Preview of Islamic Life Insurance Products

Mohd Ma’Sum Billah
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Mohd Ma’Sum Billah: King Abdulaziz University

Chapter Chapter 20 in Islamic Insurance Products, 2019, pp 247-269 from Springer

Abstract: Abstract Life insurance under Islamic discipline is quite different from that which is practised under the conventional system. An Islamic model of a life insurance policy, however, is a financial transaction based on the principle of the Al-Mudharabah financing technique, relying on the principle of mutual co-operation, undertaking a responsibility towards safeguarding widows, orphans and other dependants of the deceased (assured/policyholder) from unexpected future material risk. The nominee(s) in the life insurance policy who is appointed by the assured, is not an absolute beneficiary(s) over the policy but a mere trustee who receives the benefits and distributes them among the heirs of the deceased (assured) according to the principles of Mirath (inheritance) and Wasiyah (bequest).

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-17681-5_20

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DOI: 10.1007/978-3-030-17681-5_20

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