Sharia insurance firm signs £87m Capita deal
IT outsourcing for British Islamic Insurance Holdings
A British Islamic insurance company is outsourcing its IT to Capita in an £87m deal.
The eight-year deal will see Capita working with British Islamic Insurance Holdings (BIIH), which provides insurance compatible with the Muslim faith.
It reflects a European shift towards Islamic-compliant financial services, which is seeing western banks offering services compliant with Islam's Sharia law.
Special Report: Inside India
In February 2007 silicon.com's Steve Ranger visited the Indian tech hotspots of Bangalore, Hyderabad, Mumbai and Pune. Click on the links below to see photo galleries of the cities and companies visited.
♦ Satyam's IT campus
♦ Hyderabad's tech parks
♦ Bringing tech to rural India
♦ High-tech on the streets of Pune
♦ Pune - the new Bangalore?
♦ Boom town Bangalore
♦ Bangalore's Electronics City
♦ SAP and Wipro in Bangalore
Capita will provide front and back office services and an IT platform from which to launch and sell BIIH Takaful insurance products.
The contract will be run from Capita's existing office in Cheadle, which will handle customer sales, servicing and claims management.
BIIH CEO Bradley Brandon-Cross said in a statement: "The Muslim faith states that, because of various product features, conventional UK insurance options are in conflict with Islam and this creates a dilemma for British Muslims.
"We are planning to create a British insurer that operates in a way that removes this dilemma and creates an exciting new sector in the British insurance market."