Risk Specialists Companies, a subsidiary of AIG Commercial Insurance, announced that it is introducing a takaful homeowners policy, the first instalment in Lexington Takaful Solutions, which will be a number of Islamic product offerings for the US.

The product has been released in conjunction with AIG Takaful Enaya, a Bahrain-based outfit. Its Shari’ah supervisory board includes well-known names such as Sheikh Nizam Yaquby, who also sits on the supervisory board of UK-based takaful operator, Principle Insurance.

The takaful offering for homeowners will be the first Islamic insurance product to be marketed in the US. Abdallah Kubursi, global head of AIG Takaful Enaya, described the undertaking as ‘truly a global effort’ and emphasised the commitment of the participants to offer consumers wider choice ‘based not only on need but also social preference’.