Catalogue


Islamic insurance : a modern approach to Islamic banking /
Aly Khorshid.
imprint
London ; New York : RoutledgeCurzon, 2004.
description
xiv, 230 p.
ISBN
0415311055 (alk. paper)
format(s)
Book
Holdings
More Details
imprint
London ; New York : RoutledgeCurzon, 2004.
isbn
0415311055 (alk. paper)
contents note
The meaning of insurance in Islam -- Riba (usury) and gharar (risk) -- Pre-modern and modern jurists standing on insurance -- The development of mutual insurance in the West -- The development of Islamic banking and insurance in Malaysia: a case study -- The development of Islamic banking and insurance in Saudi Arabia: a case study -- Basic principles for an insurance scheme acceptable to the Islamic faith.
catalogue key
5109921
 
Includes bibliographical references.
A Look Inside
Reviews
Review Quotes
The Muslim World Book Review: The Islamic Foundation. Islamic Insurance: A modern approach to islamic banking. The book aims to contribute towards further understanding of the conceptual frameworks of Islamic insurance in the hope that the world community will appreciate and recognise Islamic insurance as a suitable alternative model to conventional insurance. Each chapter deals with a specific topic which is both interdisciplinary and international in scope, and all the chapters are concerned with insurance and its relevant law and practices in Islamic perspectives.]...[ Overall the book is quite persuasive on how Islamic insurance could work well globally. The author should be congratulated for this well-researched book which would be of interest to any economist and financial planner dealing with insurance. It could also serve as a text book at the graduate or advanced undergraduate level, and interested lay readers will find it a fine introduction to an important topic in the area of Islamic financial industry.
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Summaries
Main Description
Some Muslims believe insurance is unnecessary, as society should help its victims. "Insurance", however, need not be a commercial venture. In its purest sense, it is assistance with the adverse effects of inevitable afflictions, an arrangement beneficial to all. Schemes to ensure the livelihoods of traders and communities have been in existence for millennia. Commercial insurance on the other hand, was invented ostensibly for the same ends but with the chief beneficiaries being the shareholders and directors. Among the countless revelations Islam passed on, two prohibitions, namely riba (usury) and gharar (risk), have been used by legislators as grounds for the prohibition of insurance. Islam is not against making money, and there is no inherent conflict between the material and the spiritual. Islamic law allows igtehad (initiative) to the benefit of people as long as there is no harm to other people. Muslims can no longer ignore the fact that they live, trade and communicate with open global systems, andthey can no longer ignore the need for banking and insurance. There is no prohibition in Islamic law against banking, nor insurance; similarly, Muslims can create insurance schemes that use their faith as the immutable basis for a working model. 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.
Back Cover Copy
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.
Table of Contents
Introduction
The Meaning of Insurance in Islam
Riba(Usury) and Gharar(Risk)
Pre-modern and modern Jurists' Standing on Insurance
The Development of Mutual Insurance in the West
The Development of Islamic Banking and Insurance in Malaysia: A Case Study
The Development of Islamic Banking and Insurance in Saudi Arabia: A Case Study
Basic Principles for an Insurance Scheme Acceptable to the Islamic Faith
Conclusion
Table of Contents provided by Publisher. All Rights Reserved.

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