Salaam Halaal - the first Islamic Insurance company in the UK today closed for new business after failing to raise enough capital.
Last July Principal Insurance Holding had created a history by opening the first ethical insurance company in the UK. Salaam Insurance sold Halaal form of insurance which was Shariah-compliant. Simply put, the company used first principles of insurance, coupled it with Quoranic guidelines (no interest, risk or speculation) to launch the new business.
The business had the right operating model, but wrong timing. I'm sure we have not seen the end of Takaful in the UK.
More details on the closure are available here.
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