HSBC Islamic insurance launched

HSBC Islamic insurance incorporates buildings and contents protection specifically designed to meet the requirements of Shariah.

HSBC Islamic insurance is just one in the long line of Islamic products, including home finance, current account and pension funds, that the bank provides.

Amjid Ali, UK head of HSBC Amanah, comments: "HSBC's Home Takaful (Islamic) policy is the first of its kind to be nationally available and I am confident that the ethical nature of the Takaful system and its attributes of fairness will have broad appeal."

HSBC Islamic insurance focuses on the key concept of mutual co-operation in the sharing of risk and makes provision for the prohibition of interest under Islamic law.

The insurance works on the basis of mutual co-operation between policy holders donating their premiums into a fund so that they are able to share the risk for their mutual benefit.

The HSBC Islamic insurance has been compiled under the guidance of an independent Shariah supervisory committee.