Muslim CEOs running UK-based companies will soon be able to opt for takaful risk management solutions from stand-alone Islamic insurer, Salaam Halal. Currently many muslims have problems finding the right small business insurance quote.

According to a report by Reuters, the move represents a branching out by Salaam Halal, which has so far focused on providing takaful motor and home insurance.

Takaful, a form of insurance legal under Islamic law, adheres to strict guidelines on investments.

Insurance funds cannot be invested in alcohol or gambling and there is clear segregation between assets owned by members and those owned by the insurer.

The new business will target Muslim-owned small and medium sized businesses with less than £1m annual turnover, including lawyers, doctors, retailers, and accountants.

“It was always our intention to look at these markets,” said Salaam Halal CEO Bradley Brandon-Cross.

“We will be very much focusing on this project in 2010,” he added.

There are an estimated 140,000 Muslim-owned SMEs in the UK.

Your business liability insurance will safeguard your personal finances, as well as protect your business. Without this insurance, your business could be lost. You may be the only employee of your business, or you may have thousands of employees. It is equally important for any type or size business to carry liability insurance. Unexpected situations occur all the time, this is why they are called accidents.