Canada's first Shariah-compliant insurance provider launched in Ontario

Canada’s first Shariah-compliant insurance provider launched in Ontario | Insurance Business Canada

Insurance News

Canada’s first Shariah-compliant insurance provider launched in Ontario

New brand aimed at commercial property liability and construction risks

Insurance News

By
Terry Gangcuangco

A new brand, described as Canada’s first Shariah-compliant insurance provider, has launched in Ontario.

Backed by CHES Special Risk, Ethical Insurance will specialize in commercial property liability and construction risks.

The brand is grounded in Islamic teachings that prioritize social responsibility, equitable business practices, and ethical engagement. Its approach ensures exclusion from industries related to alcohol, weaponry, certain food items, and gambling.

“With the introduction of Shariah-compliant Ethical Insurance, a product line previously unparalleled in the market, we are showcasing our capacity for innovation and adaptation,” CHES president and chief executive Gary Hirst said.

“Our mission is to deliver specialized products and services tailored to the diverse needs of our clients, including new immigrants who are business owners seeking insurance solutions aligned with their ethical and religious principles.”

Hirst added: “At Ethical Insurance, we believe in transparency, fairness, and social responsibility. 100% of our surplus will be used to support community development projects.

“Our Shariah supervisory board, provided by Sheikh Zubair Miah and Sheikh Muhammad Shikder at Al Huda Shariah Advisory Services Limited, plays a pivotal role in ensuring adherence to Islamic principles, guiding our product development and application.”

On LinkedIn, the CEO said: “At CHES Special Risk, we’re proud to pioneer this exclusive offering, aligning insurance solutions with Islamic principles of ethics and finance… We’re empowering retail brokers with a product that reflects the values and principles of their clients.

“Our product and workflow are overseen by an independent Islamic advisory board, made up of Muslim clerics who audit our product and operations to a very strict code of ethics and have certified our operations.”

What do you think about this story? Share your thoughts in the comments below.