Tell me why we need this racist garbage. Why are these political robber barons stealing our money to enrich Islamic jihad. Shariah finance will have a negative, nefarious influence on our markets. Islamic finance will not invest in companies or industries s involved in entertainment, alcohol, pork and other elements prohibited by Islamic law. American business is free - free market or is that over too.
AIG Offers First Takaful Homeowners Insurance Product for U.S. Insurance Journal (hat tip Stacey)
Risk Specialists Companies, Inc. (RSC), a subsidiary of AIG Commercial Insurance, is introducing what it says is a first in the U.S.: a homeowners insurance product that is compliant with key Islamic finance tenets and based on the concept of mutual insurance.
The Takaful Homeowners Policy is underwritten through RSC member company A.I. Risk Specialists Insurance, Inc., in conjunction with Lexington Insurance Co. and in association with AIG Takaful Enaya. Headquartered in Bahrain, AIG Takaful Enaya was established in 2006 to provide Takaful products, including accident and health, auto, energy, property and casualty products.
The Takaful home policy is the first installment in Lexington Takaful Solutions, a series of Shari'ah-compliant (Takaful) product offerings in the U.S.
According to Ernst & Young's 2008 World Takaful Report, Takaful was estimated to be a $5.7 billion market globally with over 130 providers in 2006. The Takaful market is estimated to be in excess of $10 billion by 2010.
Takaful is similar to mutual insurance and cooperative risk sharing but there are key differences including a clear segregation of funds owned by participants and those owned by the insurance operations entity. Investments of funds are also restricted to avoid companies involved in entertainment, alcohol, pork and other elements prohibited by Islamic law.
Muslim countries only account for 5 percent of the global insurance market although they represent 25 percent of the world's population, according to AIG, which launched its Takaful operation in October 2006.
Muslim countries only account for 5 percent of the global insurance market although they represent 25 percent of the world's population, according to AIG, which launched its Takaful operation in October 2006.
[...]
"The introduction of Takaful products in the U.S. represents an important and emerging growth opportunity for AIG Commercial Insurance. We are pleased to offer socially responsible solutions to this segment of the domestic
Not with my taxpayer dollars. Bow to your Islamic overlords on your dime.
How dare they speak of "socially responsible" when shariah law is the most opressive, misogynistic,r racist system in the history on man.
