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First sharia-compliant insurance firm launched
Britain's first sharia-compliant insurance company was launched Monday, offering motoring policies in line with the Islamic legal code.
Salaam Halal insurance uses Takaful principles, whereby the risk is spread between all policy holders. In contrast, conventional insurance policies shift the risk from the policy holder to the insurance firm.
People taking out a policy with Salaam Halal pay contributions into a pool, with that money then put into sharia-compliant investments -- avoiding companies that are involved in alcohol or pay interest.
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