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Global insurers to spur Islamic insurance initiatives

16 July 2012

The financial interest coverage (FinC) created to circumvent restrictions on Islamic insurance in global programmes will probably be spurred by international insurers with takaful capabilities such as Munich Re, Swiss Re and Hannover Re, according to a report.

For entities in jurisdictions where unlicensed takaful - a form of mutual insurance compliant with Islamic doctrine - is prohibited, FinC allows coverage to be offered to the firm's parent company instead.

Loss or damage sustained by the subsidiary triggers the cover,...

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This article was published as part of issue July 2012/3

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