By Aly Khorshid
ISBN-10: 0203458281
ISBN-13: 9780203458280
ISBN-10: 0415311055
ISBN-13: 9780415311052
A few Muslims think coverage is senseless, as society might actually help its sufferers. Muslims can not forget about the truth that they reside, alternate and converse with open international structures, they usually can now not forget about the necessity for banking and coverage. Aly Khorshid demonstrates how preliminary clerical apprehensions have been triumph over to create pioneering Muslim-friendly banking platforms, and applies the teachings learnt to a conceivable coverage framework in which Muslims can compete with non-Muslims in company and feature hide 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 coverage scheme.
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Extra resources for Islamic Insurance: A Modern Approach to Islamic Banking (Islamic Studies)
Sample text
Waqf is administered and managed by a Mutawalli or a nazir for a remuneration. He is appointed by the founder who may appoint himself as a 20 MEANING OF INSURANCE IN ISLAM Mutawalli when constituting a waqf. The Mutawalli has the powers to carry out all acts which are advantageous to the waqf and its beneficiaries in compliance with the stipulations defined by the founder and recognized by the Shari’a. 30 Some of these obstacles follow. 1 2 3 Waqf is a kind of Sadaqa, that is, a charitable and pious donation, aimed at obtaining a reward after death.
In relation to with-profit life insurance policies, the intention of the parties to Mudaraba (that the share of the profit allocated to the investor is a proportion of total profits and not a lump sum) is lacking. In with-profit policies the returns that the insured benefits from are essentially different from the Mudaraba returns. While addendum found in policies state that ‘It should be clearly understood that the amounts payable on policies taken out now may be more or less than those shown’, this does not render the contract a Mudaraba.
My understanding is that Islamic funds may fall into either of these categories or indeed others, but we certainly need to deepen our understanding of the developing principles and practices in this area. But whatever form they take, I think it is likely that the concepts will be familiar to the supervisors and regulators here; and that we can find satisfactory answers to these questions, perhaps through the organizational structure. : 1997: 57) With the exception of Denmark, the rest of Europe has, as yet, shown little interest in Islamic banking.