A new UK-based takaful company is poised to start offering Shariah-based insurance solutions to the UK's 2 million Muslims, according to reports. British Islamic Insurance Holdings, an Islamic insurance firm initiated by the Gulf Ventures Corporation, is still in the early stages of development and working towards securing a regulatory license from the Financial Services Authority.

Initial reports from the industry suggest former CEO of Scottish Widows, Mike Ross, has teamed up with some Middle Eastern Investors and European insurance companies to launch the Islamic insurance business. The company hopes to have planned, recruited and launched very soon, leading to an IPO on AIM in 12 months it is predicted. Recent Related News Creechurch forms Islamic Lloyd's syndicate