Sharia-compliant insurance: a major growth sector (AP Photo/Kamran Jebreili)

(Reuters) – London-based Cobalt Underwriting said it was signing the European unit of QBE to its sharia-compliant insurance platform, helping address capacity constraints in the takaful (Islamic insurance) industry.

The Cobalt platform is part of a range of initiatives aimed at boosting London’s credentials in the Islamic finance industry, which follow religious guidelines such as a ban on interest and pure monetary speculation.

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