First independent British Takaful company approved

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Bradley Brandon Cross, CEO of Principle, which has received FSA approval.

Britain's first independent Islamic insurance company has received regulatory approval from the Financial Services Authority (FSA).

Principle Insurance, formerly known as British Islamic Insurance Holdings, will offer Shariah compliant home and car insurance from later this year.

Abdulaziz Hamad Aljomaih, chairman of Principle, said in a statement: "I believe Principle will go some way in altering the perception of Islamic finance in the UK by showing that progressive, sensible and profitable businesses can be established in accordance with Islamic law.

"Achieving FSA authorisation is a clear vindication of my belief that Shariah compliant financial products are not only equitable and profitable but also conform to the modern day principles of international finance, especially from a regulatory standpoint."

All of Principle Insurance's products and services will be approved by the company's Shariah supervisory committee. This comprises Shaikh Nizam Yaquby of Bahrain; Dr Mohammad Elgari of Saudi Arabia; and Mufti Abdul Kader Barkatulla, who is based in Britain.

Principle will have around US$120 million in capital from institutional and private investors in the Gulf and Asia. Saudi Arabian investors account for 45.7% of the capital.

It aims to focus first on the UK, before looking at entering other European countries and the GCC.

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