FoneShield UK Ltd, a UK mobile phone insurance provider, is set to launch the first mobile phones insurance that meets the ethical standards of Sharia compliance.
The company opted to include this new insurance product, as a result of growing interest in ethical products identified from customer research, where 58% of respondents demonstrated a willingness to buy an ethical insurance policy.
Though a ‘Sharia’ compliant standard for ethical insurance has been chosen to meet the upwardly-mobile European Muslim market, it is also believed to be a standard that will have a wider appeal amongst ethical consumers.
“ Sharia compliant products are one of the fastest growth areas of the financial sector – evident in the recent issue of Sharia compliant Government bonds . In addition, they also compel us to meet an excellent ethical standard for our business and the respective insurance product. We are very excited about being the first in Europe to offer it as an option.” Commented, Amian Moaven, Director, FoneShield UK Ltd
Compliance will cover; investment, participation and processes of the insurance cover. The product will be available in the coming weeks, directly online and through selective mobile phone dealers in the UK.
FoneShield UK Ltd is an FSA regulated insurance provider, based in London and has been operating since 2005. It is one of the first to offer an online, self-service option to mobile phone dealers and recently launched ‘CaShield’ to protect mobile phone cashbacks.