The Islamic Insurance Association of London

The IIAL has been formed to create a truly representative body to support the work of those in the UK re/insurance markets that are transacting Islamic finance

Insurance and Reinsurance has been the last of the financial services sectors in London to establish Shariah compliant operations and products and as such it needs an association to provide a strong and authoritative voice with both UK and international governments and regulators.

With the Islamic nations of Asia and MENA now amongst 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.

A respected international body such as IIAL is needed to ensure that the insurance industry plays a full role in the development of the Islamic Finance industry and its future regulation.

  • We will also look to promote its membership and the expertise they can bring to their existing and potential clients across the world
  • We will 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
  • We will provide analysis on the development of the wider Islamic financial market and how insurance will and can play a part in that development
  • We will host two major events each year to bring together the market to hear from leading speakers and discuss the issues which matter to the membership. One will be held in London with a second in an international Islamic financial centre in order to promote London, IIAL, and its membership to the wider market.

To drive and develop standards for the transaction of Islamic and Shariah compliant commercial re/insurance business, creating a set of standards that can be used as a basis for a future international standard for shariah insurance products and their transactions.

IIAL will build on London's reputation as a respected and trusted centre in which to conduct Shariah compliant business, doing so through transparency and fairness.

Message from Max Taylor Chairman, IIAL

London is rightly seen as the home of the global risk and insurance market. For over 300 years international risks have been placed in a market which contains an unrivaled concentration of expertise, talent, and a reputation for innovation. It has and remains the market where risks are placed which could not be placed elsewhere.

It has led the world in the development of insurance and risk management solutions for complex and specialist risks.

As a country the UK remains one of the most attractive investment opportunities in the world and as a city London is a world leader in financial services.

Despite the global economic conditions over the past six years the Islamic Finance sector has continued to grow at a pace which has significantly outstripped that of the established economies. Islamic investors are also keen to look to the UK and London as the home to those investments.

Research by global property advisors the CBRE Group found that 44% of the US$13 billion invested by Middle East sovereign wealth funds and businesses went into London. It predicts that the figure invested by those in the Middle East internationally over the next decade will rise to US$180 billion and 80% will be invested in Europe.
The growth in the scale size and appetite for Islamic Finance has been rapid and London as a financial market has reacted to the challenge and is working towards its aim to be the pre-eminent Islamic Financial centre outside of the Islamic nations.

To do so it needs to have the ability to offer Islamic businesses insurance cover that complies with the principles of Shariah law. However, London wants to do more than simply provide the products.

The IIAL has been formed to enable London’s expertise, talent, and innovation to be utilised to create and drive international standards for the transaction of Shariah compliant commercial insurance and provide a voice for the industry in the current and future negotiations with regulators, governments and external bodies in order to drive professionalism.

It will also act as an organisation which will highlight to clients across the world the benefits of doing business in London with its member companies safe in the knowledge that as part of the IIAL they will work to leading global standards. It will also provide regular opportunities for its members to network with their peers, potential partners and clients both in London and internationally.