Islamic insurance: a modern approach with particular reference to Western and Islamic banking (Ph.D. Thesis)

This thesis examines the use of insurance in the Islamic world, and explores in greater depth insurance practices in non-Muslim countries that are acceptable in most Islamic countries. This study provides a theoretical discussion of the following: Islamic principles, the prohibition of riba and the incompatibility of interest with economic justice, legitimate financial transactions, creating a balance between material wealth and spirituality, Medieval Christian and Islamic doctrine regarding usury, and the objectives of insurance within Islam and shari`a. Empirical aspects of the study include examples of the Prophet Mohammed as a prophet and moral guide, a background to insurance usage in the Muslim world, pre-modern and modern jurists opinions on its use, mutual insurance systems in practice in Western economies, and case studies of the Islamic financial system.