The first Islamic insurance company to be launched in the UK has closed to new business after failing to raise enough capital to continue trading. Salaam Halal, launched last July, has written to suppliers and partners informing them it is now in “solvent run-off”. A note has also been placed on its web site revealing […]
Malaysian Islamic reinsurer MNRB Retakaful forecasts that revenue from its overseas operations will exceed that of domestic operations in five years. It particularly has its sights set on Indonesia, Brunei, Sri Lanka and Pakistan. Spreading Shariah insurance to these countries is perhaps not as much of a concern since each is already predominantly Islamic, but one […]
U.S. taxpayers funding terrorism: the ties that blind
What would you think if it was proven beyond doubt your tax money is getting into the hands of terrorists, not altogether accidentally? How would you feel if you discovered that the dollar you paid in income tax had been channeled by the federal government through a bank bailout law to Citigroup which then ‘invested’ in […]
Shariah goes high-tech: Online Takaful
Noor Investment Group launches online “Islamic insurance” service… http://www.menafn.com/qn_news_story_s.asp?StoryId=1093280774
Shariah Finance industry holds award dinner
Though it is not the main theme of the article linked below, a major awards dinner was held in Kuala Lumpur, Malaysia on Tuesday night and we thought the listing of recipients was interesting in that it provides insight into the major players working to promote Shariah through its financial arm. It is always also […]
Qatar Islamic Insurance net profit dips
Qatar Islamic Insurance has posted net profit down more than 50% at $7.5m for the first nine months after a drop in investment income, reports Middle East Insurance News. http://www.insurancenewslink.com/Articles/ExternalView?u=7&a=34940&i=1
Swiss Reinsurance Co., the world’s second-largest reinsurer, is starting a Sharia-compliant family and general insurance business in Kuala Lumpur, Malaysia. Note this very disturbing statement in the article linked below: “The 1.5 billion Muslims around the world, and also non-Muslims interested in the principles underpinning Sharia- compliant products, represents a growing client segment for the […]
Linked below is an interview which we found on another Malaysian news web site. We believe it is significant in that it contains an admission that the goal of Shariah-Compliant Finance is global, to link emerging markets and other markets with Shariah as the medium. This is another way of saying that the purpose of […]
Shariah’s Trojan Horse, Shariah-Compliant Finance, is continuing its expansion in Great Britain with the announcement that Islamic insurer Salaam Halal will offer business insurance coverage… http://www.insurancetimes.co.uk/story.asp?sectioncode=13&storycode=379615&c=1 http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLO16724020090724
Shariah-Compliant insurance, also known as takaful, has been the subject of a considerable amount of scrutiny in recent months since the US Treasury took nearly full ownership and control of insurance giant AIG, which has an active takaful division. This is because the purpose of Shariah Finance–and Shariah-Compliant insurance–is to promote shariah and Islam. It […]
The Dubai Chronicle was kind enough to post an article with a list of the award-winning players in the field of Shariah-Compliant Finance. These were tabulated through a non-scientific survey of folks in the industry itself. Personally, I would prefer to think of this as more of a “Dirty Dozen” list. But that’s just me… […]
AIG Offers First Takaful Homeowners Insurance Product for U.S. December 2, 2008 Risk Specialists Companies, Inc. (RSC), a subsidiary of AIG Commercial Insurance, is introducing what it says is a first in the U.S.: a homeowners insurance product that is compliant with key Islamic finance tenets and based on the concept of mutual insurance. The […]
BAI launches first Islamic insurance cover Business, Economy, Finances, Banking & Insurance Press release from: British American Investment www.takaful.com (openPR) – (Curepipe, Mauritius) – BAI Co. (Mtius) Ltd, the leading provider of life insurance in Mauritius, announced today that it has launched the first insurance policy in Mauritius which complies to the Islamic Shariah […]
AIGTakaful Shariah compliant certificate, both as link and as attachment: http://www.aigtakaful-enaya.com/aig/takaful/pdf/SHARIA_CERTIFICATE_English.pdf The advisors are: Nizam Yaqubi Mohamed Ali Elgari Muhammad Imran Usmani
United Kingdom Posted by: IslamBankphoto courtesy of HSBC AMANAH LONDON, ENGLAND, UNITED KINGDOM, EUROPEAN UNION — HSBC Islamic insurance incorporates buildings and contents protection specifically designed to meet the requirements of Shariah. HSBC Islamic insurance is just one in the long line of Islamic products, including home finance, current account and pension funds, that […]
By Kara Gammell http://img.dailymail.co.uk/i/pix/2007/10_04/Jamie2310_468x285.jpg Last Updated: 4:24pm BST 08/09/2008 More than 2m Muslims in Britain will now be able to arrange motor insurance without compromising their religious beliefs, according to Salaam Halal Insurance. Bradley Brandon-Cross, the chief executive of Salaam Insurance, says: “Conventional United Kingdom insurance options conflict with the core beliefs of the […]
Insurance policies may not follow teachings of Islam – 4 Hours Ago http://www.takaful.ae/english/images/imgChairman.gif Some Muslims in Britain may not realise that their insurance policies do not follow the rules of Islam, according to an expert.Sultan Choudhury, commercial director at the Islamic Bank of Britain, said that Muslims had only just recently had the option of […]
Solidarity set to establish SR 555 Million Saudi associate 23 August 2008 MANAMA, Bahrain – Solidarity Group, a member of the Ithmaar banking group and one of the largest takaful companies in the world, has received preliminary approval from the Saudi Arabia Monetary Agency (SAMA) to establish Solidarity Saudi Takaful Company, an […]
PricewaterhouseCoopers wins takaful award Advisory services firm PricewaterhouseCoopers has been recognised by an award for Islamic finance. The company won the Best Takaful Advisory Firm category at the recent 2008 International Takaful Awards, which celebrated the Islamic insurance sector. Mohammad Faiz Azmi, global Islamic finance leader at PricewaterhouseCoopers, commented: “This award is a wonderful recognition […]
www.cheapautoinsurance.com image by Gill Montia Story link: Principle launches Sharia-compliant motor insurance The UK’s first independent Islamic insurance group has been officially launched. Principle Insurance Company, trading as Salaam Halal, will initially offer motor cover and aims to grow its business among the 1.6 million Muslims living in Britain. The business is based in […]
www.mytakaful.com 1 hour ago LONDON (AFP) — The country’s first sharia-compliant insurance company was launched Monday, offering motoring policies in line with the Islamic legal code. Salaam Halal insurance uses Takaful principles, whereby the risk is spread between all policy holders. In contrast, conventional insurance policies shift the risk from the policy holder to […]
No protection: A Syrian family squeezes onto a motorbike as they roll through Damascus. Julien Barnes-Dacey A wave of Islamic insurers gears up to woo Syrians As the secular government eases its firm control over society, Islamic firms are increasingly cropping up. By Julien Barnes-Dacey | Correspondent of The Christian Science Monitor from the July […]
Sharia products help Prudential make as much profit in Asia as in UK Posted on June 10, 2008 by ribh http://tinyurl.com/5bjg4t Prudential is looking at ways of expanding the group’s range of takaful products – which are compliant with sharia law – building on its experience in Indonesia, where 25% of all sales are sharia-compliant […]
Malta may create regulation for takaful insurers Posted On: June 04, 2008 4:22 AM CST Michael Bradford VALLETTA, Malta—The Malta Financial Services Authority is considering changes that would allow takaful insurers and other Sharia-compliant financial services companies to operate under the country’s regulatory plan. The MFSA has released a public consultation document on the introduction […]
Dubai to lead innovation in Islamic products Thursday, March 20 , 2008http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=4147 With $4.11 billion (Dh15bn) worth of sukuk, or Shariah-compliant bonds, listed on the Dubai International Financial Exchange, Dubai is ideally placed to play a leading role in Islamic finance, a senior official said on Wednesday. “A risk-based Shariah systems regulator, regulations based on […]
Issues and Relevance of Islamic Finance in Britain-reposted, A MUST READ AGAIN
THese are the words of Iqbal Khan, the HEAD of global Shariah finance in the United Kingdom. Go over the wording, understand the implications of this type of system in democratic countries. Understand the type of banking and what it implies. comments by Allyson Rowen Taylor /* */ Issues and Relevance of Islamic finance in […]
I posted this as the information shows how far we are allowing the freedoms of democracy to be used for ways to promote a pro Islamic, pro Shariah agenda on the college campus. We need to be concerned who will be applying for these grants, what they will teach, and what materials will be used. […]
This is an important document to study, as it gives the perspective of banking under Sharia Law, with terms and glossary so we can understand what it is we are concerned about, and therefore give us an education as to how to stop the influx of Shariah banking in the Western World. The far reaching […]
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