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Firm launches Muslim car insurance

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A car insurance provider has launched a new policy that is designed specifically to meet the needs of Muslim drivers by abiding by Islamic law.

The cover from Salaam Halal Insurance provides all the services that a conventional insurance company would, while obeying the teachings of the Koran.

In order to keep to these laws it promises to not invest in any organisation associated with gambling, alcohol or pork and not to take financial risks or speculate with revenue, but instead the risk is shared between policyholders.

The company has a shareholder-owned parent company and is hoping to entice Britain's 600,000 Muslim car owners.

The actions of the firm are monitored by a committee of three independent Muslim scholars.

Peter Staddon, of the British Insurance Brokers' Association, said: "It's exciting to see a completely new product on the market. And I think there will be many people -- Muslim and non-Muslim -- who will want to switch to a company that does not invest in weapons, alcohol or gambling."

The firm, which has headquarters in London, says its premiums are in line with others in the industry.

© The Press Association 2008