A Shariah-certified discretionary takaful mutual has launched with a motor protection offer, in what the group’s founders say is a first for the nation.

“Australia is one of the world’s most multicultural countries, yet until now Australians seeking a Shariah-certified takaful option for vehicle protection have had no nationally available choice,” Najmaa Mutual co-founder Abdulrahman Zreika said.

“Our goal isn’t to replace conventional insurance – it’s to expand consumer choice through a different model of protection.”

The mutual’s first product, vehicle protection takaful, is now available across Australia. Its website says home and business protection is also planned. 

Najmaa says takaful is a “Shariah-compliant, member-based model founded on the values of mutual assistance (ta’awun), shared responsibility and transparency”. 

It added: “For many Muslims seeking vehicle protection that aligns with their religious values, conventional insurance has often presented a challenge because it is generally regarded under Shariah principles as involving interest (riba), excessive uncertainty (gharar) and gambling (maisir). Until now, Australians seeking a Shariah-certified takaful alternative for vehicle protection have had no nationally available option.” 

Co-founder Lisa Chehab said: “For decades, financial products have largely competed on price and product features. We believe people increasingly want financial products that not only meet their needs but also align with their values. 

“People shouldn’t have to compromise their values to protect what matters most.” 

The group notes the mutual is “open to everyone, regardless of faith or background”.