Islamic Insurance: A Modern Approach to Islamic Banking

By Aly Khorshid | Go to book overview

Appendix 3

GLOSSARY OF MUTUAL INSURANCE USING CASE STUDIES FROM THE USA, AUSTRALIA, CANADA, JAPAN AND FINLAND

Introduction
This Appendix attempts to point out how legislation is used to level the playing field of insurance under varying governmental administrations, and serves to demonstrate the stringency and level of technicality required. An Islamic insurance scheme would be no different in its dependence upon official and voluntary bodies.
USA
American Insurance Association (AIA) This important association started as an organization of top fire and casualty executives who met, informally, to discuss important phases of the business. Its headquarters is in New York.
American Mutual Insurance Alliance (AMIA) An organization of mutual insurance companies similar to the American Insurance Association in the stock company field. The resume of an insurance company's assets, liabilities and details of its business are filed at the close of each calendar year with the insurance department of each State in which it is permitted to do business. This is usually distributed to members and published (in condensed form).
AssetsAll the wealth of a company. Some assets are 'non-admitted' in that while they may be of value, they do not comply with the requirements of a State, and therefore cannot be used in determining the worth of a company in its published statement or its advertisements.
Best's Key Rating Guide Annual report on property and liability insurance companies. Headquarters in Morristown, New Jersey.
Captive AgentAn agent who, by contract, represents only one company and its affiliates.

-183-

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Islamic Insurance: A Modern Approach to Islamic Banking
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables ix
  • Introduction xi
  • Acknowledgements xiv
  • 1 - The Meaning of Insurance in Islam 1
  • 2 - Riba (Usury) and Gharar (Risk) 31
  • 3 - Pre-Modern and Modern Jurists' Standing on Insurance 44
  • 4 - The Development of Mutual Insurance in the West 97
  • 5 - The Development of Islamic Banking and Insurance in Malaysia 113
  • 6 - The Development of Islamic Banking and Insurance in Saudi Arabia 132
  • 7 - Basic Principles for an Insurance Scheme Acceptable to the Islamic Faith 155
  • 8 - Conclusions 166
  • Appendix 1 173
  • Appendix 2 180
  • Appendix 3 183
  • Appendix 4 206
  • Notes 208
  • Bibliography 216
  • Index 223
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