First Shariah-Compliant Space Satellite Insurance Policy Is Written

Yahsat, a satellite communications company owned by the government of Abu Dhabi, has broken new ground by purchasing a Shariah-compliant insurance policy as part of the insurance package on the two satellites it plans to launch in 2011. Space News reported yesterday that the policy supplements two larger conventional policies previously acquired. The new Shariah-compliant policy written by Abu Dhabi-based Methaq Takaful Insurance Co. was reviewed by a Shariah supervisory board to assure that it complies with Islamic law. The board also examined the intended use and customers of the satellites. The policy is seen as a prototype for future space insurance coverage in the Middle East and elsewhere in the Muslim world.