Takaful / Insurance

UK: Takaful coverage for mobile phones

FoneShield UK Ltd, a UK mobile phone insurance provider, is set to launch the first mobile phones takaful coverage.

Though a 'Sharia' compliant standard for ethical insurance has been chosen to meet the upwardly-mobile European Muslim market, it is also believed to be a standard that will have a wider appeal amongst ethical consumers.

FoneShield UK Ltd is an FSA regulated insurance provider, based in London and has been operating since 2005. It is one of the first to offer an online, self-service option to mobile phone dealers and recently launched 'CaShield' to protect mobile phone cashbacks.

Amian Moaven is Director of FoneShield UK Ltd

Source: http://www.freepressreleases.co.uk/Press_Releases/Telecoms_News/Sharia_E...

Bangladesh: Prime Finance manages IPO of Takaful Islami

The New Nation, Bangladesh reported on 10 April that Prime Finance and Investment Limited has signed an agreement with Takaful Islami Insurance Limited to manage their proposed Initial Public Offering (IPO).

Md Akter Hossain Sannamat is Managing Director of Prime Finance & Investment Limited.
Abul Kashem Chowdhury is Managing Director of Takaful Islami Insurance Limited.
Md. Fazle Azim is Chairman of Takaful Islami Insurance Limited.

Source: http://nation.ittefaq.com/issues/2008/04/10/news0012.htm

Ahli United Bank and Legal & General to establish regional life takaful company

Business Intelligence Middle East reported on 4 April about the planned 50:50 Joint-Venture between Ahli United Bank and UK-based Legal & General Group. Both parties agreed to set up a takaful life, pension plans and health insurance provider, subject to necessary regulatory and statutory approvals. The authorised capital is reported at about USD 200 mn, of which USD 25 mn will be initally paid up. Operations shall start later the year.

Mr Fahad Al Rajaan is Chairman of Ahli United Bank

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=18873

Saudi mortgage law awaits confirmation

AME Info reported on 30 March that the long awaited Saudi mortgage law is being considered by Saudi-Arabia's Consultative Council.

Islamic financing will play a promiment role in housing finance and it is expected that also the takaful industry will benefit from this move.

Full Text: http://www.ameinfo.com/151657.html

Takaful help Prudential to make as much profit in Asia as in UK

The Guardian reported on 17th March about the takaful business of Prudential. Prudential is looking to expand into Egypt as the executive who runs the insurer's fast-growing Asian business seeks other markets with scope for rapid growth, like before Indonesia, where 25% of all sales in the fourth quarter of 2007 were sharia-compliant products.

Figures on Friday showed that profits of the Pru's Asian operations broke through £1bn for the first time in 2007 and now match the profits achieved by the insurer's traditional UK operations.

Stowe is already responsible for 13 countries. In India, he believes Pru can soon overtake the state-owned insurer that occupies the number-one slot in the country.

Source: http://www.guardian.co.uk/money/2008/mar/17/islamicfinance.insurance?gus...

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