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Uncertainty, interest, gambling and conventional insurance

Htay, Sheila Nu Nu and Syed, Ahmed Salman (2013) Uncertainty, interest, gambling and conventional insurance. International Journal of Business, Management & Social Sciences, 2 (7). pp. 25-28. ISSN 2249 - 7463

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This paper acknowledges the needs of insurance in our daily life. The involvement of unfair elements in insurance brings the unjust contracts between the insurance companies and the insured. This paper takes social-economic justice approach to examine the unfair nature of insurance. It is highlighted that insurance involves uncertainty, interest and gambling. These are the main prohibited elements from Islam and these elements make insurance prohibited from the Islamic aspect.

Item Type: Article (Journal)
Additional Information: 6177/30955
Uncontrolled Keywords: insurance, unjust contracts, uncertainty, interest, gambling
Subjects: H Social Sciences > HG Finance > HG1501 Banking
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: Dr. Sheila Nu Nu Htay
Date Deposited: 25 Jul 2013 09:19
Last Modified: 26 Nov 2013 09:47
URI: http://irep.iium.edu.my/id/eprint/30955

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