Book Chapters

Conventional (commercial) insurance involves an intolerable magnitude of gharar (uncertainty), and hence its prohibition in Shariah. In order to Islamize insurance, it needs to be reconstructed on different basis so that the inherent uncertainty associated with the concept of insurance will not invalidate its contracts.

Standard economics and policy prescriptions adopt the modernization thesis as its base, which says that developing countries can modernize by undergoing secularization and westernization. However,