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UK: Islamic insurance body seeks approval from shariah scholars for takaful standards

Source: Middle East Insurance Review | May 2018

London’s draft standards for transaction of Islamic commercial insurance are seeking shariah scholars’ approval for rollout next year, said the Islamic Insurance Association of London (IIAL).
 
   The industry body, which counts Lloyd’s of London as a founding member, has sought shariah and legal opinion for the standards framework it has developed with London market associations.
 
   The standards are not enforceable but IIAL wants them to be the best practice for London’s insurance industry, executive committee member Dave Matcham told Salaam Gateway on the sidelines of a takaful industry event in Dubai in early April. They could lead to what Mr Matcham describes as “a positive determination” for insurers to take on more takaful in the UK market.
 
   The planned rollout of IIAL’s takaful standards will likely coincide with the UK’s departure from the EU on 29 March 2019.
 
   As part of UK’s post-EU trade and business positions, the British government has set Islamic insurance “high on its agenda”, Mr Jon Guy, IIAL secretary-general told Salaam Gateway.
 
   Mr Matcham confirmed that he will be a member of a new task force that is being formed for the insurance industry to work with the government on new business opportunities post-Brexit.
 
   There are up to 12 insurers offering some form of takaful in the UK, said Mr Matcham. The UK market holds under GBP5m ($7.1m) in premiums for both shariah-compliant commercial and personal lines of business, according to IIAL estimates. M 
 
GBP1 = $1.43
 
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