Islamic Insurance Association launches

This morning saw the launch of the Islamic Insurance Association of London (IIAL), formed to create a representative body to support the work of those in the UK re/insurance markets transacting Islamic finance.

With the Islamic nations of Asia and MENA now among the world’s biggest economic success stories there is a real need for the provision of transparent and trusted Shariah compliant commercial insurance and risk products. Insurance and reinsurance has been the last of the financial services sectors in London to establish Shariah compliant operations and products.

The new, international body has been set up to provide its membership with a platform to meet, network and have their say on how they wish to shape London as a world leading provider of Islamic insurance and risk solutions. It will also provide analysis on the development of the wider Islamic financial market and how insurance will and can play a part in that development.

Commenting on the launch, chairman of the IIAL Max Taylor, said: “Today’s launch of the Islamic Insurance Association of London comes in response to a clear need from the market both in the UK and globally.

“It comes at a time when the Islamic risk and insurance sector was undergoing a period of rapid growth. However, to enhance the sector and deliver change there is a real need for greater expertise and knowledge and this is where the London market can play a leading role.”

Taylor added that the formation of the new association is a tangible sign that London has recognised it has to play a role in the development of insurance solutions to the Islamic world. “London’s tried and tested legal environment makes product development very straightforward, which has to be utilised. London also enjoys a non-discriminatory regulatory environment. It provides a level playing field that recognises the core values at the heart of the Islamic insurance proposition,” he said.