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ARTICLE · 15 NOVEMBER 2017

Market Developments

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AIG announced on 19 October that it has written its first Sharia-compliant warranty and indemnity (W&I) policy out of London's M&A market.

United KingdomFinance and Banking
William Reddie
William Reddie
Lucinda Rutter
Lucinda Rutter

UK: AIG writes first Shariacompliant W&I policy as UK targets Islamic insurance

AIG announced on 19 October that it has written its first Sharia-compliant warranty and indemnity (W&I) policy out of London's M&A market. AIG developed the policy in conjunction with Cobalt Underwriting, a Shariacompliant managing general agent, which HFW were involved in establishing (as reported here: http:// www.hfw.com/HFW-advises-Capitaon-Cobalt-investment-May-2013).

 Islamic finance is one area which the UK is seeking to develop ahead of Brexit, and AIG's first W&I policy follows recent moves by the UK and the insurance market as a whole to target Islamic financial services. Back in 2013, the then-Prime Minister David Cameron confirmed at the World Islamic Economic Forum that the UK would seek to establish London as a global Islamic finance centre, and a recent report found that Britain is now the leading Western centre for Islamic finance.

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