Is Islamic insurance an alternative to conventional insurance?

Htay, Sheila Nu Nu and Syed, Ahmed Salman (2013) Is Islamic insurance an alternative to conventional insurance? International Journal of Business, Management & Social Sciences, 2 (7). pp. 1-4. ISSN 2249-7463

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Abstract

Having insurance becomes a common practice and it is unavoidable by human being nowadays due to the complex nature of business transactions and life styles. However, the involvement of prohibited elements in insurance makes the Muslim scholars think to introduce takaful as an alternative to insurance. Takaful products are designed to meet the needs of the society at large, including non-Muslims. The objective of this paper is to highlight that takaful can be an alternative to insurance and how takaful can bring benefits for the betterment of the society. This paper discusses problems of conventional insurance from the Islamic perspective. In addition, takaful concepts, its features, types and models are explained.

Item Type:	Article (Journal)
Additional Information:	6177/30958
Uncontrolled Keywords:	Islamic Insurance
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 09:13
Last Modified:	24 Jul 2014 11:15
URI:	http://irep.iium.edu.my/id/eprint/30958

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