The Islamic Insurance Association of London (IIAL) has called on brokers to better serve the needs of Muslim clients by offering solutions that comply with Sharia or Islamic law. The trade group conducted a global survey of potential buyers and almost 50% of the respondents felt that they were not offered the right option by their brokers when it comes to placement or renewal discussions. IIAL chairman Max Taylor said there is a real need for the Islamic insurance markets to work together to tackle the misconception that cover is not currently available. He added that global standards would create a level playing field and provide clarity for the buyers, leading to an increased appetite for Islamic insurance products.
The Chairman of the Islamic Insurance Association of London (IIAL) has told delegates at its inaugural conference that cooperation will be vital if growth in the Islamic insurance sector is to be achieved.
Max Taylor said the London market was ready willing and able to work with local markets to drive the expertise and growth in Islamic commercial insurance products to meet the growing demand from the business community.
“We have long believed that to enhance the market and deliver change in the Islamic insurance sector there is a real need for greater expertise and knowledge and this is where the London market can play a leading role,” Taylor said.
“The UK government has been quite clear that it wants to create a global centre of excellence for Islamic financial services in London.”
However, while both the London market and the Islamic underwriting community had the same aims of driving growth and professionalism in the sector it could not be achieved in isolation.