(Reuters) – London-based Cobalt Underwriting said it was signing the European unit of QBE to its sharia-compliant insurance platform, helping address capacity constraints in the takaful (Islamic insurance) industry.
The Cobalt platform is part of a range of initiatives aimed at boosting London's credentials in the Islamic finance industry, which follow religious guidelines such as a ban on interest and pure monetary speculation.
Cobalt will has increased its capacity to underwrite property risks to $425 million from $300 million, construction to $160 million from $100 million and an additional $50 million for casualty risks, the firm said in a statement.
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