UK - Gatehouse JV into takaful

A lot of people have been saying that London is losing its way in terms of global Islamic finance, but the fightback could start here with the launch of GNL Insurance, the City’s first Takaful brokerage.
“We’re for the first time offering global corporations Takaful support from London, the world’s leading insurance market,” Richard Bishop, CEO of GNL Insurance told The Islamic Globe. (source)

He said: “Up until now large multinationals that have required global Shari’ah compliant insurance solutions have been forced to use small brokers in Asian and Gulf countries, whereas they can now be serviced
from London.”
GNL Insurance is a joint venture between British Islamic bank, Gatehouse and Paul Napier, a Lloyd’s insurance broker based in London.
The new firm will provide a global gateway for corporate and institutional clients seeking commercial risk protection, with its initial mandate being the provision of insurance for real estate, trade finance and
financial institutions.
The firm will only be focusing on large commercial clientele, not retail or general Takaful. Bishop said: “The retail insurance market is not ready for Takaful, this is why [UK retail Takaful firm] Salaam Halal Insurance failed, as the market, especially at the retail level is dominated by a handful of large, aggressive firms who will force any competition out of the game
by all means necessary.”
GNL’s first client is Chartis UK a diversified global risk solutions leader. For several years Chartis has recognized the importance of Takaful financial products and through Chartis Takaful in Bahrain has been offering Shari’ah compliant commercial and consumer products since 2006.

Source : http://www.theislamicglobe.com/enews/The_Islamic_Globe_No_22_130711.pdf - July 13, 2011