According to the Financial Times, the cover is based on a process which sees the contributions of customers invested in interests which comply with shariah law.
Bradley Brandon-Cross, the chief executive of Principle, told the newspaper that Islamic financial products are becoming increasingly popular in a number of countries.
"Muslims have not been able to buy insurance products compliant with their beliefs so they have had to make do with products that are not empathetic with those beliefs," he added.
Last month, More Than Business warned that vehicle accident insurance claims increase by around five per cent on average during the period before and after the clocks go back.
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