UK’s first Islamic insurer failed to raise enough cash
Salaam Halal, the first Islamic insurance company in the UK, launched last July, has closed to new business after failing to raise enough capital to continue trading, the Telegraph reports.
It has written to suppliers and partners informing them it is now in "solvent run-off". Its website states: “We are sorry, Salaam Halal insurance is not accepting any new requests for insurance quotations or issuing new contracts."
The company promised to honour the existing 10,000 takaful policies.
Bradley Brandon-Cross, chief executive, said the company had hoped to raise £80m but only raised £60m, leaving it with a shortfall.
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