Cooperation vital to grow Islamic insurance sector
The Chairman of the Islamic Insurance Association of London (IIAL) has told delegates at its inaugural conference that cooperation will be vital if growth in the Islamic insurance sector is to be achieved.
Max Taylor said the London market was ready willing and able to work with local markets to drive the expertise and growth in Islamic commercial insurance products to meet the growing demand from the business community.
“We have long believed that to enhance the market and deliver change in the Islamic insurance sector there is a real need for greater expertise and knowledge and this is where the London market can play a leading role,” Taylor said.
“The UK government has been quite clear that it wants to create a global centre of excellence for Islamic financial services in London.”
However, while both the London market and the Islamic underwriting community had the same aims of driving growth and professionalism in the sector it could not be achieved in isolation.
“There needs to be collaboration rather than competition if we are to succeed,” he said. “London's tried and tested legal environment makes product development very straightforward, which has to be utilised. London also enjoys a non-discriminatory regulatory environment. It provides a level playing field that recognises the core values at the heart of the Islamic insurance proposition.
“If we take a collaborative, partnership approach to the development of the market we can and will succeed.”
