Shariah-compliant insurer aims to recommence trading
Principle Insurance Holdings has announced the conditional sale of subsidiaries, Principle Insurance Company (PIC) and Principle Marketing Services (PMS) to Al Salam Group Holding Company.
The Principle Group, which traded under the shariah-compliant Salaam Halal insurance brand, was originally authorised by the Financial Services Authority (FSA) in April 2008 and entered into solvent run-off in October 2009.
Al Salam will now apply to the FSA for a change of control and PIC and PMS will apply for a variation of their permissions which, if approved, would allow them to recommence trading.
Al Salam is already a shareholder in Principle through its sister company, Ekttitab Holding
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