InsureHalal partners with now4cover to launch a sharia-compliant home landlord insurance policy
InsureHalal has launched what it claims is the UK’s first shariah-compliant home and landlord insurance policies in collaboration with Now4Cover.
While other companies offer halal insurance products, InsureHalal says it is the first to offer shariah-compliant home and landlord insurance.
InsureHalal said it is also trying to pioneer the use of innovative FinTech in Islamic financial services. Now4Cover will build and manage the technology platform.
The product is shariah certified by Mufti Muhammad Nurullah Shikder, and Sheikh Salman Badr Al-Hasan, who is the chairman of InsureHalal.
He said: “We don’t believe people should pay more just because a product is Halal. We are pleased to bring an insurance product that is not only Halal but also fairly priced, ethical and socially responsible.”
InsureHalal says it does not make any money from refusing claims. It takes a management fee and the rest goes towards paying claims. Also, InsureHalal does not charge policyholders to change or cancel their policies. It also claims that most of any surpluses are applied for the benefit of customers or donated to charitable causes.
“This is an important milestone in the UK. Insurance is a necessity and Muslims like everyone else need to protect themselves and their families. It is important that they can do this without compromising their faith.” said Faizal Karbani, chief executive of InsureHalal.
InsureHalal has launched the policy with a plan to extend further by providing more Halal insurance products such as travel, Mosque and business insurance to UK customers in the future.