Insurance in the world of Islam: Origins, problems and current practice (Ph.D. Thesis)

Islamic scholars have long debated the validity of Western forms of insurance within the Muslim world. Life insurance faces the most significant theological obstacles, and is almost non-existent. Social insurance is more acceptable due to its nature as providing for public interest, and zaka will never been able to provide complete assistance as social welfare. Property insurance has begun to expand to cover individuals, where previously only available to commercial and government institutions. Historically insurance reforms have attempted to legitimize this practice in several ways, including eliminating negative components from the contracts, balancing the benefits over the drawbacks, and by creating an Islamic insurance system on its own. At this point Western insurance companies dominate Arab and Islamic markets, and the success of Islamic insurance will depend on the religious climate in Muslim countries and the strength of the insurance products.