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Home Insurance -
First Islamic Home Insurance Provider Approved By FSA - 07/05/2008 |
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Principle Insurance is the first independent Islamic company in Britain to offer Shariah-compliant motor and home insurance for motorists and homeowners. The company yesterday received news that it has been received financial authorisation from the FSA.
The insurance company will make its products available later this year. It is offering home and contents insurance as well as motor insurance to British residents who are concerned that their policy fits in with their beliefs.
The company is targeting Britain’s Muslim population which is estimated to include some 2 million people.
Chairman of Principle, Abdulaziz Hamad Aljomaih, received the news that his company had been approved by the FSA with joy, saying that the authorisation confirmed his beliefs and spurs him on to promote Islamic finance: “Achieving FSA authorisation is a clear vindication of my belief that Shariah-compliant financial products are not only equitable and profitable but also conform to the modern day principles of international finance, especially from a regulatory standpoint.”
He went on to say that he hopes Principle can make some headway in changing the face of Islamic financial enterprises, saying that “"I believe Principle will go some way in altering the perception of Islamic finance in the UK, by showing that progressive, sensible and profitable businesses can be established in accordance with Islamic law.”
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