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British Muslim
29th to May 1st was the fourth to be analysts.
held to promote partnership between Current MCB secretary general
Muslim and non-Muslim businessmen Mohammed Abdul Bari said he was
by forging cooperation across borders heartened by the diversity and individual
among entrepreneurs in Muslim majority accomplishments of the young
countries and those in other countries. professionals representing Britain at the
attend Islamic
Sir Iqbal Sacranie, former secretary WIEF this year.
general of the Muslim Council of Britain “Never before has the need for a
Economic Forum
(MCB) leading the UK delegation, better relationship between the Muslim
said the forum will serve as a “hub and non-Muslim world been more
for potential business important,” Bari said. The delegation, he
collaboration between said, will be looking to build on previous
different countries.” successes and share best practice with
It will be a “platform for the leaders across the Muslim world.
exchange of cutting edge The delegation is being supported
ideas between leaders in by the government’s UK Trade and
business and government Investment (UKTI) organisation, which
both within and outside promotes British companies doing
the region,” said Sacranie, business in international markets.
who is also a member of “There are many opportunities for the
the WIEF’s International UK and particularly London as a leading
Advisory Panel. centre for Islamic Financial Services,”
The British delegation, said UKTI chief executive Andrew
which attended with Cahn.
others from more than “UK businesses are developing
A thirty five strong delegation of British Muslims 60 countries, has been closer ties and relationships with other
attended the World Islamic Economic Forum arranged by the MCB’s Business and regions in this field which will surely
‘’WIEF’’ Summit in Kuwait last month. Economic Committee and includes bring benefits to both the UK and other
The summit which took place from April businessmen, bankers, lawyers and countries,” Cahn said. - IRNA
Islamic insurer makes debut
“He who has
Britain’s first Islamic insurance company was
in his heart
launched last month in a further sign of the
potential of this fast-growing sector. as much faith
Principle Insurance is the first Islamic-
compliant insurer in western Europe and
as a grain
will provide Britain’s 2m Muslims with the
opportunity of insuring their car or house in line
of mustard
with their religious beliefs.
It also further strengthens London’s position
as the main centre of Islamic finance in the
seed will
west. It is the only country in western Europe
with Islamic banks, and has developed Sharia- not enter
compliant products in a range of assets classes,
such as bonds and foreign exchange.
hell, and he
Bradley Brandon-Cross, chief executive,
said: “London is leading the way as the
who has in
government has introduced reforms to help
Islamic finance. This company will give Muslims
in this country the opportunity to choose Sharia-
his heart as
customer’s house burning down, the common
compliant insurance products.”
fund pays. This means participants share the
Principle Insurance forecasts 200,000
risk, which is allowed under Islamic law.
much pride
policyholders within five years, with strong
Mr Brandon-Cross said: “We estimate that
growth expected over the coming months.
in excess of 500,000 British Muslims are car
as a grain
Practising Muslims cannot use conventional
owners. With motor insurance being a legal
insurance because it is seen as going against
requirement, these consumers currently have of mustard
two main tenets of Islam - gharer , or uncertainty,
to buy motor insurance that compromises their
and maysir , or gambling. This is because
beliefs. Principle will remove this dilemma.”
seed will
insuring a house means transferring risk to an
Islamic finance has only taken off in the
insurance company, which makes money if no
UK in the past four years since the first Islamic
claims are made or lose money in the case of,
bank, the Islamic Bank of Britain, was launched
not enter
say, fire damage. This is seen as gambling as
in September 2004.
well as creating uncertainty. paradise”.
Islamic insurance, or takaful , allows
ant to send W
customers to pay money into a common fund,
which is handed to someone to operate, who will
us an article?
be paid a fee. The operator is not taking a risk,
send it to:
so no risk is being transferred. In the case of a
Muhammad (PBUH)
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