Western insurers seem all too eager to join the financial jihad by jumping in with both feet to offer “takaful,” or Shariah-Compliant insurance.
Among the Western insurers who are moving into this area are:
• Swiss Re
• Munich Re
Note that as recently as 2007, only 4% of the insurance issued in Muslim countries was “Shariah-compliant,” so artificial demand for these products is clearly being manufactured as a form of Dawah. Despite this lack of demand, Western insurers are eager to get involved. Clearly there is something at work here besides pure economics.
Westerners may wish to take the activities of the companies listed above into account when making decisions about their business and personal insurance…