BIIH British Islamic Insurance Holdings Takaful Summit 1 November 2007 Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 1
BIIH INTRODUCTION British Islamic Insurance Holdings Who is BIIH? British Islamic Insurance Holdings Ltd Currently seeking authorisation from UK FSA for a general insurer and an intermediary Intention to offer personal lines, SME, savings and protection, others Planning to launch H 1 -2008 Ü Capital predominantly from GCC Ü Initially UK focussed… later Europe, GCC, Asia The UK’s First Dedicated, Standalone Takaful Insurer 1 November 2007 Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 2
MARKET OPPORTUNITY BIIH British Islamic Insurance Holdings > 15 million Muslims in Europe > 2 million UK Muslims 70% < 35 years of age > 500, 000 Muslim-owned cars > 400, 000 Muslim homes > 100, 000 Muslim-owned businesses 1 November 2007 A Sizeable UK Market Segment Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 3
POPULATION DENSITY BIIH British Islamic Insurance Holdings > 70% UK Muslim population live in 723 postcode sectors London, Birmingham, East Midlands Lancashire (Blackburn, Burnley) Yorkshire (Leeds, Bradford) Scotland (Glasgow) Population Density Means Ability To Concentrate Marketing, Offset By Insurance Risk Concentration 1 November 2007 Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 4
BIIH BUSINESS MODEL British Islamic Insurance Holdings Private Customers Motor Homeowners Savings Businesses Protection Pension? Health? Commercial Mortgages? Sales Channels BIIH Insurer BIIH Intermediary Other Companies Creation of a Muslim Focused FS Affinity Marketer 1 November 2007 Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 5
RESEARCH BIIH British Islamic Insurance Holdings Which of the following best describes how often you buy halal products? The majority of the Muslim respondents have bought halal food, and always seek out halal products where possible 1 November 2007 Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 6
RESEARCH BIIH British Islamic Insurance Holdings Only 9% of Muslim respondents have heard of Takaful: 1 November 2007 Base: All Muslims interviewed Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 7
RESEARCH BIIH British Islamic Insurance Holdings How likely would you be to buy a halal insurance product if it were: 1 November 2007 Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 8
CHALLENGES BIIH British Islamic Insurance Holdings KNOWLEDGE: Fewer than 10% of Muslims recognise/understand Takaful, or even Islamic Finance HISTORY: History of Islamic Finance in the UK has few successful role models CYNICISM: Research indicates that consumers are sceptical about “Islamic Finance” and its “true” Shariah compliance COST: Past experience indicates Islamic products are more expensive than conventional (Haram) product 1 November 2007 Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 9
BIIH THE FUTURE British Islamic Insurance Holdings Clearly a market … but is it achievable? Key challenges…. Ü Competitive product (price and benefits) Ü Education, education Transition of Islamic finance products to non-Muslim consumers Increased supply of Islamic financial services, stimulating knowledge and demand Further development of more products founded on Islamic principles The Most Exciting FS Marketing Opportunity in UK 1 November 2007 Strictly Confidential – © British Islamic Insurance Holdings Ltd 2007 10
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