Prospects of Islamic insurance in India

Syed, Ahmed Salman and Htay, Sheila Nu Nu (2013) Prospects of Islamic insurance in India. International Journal of Business, Management & Social Sciences, 2 (7). pp. 104-106. ISSN 2249-7463

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Abstract

Life and risk cannot be separated however it can be minimized through insurance. It is the main reason why insurance plays significant role in our daily life. Insurance is a policy between the insured and insurer to provide the benefits in the case of misfortune of the insured. However, from the Islamic perspective, insurance contract contains the prohibited elements such as interest, uncertainty and gambling. This calls for an alternative insurance, i.e. Islamic insurance, suitable for both Muslims and non-Muslims. Many Muslim and non-Muslim countries have introduced Islamic insurance. India is ranked in the third highest Muslim population country after Pakistan and Indonesia. Thus, the potential growth of Islamic insurance is high and this paper highlights the prospects of Islamic insurance in India.

Item Type:	Article (Journal)
Additional Information:	6177/30956
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 09:18
Last Modified:	25 May 2014 11:47
URI:	http://irep.iium.edu.my/id/eprint/30956

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