Insurance In An Islamic Economy

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Item Code: 1238

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Author:  Muhammad Nejatullah Siddiqi
Publisher:  The Islamic Foundation
Pages:  80
Binding:  Softcover
ISBN:  0-86037-144-1

About the Book: Discusses the nature of risks that are covered by insurance as distinguished from gambling and re-organizing insurance in accordance with Islamic principles.

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    Ammar Awais

    This book, authored in the 1970s, discusses the concept of insurance in the light of Islamic teachings. The author considers the basic idea of insurance as free from gambling and other evils. While insurance in the prevalent capitalist system is subject to certain un-Islamic practices, the author says these are not inherently present in the concept of insurance and can thus be eliminated. He explains the desirability of cooperating and covering calculable risks in Islam. The book also focuses on the role of the state in providing protection to its citizens against losses and risks. While the book does not cover Takaful that has since emerged as an alternative to traditional insurance, it nevertheless provides an interesting debate on the nature of insurance, and clears some commonly held misconceptions about it.

    Ammar Awais