Vantage Insurance Brokers, part of the Vantage Group, an independent Jersey based professional services business, is pleased to announce the launch of a new Shariah-compliant insurance offering.
Working with Cobalt Underwriting, London’s sole Shariah-compliant underwriting agency, Vantage can now offer Sharia compliant insurance and reinsurance solutions for a wide range of risks. These include property & real estate, construction, marine, aviation, fine art, Directors’ and Officers’ liability and financial / professional risks (including financial institutions).
The conventional insurance market is unsuitable for Islamic exposures for a number of reasons and Islamic insurance (or Takaful) is becoming increasingly desirable with the GCC countries, as well as in Africa and Asia. This is also the case for Muslim investors in the UK and Europe.
Shariah-compliant insurance products are attractive to a wide variety of Islamic entities including sovereign wealth fund assets, investment property portfolios and Islamic financial institutions.
Richard Packman, CEO of Vantage, commented:
“The Islamic economies represent 56 nations and nearly a fifth of global GDP and have seen double digit growth for over a decade. With Jersey’s expanding presence within Islamic Finance circles we believe that being able to provide a Takaful insurance solution will be of interest to Islamic clients and their advisors / intermediaries and can assist Jersey’s professional service providers in attracting business here.”
Islamic or Shariah compliant insurance is commonly known as Takaful and is also rooted in the principle of charitable support. Takaful means literally mutual assistance, cooperation or a joint guarantee. In essence, Takaful is a community arrangement, supported through donations to provide mutual assistance to those few who suffer misfortune. In Takaful insurance, the concepts of community and charity are paramount. Each community member “donates” money to a Shariah compliant insurance fund, with no expectation of repayment. If a member of the fund suffers a loss, those donations are used to restore him fully to his original condition, i.e. indemnity.