Islamic Insurance: A Modern Approach to Islamic Banking

By Aly Khorshid | Go to book overview

NOTES

1

THE MEANING OF INSURANCE IN ISLAM
1
Al-Ghazali, Ihya' Ulum el-Din (Revival of Religious Sciences) has devoted one of four volumes to worship. He discusses the knowledge, articles of faith, secrets of purity, prayer, fasting, pilgrimage, the rules of reading the Quran, invocations and supplications and observation of daily duties according to fixed times.
2
On the authority of Abu-Hurairah, Hadith No. 158 of Al Ahadith al-Kodsi'a, Dar al Toras, Cairo, 1980.
3
As if to emphasize again a warning against deadening familiarism, we are given a beautiful description of the righteous and God-fearing man. He should obey salutary regulations, but he should fix his gaze on the love of God and the love of his fellow man. We are given four heads: 1 Our faith should be true and sincere; 2 We must be prepared to show it in deeds of charity to our fellow man; 3 We must be good citizens, supporting social organization; 4 Our own individual soul must be firm and unshaken in all circumstances. Although they are interconnected, they can be viewed separately. Faith is not merely a matter of words. We must realize the presence and goodness of God. When we do so, the scales fall from our eyes. All the falsified and fleeting nature of the present cease to enslave us: His power (angels), His messengers and His message are no longer remote from us, but come within our experience. Practical deeds of charity are of value when they proceed from love, and from no other motive. In this respect, our duties also take various forms, which are shown in reasonable gradation, our kith and kin, orphans (including any persons who are without support or help), people who are in real need but who never ask (it is our duty to find them out, and they come before those who ask), the stranger, who is entitled to laws of hospitality, the people who ask and are entitled to ask, i.e. not merely lazy beggars, but those who seek our assistance in some form or another (it is our duty to respond to them), and the slaves (we must do all we can to give or buy their freedom). Slavery has many insidious forms, and all are included. Charity and piety in individual cases do not complete our duties. In prayer and charity we must also look to our organized efforts: where there is a Muslim State, these are made through the State, in facilities for public prayer, and public assistance and for maintenance of contracts and fair dealing in all matters. Then come the Muslim virtues and patience. They are to preserve the dignity of man (Yousuf 1938:69-70).
4
This is addressed to all mankind and not only to the Muslim brotherhood, although it is understood that in a perfect world the two would be synonymous. As it is, mankind is descended from one pair of parents. Their tribes, races and nations are a convenient label by which we may know certain differing characteristics. Before God they are all one, and He gives most honour to who is most righteous (Yousuf 1938).

-208-

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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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