ISLAMIC AND MODERN INSURANCE

ISLAMIC AND MODERN INSURANCE Principles and Practices the modern world is mainly dominated by rapid development of economic thought and practices, accompanied by advancement in science and technology. Nevertheless, despite such developments, little can be done Q-actually-fo save one from encountering til)predicted risk, be it against one’s life, property, or a business venture. The Majority of people agree that insurance greatly contributes to peroxiding necessary economic, security against unexpected,catastrophes; The-idea of insurance•has: been developed under Common Law without diversification, and practices, but unfortunately,  similar scenario has not been Witnessed so far under.the ‘noble teachings of Islam. It would be’ unfair for one to oppose  the idea of insurance, while making no effort to come up with an alternative model  of insurance,e, which may be justified by the Shari’ah,  An attempt is therefore, made in this work to analyze the practical as well as legal’ ideas of Takaful in Ån Islamic model.

Insurance with a comparative treatment: The core objective of this eomparative study is to contribute tmvards further understanding of the conqeptual’fr.åmewbrksof both Takaful and insurance,so. that the world community woål&be able to appreciate and recognize the Takaful (Islamic Insurance) ‘ d’ Suitable ålternativq model.. to the conventional .insurance. It ‘may simultaneously-act as one of the promising instruments that significantly contritbute in the facilitation of the process of Islamization of law and practices, affecting the insurance industry globally, has been gladly expected by the contemporary Muslim in their ongoing ‘economic reality.

• ISBN 983-2571-26-X
• AUTHOR: MOHAMMED M. BILLAH
• PUBLISHERS : SD’S, BHD.