90 North has secured the first Shari’ah-compliant UK insurance policy to cover its UK portfolio.
The property portfolio was insured by Cobalt Underwriting, the sharia-compliant underwriters, and placed by Lockton’s real Estate and Construction Practice.
The insurance cover insures more than £300m of retail, office, industrial and student housing.
Philip Churchill, founder & managing partner of 90 North, added: “It is more than 12 years since I first structured a Shari’ah-compliant UK real estate transaction. “During this time the scholars have always asked for such Shari’ah-compliant insurance, which up until now has never been possible. I am absolutely delighted that we have been able to complete the final piece of the jigsaw and be able to deliver a fully Shari’ah-compliant investment for our equity partners.”
Article from Estates Gazette