Takaful association launched

The Islamic Insurance Association of London (IIAL) was recently launched to support organisations that transact Islamic finance in the UK re/insurance markets.

At the launch event IIAL chairman Max Taylor said that London has the ability and willingness to drive the growth of Shari’ah-compliant insurance products.

Insurance and reinsurance are the last of the financial services sectors in London to establish Shari’ah-compliant operations and products. 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.

The aim of the IIAL is to play a major part in the efforts to drive and develop principles for the transaction of Islamic and Shari’ah compliant commercial re/insurance business, creating a set of principles that can be used as a basis for a future international standard for Shari’ah insurance products and their transactions. The principle of putting the needs of the customer first is enshrined in the Shari’ah transaction.