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.
"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 market," said Matthew F. Power, president, Risk Specialists Companies, Inc.
AIG Takaful Enaya is licensed by the Central Bank of Bahrain and its Shari'ah Supervisory Board is composed of Shari'ah scholars Sheikh Nizam Yaquby, Dr. Mohammed Ali Elgari and Dr. Muhammad Imran Usmani. |
