In India, Islamic insurance is supposed to provide with sharia compliant insurance policies covering Muslims Indian risks which may occur for health, to car or risks which are related to a home acquisition and which permit the application of the sharia law within Indian financial services.
In India, Islamic insurance or Takaful would be able to cover the needs of around 200 million of Indian Muslims who would be able to enjoy Takaful as diversified financial product which is also used for halal saving and investments.
In India, an Islamic insurer when collecting the payments contribution of Indian insured Muslims, to be Sharia compliant will have the obligation to invest the money in ethical sectors which are halal and not haram and thus will exclude any speculative investments which are banned by Islamic law.
In UK, Islamic insurance has made its way despite the fact that some British Islamic car insurance policy providers as well as some UK Islamic life insurance have given up for different reasonsIn India, Takaful has not been deployed properly for several reasons which are mainly due to the absence an Indian regulation of Islamic finance which also includes a regulated Indian Islamic insurance industry.
In India, Islamic insurance is using alternative solutions to Takaful remaining sharia compliant and offering mainly halal health insurance on a non-profit mutual assurance giving access to the Indian Muslim community to health care with a modest contribution in terms of payments.