Authors :
S M Tazuddin
Volume/Issue :
Volume 5 - 2020, Issue 7 - July
Google Scholar :
http://bitly.ws/9nMw
Scribd :
https://bit.ly/2E4mlKw
DOI :
10.38124/IJISRT20JUL799
Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.
Abstract :
Insurance plays a very vital role in the
modern world economic system. Because of its role in
providing socio-economic prosperity and security to life
and property it has been recognized as an essential
service throughout the whole world. But one Islamic
scholar declare the insurance as unislamic due to the
elements of Gharer (uncertainty), Maisir (gambling)
and Riba (interest) involved in the operation of
insurance contract. According to a saying of the Holy
prophet (SM), “which he told to a Bedouin Arab, who
left his camel unchained to the will of Allah,” tie the
camel and then leave it to the will of Allah.” In another
hadith the prophet (SM) advised to help one another in
furthering virtue and God consciousness and do not
help another in furthering evil and enmity. In view of
these hadiths it’s established that concept of insurance
does not contradict with shariah. Though the sharia
support the insurance but not conventional insurance.
Insurance plays a very vital role in the
modern world economic system. Because of its role in
providing socio-economic prosperity and security to life
and property it has been recognized as an essential
service throughout the whole world. But one Islamic
scholar declare the insurance as unislamic due to the
elements of Gharer (uncertainty), Maisir (gambling)
and Riba (interest) involved in the operation of
insurance contract. According to a saying of the Holy
prophet (SM), “which he told to a Bedouin Arab, who
left his camel unchained to the will of Allah,” tie the
camel and then leave it to the will of Allah.” In another
hadith the prophet (SM) advised to help one another in
furthering virtue and God consciousness and do not
help another in furthering evil and enmity. In view of
these hadiths it’s established that concept of insurance
does not contradict with shariah. Though the sharia
support the insurance but not conventional insurance.
