Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Saturday, May 24, 2008

First western Islamic insurer opens in London

The first British Islamic insurance company has been launched, with forecasts of attracting more than 200,000 policyholders over the next five years.

Principle Insurance is the first Islamic-compliant insurer in Western Europe and will allow Britain's estimated 2m Muslims to insure their car or house in line with Shariah law.

Bradley Brandon-Cross, chief executive of Principle Insurance, said London was becoming the centre of Islamic finance and predicted strong growth in Principle's business in the coming months.

He said: "This company will give Muslims in this country the opportunity to buy products in line with their beliefs. At the moment, there are half a million British Muslims who are car owners and this will benefit them."
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