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Concept of Insurance in Islam

I have always been very confused about the idea of Insurance in Islam and its credibility. Recently, I had a discussion on this topic with three of my very close friends and have got some more insight from them. Two of my friends were in favour of Insurance in some form and had their own views about the topic, please note that these two have good knowledge of Islam.     More….

 

 

 

Higher Risk & Higher Premiums

The best way for a business to lower its premiums is to reduce its risk.  Safety programs, controls, employee education and training are all ways to control risk and premiums. Lower risk equates to lower premiums.

Sometimes this principle hits a little too close to home. At the risk of my kids reading this, I wanted to relay a business insurance premium horror story. One of my firm's own making.    More….

 

 

 

History of insurance

In some sense we can say that insurance appears simultaneously with appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other.    More….

 

 

 

Principles of insurance

The rate and distribution of losses must be predictable: To set premiums insurers must be able to predict losses accurately. This is done using the law of large numbers, which states that the larger the number of homogenous exposures considered, the more closely the losses reported will equal the underlying probability of loss.    More….

 

 

 

What is Insurance ?

In simple terms it is a contract between the person who buys Insurance and an Insurance company who sold the Policy. By entering into contract the Insurance company agrees to pay the Policy holder or his family members a predetermined sum of money in case of any unfortunate event for a predetermined fixed sum payable which is in normal term called Insurance Premiums.    More….

 

 

 

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