Canada: MGA launches takaful operations

Source: Middle East Insurance Review | Apr 2024

Toronto-based Canadian management general agent CHES Special Risk (CHES) has launched Ethical Insurance which is described as Canada’s first shariah-compliant insurance provider. Ethical Insurance will specialise in commercial property liability and construction risks, said CHES in a post on its LinkedIn account.

“The brand is grounded in Islamic teachings that prioritise social responsibility, equitable business practices, and ethical engagement. Its approach ensures exclusion from industries related to alcohol, weaponry, certain food items and gambling,” the LinkedIn post said.

CHES president and CEO Gary Hirst said, “Our mission is to deliver specialised products and services tailored to the diverse needs of our clients, including new immigrants who are business owners seeking insurance solutions aligned with their ethical and religious principles.”

Ethical Insurance’s product and workflow are overseen by a shariah supervisory board composed of qualified scholars whose role includes overseeing compliance with shariah principles, conducting annual shariah audits and issuing certificates of shariah compliance. M

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.