The rise of the Islamic, Shariah compliant, risk transfer sector - takaful and retakaful - has been relatively recent and most significant. Takaful is a Shariah-compliant mutual and cooperative system of risk transfer, where members contribute money into a pooling system in order to guarantee each other against loss or damage. Takaful provides a compliant alternative to insurance, grounded in the rules and regulations of Shariah law. 

The main difference between takaful and conventional insurance is that takaful clients make a donation to the takaful fund, thereby providing protection for each other against risks, conventional insurance clients, on the other hand, pay premium to the insurance company which bears all of the risk. Furthermore, any surplus in the takaful fund is distributed among participants and shareholders, whereas all profits in conventional insurance belong to the shareholders. In addition, takaful products and the organisations providing them adopt Shariah principles and avoid prohibited concepts such as riba (interest), maysir (gambling) and gharar (uncertainty). Whereas conventional insurers are subject to the relevant governing laws, takaful facilities are subject to a Shariah Supervisory Board, as well as the relevant laws.

Operating from our UK base Fidelis is uniquely positioned to provide a gateway for worldwide clients seeking Islamic risk protection. We have excellent relations with global takaful markets, including those based in the London market, and have access to high quality, price-competitive capacity that achieves Shariah compliance both in terms of the product and delivery.

Nigel has been involved in major takaful projects both within the UK and globally and has significant experience in this sector. We at Fidelis look forward to engaging with you in moving your project towards a successful conclusion.