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O'Connors advises Muslim Insurance Services on global development plans
A host of mainstream insurers - including Hiscox, Groupama and Ecclesiastical - have backed the latest Shariah law-compliant insurance company.
Birmingham-based Muslim Insurance Services Limited, which is brokered by JLT, is offering personal, home and travel insurance, as well as business insurance and professional indemnity commercial lines.
As part of its Shariah law, MIS will put 50% of its profit towards helping both Muslim and non-Muslim communities, initially by funding mentoring services for young people, according to Mike Langton, MIS non-executive director and JLT UK commercial director.
Groupama has struck a solus agreement with MIS to underwrite its home insurance and is the preferred market for its tradesmen and property owners' books.
Lynn Harris, head of customer proposition at Groupama, said its mutual status fitted with the principles of MIS. "We had to show we are 100% compliant with the requirements of the Shariah Supervisory Board (which advises MIS), principally around investment, and that has been approved."
Hiscox is underwriting all of MIS' professional indemnity cover, as well as office package and venue insurance.
John Heaney, UK commercial underwriting manager at Hiscox, added: "We expect to see good growth and this is a significant partnership for us. We have been taking various steps to make sure that our investments are proper. The Shariah Supervisory Board also looked at policy wording, types of cover given, and an assessment of Hiscox' core values."
Ecclesiastical is underwriting mosque and charities policies from its Birmingham office. Cover is also being provided by Tokio Marine.
MIS chairman is scholar and barrister Shaykh Siddiqi (pictured).
A corporate, insurance and regulatory team from O'Connors LLP, led by Paul O'Connor, is advising MIS on its global development plans.
