Introducing Ethical Insurance: Canada’s First Shariah-Compliant Ethical Commercial Insurance Launches in Ontario

TORONTO, ON, MARCH 20, 2024/insPRESS/ – CHES Special Risk, a leading name in the insurance industry is proud to announce the launch of Ethical Insurance, a groundbreaking initiative aimed at redefining insurance practices with a focus on ethical values and social responsibility. This milestone initiative signifies Canada’s foremost venture into Shariah-compliant insurance solutions for commercial risks, marking a significant stride in the industry’s evolution.

Ethical Insurance, is a socially responsible insurance or Shariah Compliant Insurance, designed to provide insurance coverage and services that align with ethical and socially conscious principles. It goes beyond traditional insurance by considering the impact of its policies and operations on various stakeholders, including acquisition, transactions, and participant experiences.

Dedicated to serving Ontario-based clients with integrity and excellence Ethical Insurance is Canada’s first Shariah-compliant insurance product provider aimed at Commercial Property liability and Construction risks. Our products and services are designed to support the beliefs of a segment of our fellow Canadians as well as the commercial activities of the Islamic finance industry.

Gary Hirst, CEO, and President of CHES, conveyed his fervent endorsement of the initiative, emphasizing the company’s commitment to pioneering innovative insurance solutions for commercial risks. “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,” he remarked.

“Our mission,” he continued, “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.”

Ethical Insurance, also known as Shariah-Compliant Insurance, operates in accordance with Islamic teachings, prioritizing social responsibility, fair business practices, and ethical sourcing. By avoiding industries such as alcohol, weapons, certain food products, or gambling, Ethical Insurance ensures alignment with socially conscious and ethical standards.

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

The Shariah Supervisory Board, composed of qualified Shariah Scholars, provides advisory services independent of executive functions within Ethical Insurance. Their role includes overseeing compliance with Shariah principles, conducting annual Shariah audits, and issuing certificates of Shariah compliance.

Ethical Insurance offers brokers the opportunity to become appointed brokers and participate in this exclusive product offering, catering to the unique needs of the Islamic finance industry. The company is hosting an exclusive Q&A for commercial insurance brokers in Canada to learn about the company, its offerings, and how they can be a part of this first-ever initiative in Canada. To register for the event, fill out the form: https://cloud.email.chesspecialrisk.ca/EthicalInsurance

For more information about Ethical Insurance, visit www.ethicalinsurance.ca.