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UK: When the UK followed through with
its promise of delivering a sovereign Sukuk issuance, London effectively
secured a name for itself within the Shariah compliant financial community
as a serious and formidable contender giving other established players a
run for their money as the world’s leading Islamic finance hub. Venturing
into the Islamic capital universe and with firm roots in the asset management
space, the country is relentless in its Islamic finance pursuit as it now
anchors itself in the Takaful landscape with the launching of an official
Shariah compliant insurance body.
Inaugurated recently by the Lord Mayor of London Alan Yarrow and Chris
Cummings, CEO of CityUK, the Islamic Insurance Association of London (IIAL)
is established to support Takaful insurers and reinsurers in the UK by
providing its members with a platform to expand their network as well as to
create an avenue for market players to put forward and into motion
initiatives to develop the segment further. The IIAL also intends to
leverage from its position and network to not only push and develop
principles for Shariah compliant commercial re/insurance operations, but to
also lay the groundwork for an international standard for the Takaful
industry.
The Islamic insurance market of the UK is relatively small; however, the
nascent sector has been gaining pace in recent times with the likes of
Cobalt Underwriting, XL Group and more recently Lloyd’s, rolling out
Takaful products into the domestic market. “The formation of the IIAL is a
tangible sign that London has recognized it has to play a role in the
development of insurance solutions to the Islamic world,” said Max Taylor,
the chairman of the association. Explaining in a statement that London’s
conducive and non-discriminatory regulatory environment levels the playing
field for Takaful, Taylor further expounded: “To be in a position [to] make
the most of opportunities London needs to engage with Islamic businesses
and markets. The IIAL allows those in the London market to speak with a
single voice and our message is that we are serious about the development
of the Islamic insurance industry.”
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