Minister for International Trade Baroness Fairhead and Lloyd’s CEO were the keynote speakers at a special event organised by the IIAL in the Old Library at Lloyd’s.

A packed audience was told the UK government is keen for the insurance market to play its part in London’s efforts to be the leading global centre for Islamic financial services outside of the Islamic nations.

Baroness Fairhead told the audience that the government is willing to play its part in facilitating the City’s efforts and urged insurers to consider the provision of sharia-compliant capacity for commercial risks.

Ms Beale said Lloyd’s was keen to develop closer ties with the global Islamic economies and work continue to create a platform for underwriters to write Islamic business.

IIAL Chairman Max Taylor said the event was a first but significant step in raising the market’s awareness of the opportunities that the Islamic business economy can present and how it can create a sharia-compliant operation.