Factors Driving the Islamic Insurance System in Pakistan, a Social Perspective Approach
Journal Title: Journal of Social Economics - Year 2014, Vol 1, Issue 2
Abstract
The aim of this paper is identify those factors which are making conventional insurance system prohibited in Islam. The study examines the differences between the conventional and Islamic insurance contracts (Takaful).Conventional insurance is based solely on commercial factors and are only subject to the governing laws whereas Takaful is based on mutual cooperation and are subject to the governing law as well as a Shariah Supervisory Board.. The three main objections on conventional insurance are also being highlighted which are Gharar, Misir and Riba. It also includes those steps which can help in making the conventional insurance contract free of Islamic allegations.
Authors and Affiliations
Sania Khalid, Mobeen Ur Rehman
Keywords
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