Sharia insurance firm signs £87m Capita deal

    IT outsourcing for British Islamic Insurance Holdings: A British Islamic insurance company is outsourcing its IT to Capita in an $87m deal. The eight-year deal will see Capita working with British Islamic Insurance Holdings (BIIH), which provides insurance compatible with the Muslim faith. It reflects a European shift towards Islamic-compliant financial services, which is seeing western banks offering services compliant with Islam’s Sharia law. Capita will provide front and back office services and an IT platform from which to launch and sell BIIH Takaful insurance products. The contract will be run from Capita’s existing office in Cheadle, which will handle customer sales, servicing and claims management.

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