There are more than 60 million people living in the UK. Most of them need to buy some kind of insurance at some point. This could be home insurance, car insurance, travel insurance, health insurance or life insurance. Recent statistics demonstrate an overall increase in the UK’s household spending on insurance products. The chart above shows the percentage of households with different types of insurance products, and the average annual expenditure on insurance products by those households.

Like the rest of the UK population, Muslims need to have insurance to cover their homes, cars and businesses. However, the use of conventional insurance creates a dilemma for UK Muslims because it contains Haram elements including “Gharar” (uncertainty), “Maysir” (gambling) and “Riba” (interest). As there has been no Halal insurance available in the UK to date, some Muslims have tried to avoid buying insurance products. The exception is for car insurance where it is illegal not to buy appropriate insurance. The dilemma of conventional insurance remains the compromise of religion and beliefs. In the absence of suitable products many of the UK’s Muslims are exposed to higher risks when compared to the rest of the population.

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