Lloyd's Creechurch syndicate's chief executive said his firm is set to begin underwriting reinsurance programs tailored for the Islamic marketplace and expects 500 percent growth in five-to-six years.
The new operation, a first for the market, will open up a range of classes, providing Takaful, or Islamic insurance products, specifically designed to meet the needs of the world's Muslims and abiding by their religious precepts, according to Lloyd's.
Islamic insurance products have strict rules which forbid entering any contract that could be deemed as gambling. Traditional insurance and reinsurance models, where a payment of a smaller premium provides the potential of a larger claims payment, breaches Islamic law, Lloyd's said.
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