London launches Islamic Insurance Association
Source: Middle East Insurance Review | Jun 2015
The Islamic Insurance Association of London (IIAL) has set up a representative body to support the work of those in the UK (re)insurance markets which are transacting Islamic finance.
Speaking at the launch in late April, IIAL Chairman Max Taylor said London has the ability and willingness to drive the growth of Shariah-compliant insurance products.
Mr Taylor said that to “enhance the sector and deliver change, there is a real need for greater expertise and knowledge and this is where the London market can play a leading role”.
He added: “London’s tried and tested legal environment makes product development very straightforward, which has to be utilised. London also enjoys a non-discriminatory regulatory environment. It provides a level playing field that recognises the core values at the heart of the Islamic insurance proposition.”
He said Islamic insurance is one of the most dynamic sectors in the industry and there is a demand for high-quality underwriting and capacity which is ready made for London to deliver.
“To be in a position (to) make the most of those opportunities London needs to engage with Islamic businesses and markets,” said Mr Taylor. “The IIAL allows those in the London market to speak with a single voice and our message is that we are serious about the development of the Islamic insurance industry.”
Insurance and reinsurance are the last of the financial services sectors in London to establish Shariah-compliant operations and products. As such, there is a need for an association to provide a strong and authoritative voice with both UK and international governments and regulators, said a statement by the IIAL.
IIAL will provide its membership with a platform to meet, network and have their say on how they wish to shape London as a world-leading provider of Islamic insurance and risk solutions. It will provide analysis on the development of the wider Islamic financial market and how insurance will and can play a part in that development.
IIAL aims to play a major part in the efforts to drive and develop principles for the transaction of Islamic and Shariah-compliant commercial (re)insurance business, creating a set of principles that can be used as a basis for a future international standard for Shariah insurance products and their transactions.