90 North has secured the first Sharia-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 Shariah-compliant UK real estate transaction.
“During this time the scholars have always asked for such Shariah-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 Shariah-compliant investment for our equity partners.”
