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The planned roll-out of IIAL's takaful standards will more or less coincide with the UK's departure from the European Union on March 29 next year.
As part of UK's post-EU trade and business positions, the British government has set Islamic insurance "high on its agenda", Jon Guy, IIAL secretary-general told Salaam Gateway.
IIAL's takaful standards could lead to what Matcham describes as "a positive determination" for insurers to take on more takaful in the UK market, which holds only "under 5 million British pounds" in premiums for both Shariah-compliant commercial and personal lines of business, according to IIAL estimates.
In a 2016 survey conducted by IIAL, which was formed earlier in the same year to support the use of Islamic insurance in UK and promote the industry abroad, the top three reasons respondents said would stop them from buying takaful were price, the broker or intermediary not offering the option, and available capacity.
Max Taylor was speaking as he joined The Lord Mayor of London, Alan Yarrow, and CityUK CEO, Chris Cummings, to launch the IIAL at the Mansion House in the heart of The City, today.
A respected international body such as IIAL is needed to ensure that the insurance industry plays a full role in the development of the Islamic Finance industry and its future regulation.
The aim of the IIAL is to play a major part in the efforts to drive and develop principles for the transaction of Islamic and Shari'ah compliant commercial re/insurance business, creating a set of principles that can be used as a basis for a future international standard for Shari'ah insurance products and their transactions.
"The IIAL allows those in the London market to speak with a single voice and our message is that we are serious about the development of the Islamic insurance industry."
The aim of the IIAL is to play a major part in the efforts to drive and develop principles for the transaction of Islamic and Shari'ah compliant commercial re/ insurance business, creating a set of principles that can be used as a basis for a future international standard for Shari'ah insurance products and their transactions.
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