The 2 million Muslims driving on roads in Great Britain today now will be able to take a car insurance which do not conflict with their beliefs. Bradley Brandon-cross the Chief Executive of Salaam Halal safe which now offers new insurance for Muslims said that "insurance options conventional United Kingdom in conflict with the fundamental beliefs of the Muslim faith and gives as a result, Muslims living in United Kingdom wishing to drive a car no choice but to go against their beliefs in order to follow the leyque requires that motorists have covered."
The main problem for some Muslims is that conventional car insurance can be seen as a form of play that Bradley Brandon-Cruz goes on to explain; "Instead for the payment of the premium the policyholder gets peace of mind, and in the case of a valid claim, the claim settled". "This brings elements of uncertainty and, in the opinion of Muslims, gaming in the contract as one of the two parties will make a loss, especially to the policyholder if any claim is not the case."
In the early 1970s Sudan a concept know as Takaful was invented to help get around the concept of play associated with conventional insurance policies. Takaful offers the same amount of protection as insurance policies every day, but it works differently. Instead of betting against the probability of any misfortune Takaful insurance participants pay certain amount in a swimming pool, which is strictly reversed the Sharia compliant investments and the profits are distributed to the bottom.
This type of insurance can be described as a cooperative style of insurance where anyone needing cover should be able to donate to other participants who are facing difficulties. This whole idea is based on the philosophy of taking another load, strictly non-profit and is there to help members when needed.
Some believe that with the growth of other products safe Muslim Islamic Bank accounts, mortgages and child trust funds, indicates that there is a huge market for these types of insurance products. But really that is believed to be the Islamic insurance industry only 1/1000th the size of normal insurance industry, this combined with the fact that more than half of Islamic insurance policies sold in Iran can mean that there will be a large market as originally thought.
Loon financial director Bhatti Islamic independent said Salam Halal car insurance policy by saying that "one thing Sharia finance industry should have learned by now is that simply self-mold as Islamic is not enough to win customers, and success can only come to compete on price and have an attractive promotional message."
There is no doubt that Salaam Halal car insurance they offer a great alternative to conventional policies, and now they offer to Muslims the possibility of hiring car insurance policies without worrying about is breaking Sharia law.
Bhatti said to be that alternative Islamic is not simply enough to ensure a market, Muslims, like everyone else, want a competitive car insurance price and if it can not offer Salaam Halal car insurance, then just be the friendly alternative of Sharia may not be enough to survive in an extremely competitive market.
Seamus hectares smore articles relating to insurance read their articles prior to compare car insurance.