Simon Archer, Rifaat Ahmed Abdel Karim, Volker Nienhaus
John Wiley & Sons
Rs 5,760
Pp 300
ISBN: 0470823526
Hardcover
Blurb
hors Rifaat, Archer and Volker bring an international perspective to the growing Islamic Insurance industry. Drawing on contributions from leading experts around the world, they present a comprehensive view of the very issues governing the industry and its future direction. As top financial institutes around the world seem to enter the lucrative Takaful markets, this timely book offers crucial background information and advice, invaluable for any serious player in the market.
Review
Islamic insurance Hindu
Conventional insurance, which is based on an exchange of premium payments now for future indemnities in case of specified events, is not valid under Shari’ah law due to the uncertainty (gharar) of the value of the future indemnities, informs ‘Takaful Islamic Insurance’ (www.wiley.com).
Part of the solution to the juristic problem lies in the adoption of a mutual structure for underwriting insured risks, with the insureds (participants) mutually insuring one another on a non-profit basis according to the principle of takaful (the Arabic word for ‘solidarity’).
Another aspect of the solution – as the authors Simon Archer, Rifaat Ahmed Abdel Karim and Volker Nienhaus outline – consists of characterising the policy contributions (premiums) to the risk fund as incorporating an element of conditional and irrevocable donation (tabarru’), the donor making the contribution to the risk fund subject to being entitled to benefit from mutual protection against insured losses.
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