Factors Driving the Islamic Insurance System in Pakistan, a Social Perspective Approach

Sania Khalid and Mobeen Ur Rehman

Journal of Social Economics, 2014, vol. 1, issue 2, 72-77

Abstract: The aim of this paper is identify those factors which are making conventional insurance system prohibited in Islam. The study examines the differences between the conventional and Islamic insurance contracts (Takaful).Conventional insurance is based solely on commercial factors and are only subject to the governing laws whereas Takaful is based on mutual cooperation and are subject to the governing law as well as a Shariah Supervisory Board.. The three main objections on conventional insurance are also being highlighted which are Gharar, Misir and Riba. It also includes those steps which can help in making the conventional insurance contract free of Islamic allegations.

Keywords: Insurance; Takaful; Gharar; Maisir; Riba; Allegation; Shariah. (search for similar items in EconPapers)
Date: 2014
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://rassweb.org/admin/pages/ResearchPapers/Paper%204_1495869345.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rss:jnljse:v1i2p4

Access Statistics for this article

More articles in Journal of Social Economics from Research Academy of Social Sciences
Bibliographic data for series maintained by Danish Khalil ().