Muslim CEOs running UK-based companies will soon be able to opt for takaful risk management solutions from stand-alone Islamic insurer, Salaam Halal.
According to a report by Reuters, the move represents a branching out by Salaam Halal, which has so far focused on providing takaful motor and home insurance.
Takaful, a form of insurance legal under Islamic law, adheres to strict guidelines on investments.
Insurance funds cannot be invested in alcohol or gambling and there is clear segregation between assets owned by members and those owned by the insurer.
The new business will target Muslim-owned small and medium sized businesses with less than £1m annual turnover, including lawyers, doctors, retailers, and accountants.
“It was always our intention to look at these markets,” said Salaam Halal CEO Bradley Brandon-Cross.
“We will be very much focusing on this project in 2010,” he added.
There are an estimated 140,000 Muslim-owned SMEs in the UK.