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UK Halal car insurance

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#1 [Permalink] Posted on 10th August 2008 14:43

Britain's first-ever shariah-compliant car insurance product has been launched by provider Salaam Insurance.


The product offers motor insurance which is compliant with the tenets of the Islamic faith. Therefore, the nature of halal insurance, otherwise known as takaful, differs radically from other protection products in terms of the way in which risk is apportioned.


Mainstream insurance products work by shifting the risk from the policyholder to the insurer; in other words, if the customer has a car accident, the insurer pays - having agreed to take the financial risk to insure the customer in the first place. However, under takaful, all customers pay into a single pool, otherwise known as the takaful fund.


This fund is invested, and grows in value; all claims are then paid out from this fund. Salaam also assured customers that this fund would not be invested in "un-Islamic" products such as alcohol or pork, or in interest-bearing investments, as usury is banned in Islam.


The firm claimed that the insurance will have appeal outside of the muslim community, particularly among those customers who prefer to use ethical or co-operative products.


Mr. Abdulaziz Hamad Aljomaih, Chairman of Salaam insurance commented: "The launch of Salaam insurance - the first independent, fully shariah-compliant takaful operator available in this country - is a significant step for the growth of Islamic finance in the UK."


Bradley Brandon Cross, Chief Executive of Salaam insurance, added: "It is a disgrace that the financial services industry is lagging behind when it comes to recognising the different needs of the different cultures living in modern Britain today."


Around two million muslims currently live in the UK.


this article was on money . co . uk


can the ulema please look into this matter, if it really is sharia compliant. J'allah.


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#2 [Permalink] Posted on 14th August 2008 15:08
Zainab wrote:

Britain's first-ever shariah-compliant car insurance product has been launched by provider Salaam Insurance.


The product offers motor insurance which is compliant with the tenets of the Islamic faith. Therefore, the nature of halal insurance, otherwise known as takaful, differs radically from other protection products in terms of the way in which risk is apportioned.


Mainstream insurance products work by shifting the risk from the policyholder to the insurer; in other words, if the customer has a car accident, the insurer pays - having agreed to take the financial risk to insure the customer in the first place. However, under takaful, all customers pay into a single pool, otherwise known as the takaful fund.


This fund is invested, and grows in value; all claims are then paid out from this fund. Salaam also assured customers that this fund would not be invested in "un-Islamic" products such as alcohol or pork, or in interest-bearing investments, as usury is banned in Islam.


The firm claimed that the insurance will have appeal outside of the muslim community, particularly among those customers who prefer to use ethical or co-operative products.


Mr. Abdulaziz Hamad Aljomaih, Chairman of Salaam insurance commented: "The launch of Salaam insurance - the first independent, fully shariah-compliant takaful operator available in this country - is a significant step for the growth of Islamic finance in the UK."


Bradley Brandon Cross, Chief Executive of Salaam insurance, added: "It is a disgrace that the financial services industry is lagging behind when it comes to recognising the different needs of the different cultures living in modern Britain today."


Around two million muslims currently live in the UK.


this article was on money . co . uk


can the ulema please look into this matter, if it really is sharia compliant. J'allah.





W-Salam,


Of their Shariah committee...


Mufti Abdul Kadir Barkatulla Saheb (DB) is a Superb person and graduate of Darul-uloom Deoband but off course most Deobandi Ulama don't consider him a Deobandi (in the strictest sense of the word).


http://www.salaaminsurance.com/site/Shariah/ShariahScholars/tabid/90/Default.aspx


Sheikh Nizam Yaquby



  • Internationally acclaimed scholar
  • Member of the Shariah boards of several financial institutions across the world (including Islamic Bank of Britain, Lloyds TSB, Dow Jones, BNP Paribas & HSBC Amanah)
  • Member of the AAOIFI Shariah Board

Dr. Mohammed Ali Elgari



  • Director of the Centre for Research in Islamic Economics at King Abdul Aziz University
  • Serves as an expert at the Islamic Jurisprudence Academies of the OIC and Muslim World League
  • Member of the Shariah boards of several financial institutions across the world (including Dow Jones, Citi Islamic Investment Bank, Merrill Lynch, HSBC Amanah & Samba)

Mufti Abdul Kadir Barkatulla



  • Member of a number of Shariah boards (including Islamic Bank of Britain, United National Bank, ABC-alburaq & Lloyds TSB)
  • Senior Imam at Finchley Mosque, North London and runs Islamic Helpline Service
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#3 [Permalink] Posted on 14th August 2008 15:09
Zainab wrote:

Britain's first-ever shariah-compliant car insurance product has been launched by provider Salaam Insurance.


The product offers motor insurance which is compliant with the tenets of the Islamic faith. Therefore, the nature of halal insurance, otherwise known as takaful, differs radically from other protection products in terms of the way in which risk is apportioned.


Mainstream insurance products work by shifting the risk from the policyholder to the insurer; in other words, if the customer has a car accident, the insurer pays - having agreed to take the financial risk to insure the customer in the first place. However, under takaful, all customers pay into a single pool, otherwise known as the takaful fund.


This fund is invested, and grows in value; all claims are then paid out from this fund. Salaam also assured customers that this fund would not be invested in "un-Islamic" products such as alcohol or pork, or in interest-bearing investments, as usury is banned in Islam.


The firm claimed that the insurance will have appeal outside of the muslim community, particularly among those customers who prefer to use ethical or co-operative products.


Mr. Abdulaziz Hamad Aljomaih, Chairman of Salaam insurance commented: "The launch of Salaam insurance - the first independent, fully shariah-compliant takaful operator available in this country - is a significant step for the growth of Islamic finance in the UK."


Bradley Brandon Cross, Chief Executive of Salaam insurance, added: "It is a disgrace that the financial services industry is lagging behind when it comes to recognising the different needs of the different cultures living in modern Britain today."


Around two million muslims currently live in the UK.


this article was on money . co . uk


can the ulema please look into this matter, if it really is sharia compliant. J'allah.





W-Salam,


Of their Shariah committee...


Mufti Abdul Kadir Barkatulla Saheb (DB) is a Superb person and graduate of Darul-uloom Deoband but off course most Deobandi Ulama don't consider him a Deobandi (in the strictest sense of the word).


http://www.salaaminsurance.com/site/Shariah/ShariahScholars/tabid/90/Default.aspx


Sheikh Nizam Yaquby



  • Internationally acclaimed scholar
  • Member of the Shariah boards of several financial institutions across the world (including Islamic Bank of Britain, Lloyds TSB, Dow Jones, BNP Paribas & HSBC Amanah)
  • Member of the AAOIFI Shariah Board

Dr. Mohammed Ali Elgari



  • Director of the Centre for Research in Islamic Economics at King Abdul Aziz University
  • Serves as an expert at the Islamic Jurisprudence Academies of the OIC and Muslim World League
  • Member of the Shariah boards of several financial institutions across the world (including Dow Jones, Citi Islamic Investment Bank, Merrill Lynch, HSBC Amanah & Samba)

Mufti Abdul Kadir Barkatulla



  • Member of a number of Shariah boards (including Islamic Bank of Britain, United National Bank, ABC-alburaq & Lloyds TSB)
  • Senior Imam at Finchley Mosque, North London and runs Islamic Helpline Service
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#4 [Permalink] Posted on 19th January 2010 04:43
One of the advisors quoted on the link is Mufti Barakatullah who says he is Senior Iman at North Finchley Mosque. I can say quite categorically that he is NOT and has not been for more than two years since he was removed from the management committee and trustee board plus his self imposed senior imam post for his unacceptable behaviour which was not approved by the whole community and election fraud which was exposed by the local community to the charity commission.
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#5 [Permalink] Posted on 9th March 2011 06:45
Britain's first-ever shariah-compliant car insurance product has been launched by provider Salaam Insurance.

The product offers motor insurance which is compliant with the tenets of the Islamic faith. Therefore, the nature of halal insurance, otherwise known as takaful, differs radically from other protection products in terms of the way in which risk is apportioned.
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#6 [Permalink] Posted on 9th March 2011 17:47
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