British Islamic Insurance to launch operations within weeks

14 April 2008
British Islamic Insurance Holdings (BIIH), a UK-based Islamic insurance firm owned by Gulf investors, is expected to start operations in weeks once it gains approval from UK regulators.

“We expect Financial Services Authority approval within the next few weeks,” said Alun Williams, a consultant at the firm.

The company will be the first in the UK which is authorised to issue Sharia-compliant insurance policies. It will start with car insurance.

Williams said that BIIH estimates that the Islamic car insurance market in the UK could be worth up to $1bn. The company will then consider launching products for home insurance.

BIIH is owned by Gulf investors and chaired by Abdulaziz Aljomaih of Saudi Arabia’s Aljomaih Holdings.

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