow the spreading of risk between policyholders, who contribute to a pool of investments where all claims are settled.
Takaful principles also ensure that any extra cash is distributed as a discount on the following year’s premium.
Principle Insurance claims director, Trevor Webb said: “We proposed Auto Windshields on the strengths of its flexibility, commercial terms and demonstrable ability to meet all our service level agreements.”
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