The first Islamic insurance company to be launched in the UK has closed to new business after failing to raise enough capital to continue trading.
Salaam Halal, launched last July, has written to suppliers and partners informing them it is now in “solvent run-off”. A note has also been placed on its web site revealing it is no longer accepting “new requests for insurance quotations”.
The firm has 10,000 policyholders…
This is more evidence that Shariah-Compliance serves as NO safeguard against risk and adverse market conditions.
Read more at The Telegraph…
