Islamic Insurance: A Modern Approach to Islamic Banking

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Overview

Some Muslims believe insurance is unnecessary, as society should help its victims. Muslims can no longer ignore the fact that they live, trade and communicate with open global systems, and they can no longer ignore the need for banking and insurance. Aly Khorshid demonstrates how initial clerical apprehensions were overcome to create pioneering Muslim-friendly banking systems, and applies the lessons learnt to a workable insurance framework by which Muslims can compete with non-Muslims in business and have cover in daily life. The book uses relevant Quranic and Sunnah extracts, and the arguments of pro- and anti-insurance jurists to arrive at its conclusion that Muslims can enjoy the peace of mind and equity of an Islamic insurance scheme.

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Product Details

  • ISBN-13: 9780415311052
  • Publisher: Taylor & Francis
  • Publication date: 3/25/2004
  • Series: Islamic Studies Series
  • Pages: 248
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.69 (d)

Meet the Author

Aly Khorshid, born in Egypt, received his Ph.D. from the University of Leeds in 2001. He is a researcher in Islamic economics, and a consultant to Islamic banks and Islamic institutions in both the Middle East and Europe. Besides being a company director, he is also on the board of management of several companies. Dr Khorshid has published various articles on Islamic economics.

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Table of Contents

List of tables
Introduction
Acknowledgements
1 The meaning of insurance in Islam 1
2 Riba (Usury) and Gharar (Risk) 31
3 Pre-modern and modern jurists' standing on insurance 44
4 The development of mutual insurance in the West 97
5 The development of Islamic banking and insurance in Malaysia: a case study 113
6 The development of Islamic banking and insurance in Saudi Arabia: a case study 132
7 Basic principles for an insurance scheme acceptable to the Islamic faith 155
8 Conclusions 166
App. 1 Mudaraba for investment and savings and Takaful among Muslims (Shahab El-Din 1990) 173
App. 2 Arabian insurance guide: Islamic re-insurance operating principles 180
App. 3 Glossary of mutual insurance using case studies from the USA, Australia, Canada, Japan and Finland 183
App. 4 Glossary of Islamic financial terms 206
Notes 208
Bibliography 216
Index 223
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