Suggestion of Islamic Insurance Company Model

Abdullah Ibrahim Nazal

Asian Economic and Financial Review, 2015, vol. 5, issue 2, 320-325

Abstract: This study is one of very few studies which have investigated Islamic Insurance Companies as solution. It explained its operations also comparing with Traditional Insurance Companies and theoretical Islamic insurance models. As result to this study Islamic Insurance companies are profit organization. It helps Islamic banks but it costs customer to face expect risk. Islamic Insurance companies have many ways to get profits and consider all customers installments grants. Its operation gap comes from explanation of Islamic rule which considers part of customers savings in insurance company to buy compensation is the grant not all savings. This can be shown in theoretical models of establish insurance companies. Searcher recommended suggestion to direct Islamic insurance companies operations by Islamic insurance theoretical models. It reduces customer insurance costs and makes facing risk available to all citizens. Models can be developed to cover all types of insurance but as it collects savings, it can’t be sold to another company because cash buy cash in local currency is forbidden interest.

Keywords: Islamic insurance; Model; Saving; Islamic insurance company and Manage risks. (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
https://archive.aessweb.com/index.php/5002/article/view/1341/1921 (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:asi:aeafrj:v:5:y:2015:i:2:p:320-325:id:1341

Access Statistics for this article

More articles in Asian Economic and Financial Review from Asian Economic and Social Society
Bibliographic data for series maintained by Robert Allen ().