Islamic And Modern Insurance :Principles And Practices

The modern world is mainly dominated by the rapid development of economic thought and practices accompanied by advancement in science and technology. Nevertheless, despite such monumental developments, little can be done actually to save one from encountering unpredicted risk, be it against ones life, property or a business venture.

The modern world is mainly dominated by the rapid development of economic thought and practices accompanied by advancement in science and technology. Nevertheless, despite such monumental developments, little can be done actually to save one from encountering unpredicted risk, be it against ones life, property or a business venture. The Majority of people agree that insurance greatly contributes to providing necessary economic security against unexpected catastrophes. The idea of insurance has been developed under Common Law without much diversification, both in priciple and practices, but unfortunately, a similar scenario has not been witnessed so far under the noble teachings of Islam. It would be unfair for one to oppose the entire idea of insurance, while making no effort to come up with an alternative model of insurance, 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(Islamic Insurance) and modern insurance with a comparative treatment. The core objective of this comparative study is to contribute towards further understanding of the conceptual frameworks of both Takaful and insurance, so that the world community would be able to appreciate and recognize the Takaful(Islamic Insurance) as a suitable alternative model to the conventional insurance. It may simultaneously act as one of the promising instruments that significantly contribute in the facilitation of the process of Islamization of law and practices, affecting the insurance industry globally, as it has been gladly expected by the contemporary Muslim Ummah in their ongoing economic reality.

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