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Could sharia car insurance save you a fortune?
by Miles Brignall
This week the snappily named Salaam Insurance announced it was taking its "halal car insurance" to a wider audience than Britain's 2 million Muslims. And with good reason - this sharia-compliant product is attractive enough to give many established insurers a run for their money.
For years the UK has had sharia-compliant mortgages engineered so that borrowers pay for their loan without incurring interest charges - something outlawed by sharia rules. But until now, according to Farrukh Raza of Islamic Finance Advisory & Assurance Services, Muslim car owners have had to put their beliefs to one side when buying a policy. "These new products are sharia-compliant but the insurance works in exactly the same way as conventional policies."
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