Islamic Insurance: A Modern Approach to Islamic Banking by Aly Khorshid

By Aly Khorshid

A few Muslims think assurance is not sensible, as society can help its sufferers. Muslims can not forget about the truth that they dwell, exchange and converse with open international structures, they usually can not forget about the necessity for banking and assurance. Aly Khorshid demonstrates how preliminary clerical apprehensions have been conquer to create pioneering Muslim-friendly banking structures, and applies the teachings learnt to a practicable coverage framework wherein Muslims can compete with non-Muslims in company and feature conceal in everyday life. The ebook makes use of correct Quranic and Sunnah extracts, and the arguments of professional- and anti-insurance jurists to reach at its end that Muslims can benefit from the peace of brain and fairness of an Islamic assurance scheme.

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This means that in case of unsuccessful investment, an investor could lose all his capital without having any claim against the agent. Any clause to the contrary would invalidate the Mudaraba20 and however remote and improbable the chances of actual loss 18 MEANING OF INSURANCE IN ISLAM may be, such potentialities, which should be stated in the contract, would certainly not be suitable for a person seeking financial security and contemplating a considerable return on precious savings. In this regard current life policies undoubtedly contain less gharar than the contract of Mudaraba (Ibn Qaduma 1972: 5:44).

Many contractual mechanisms have been subject to such analogies. The principal ones are touched upon in the following paragraphs. Kafala (guarantee) The validity of Kafala, which usually involves an undefined subject matter, is often cited. An example of this would be if one says: ‘I stand as surety for all debts of X’ (Ibn Qaduma 1972: 4:536). This has been seen as a commitment, comparable to the duty of the insurer to pay the sum insured, as is the case of liability insurance (Al-Zarqa 1962: 57; Al-Muhmud 1986: 68–9).

According to both doctrines, the essence of usury is that whether the borrower gains or loses, it is certain that the lender always takes his pound of flesh. They call, therefore, for an equitable bargain from which both parties might derive fair advantage according to the amount of risk they run. However, in spite of the fact that the positions of the two religions were almost identical on usury, there was a discrepancy over compensation. Classical Christian thought maintained that the borrower who fails to pay his creditor at the appointed date should submit to a penalty (Taylor and Evans 1987: 20), and that the creditor who loses an opportunity of gain (by laying out his money) should receive compensation.

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