Islamic Insurance

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Title: Islamic Insurance: A Modern Approach to Islamic Banking
  Aly Khorshid
 Business & Economics
 Routledge
 12 February 2004
ISBN: 0415311055
 248

About the book

Some Muslims believe insurance is unnecessary, as society should help its victims. Muslims can no longer ignore the fact that they live, trade and communicate with open global systems, and they can no longer ignore the need for banking and insurance.

Aly Khorshid demonstrates how initial clerical apprehensions were overcome to create pioneering Muslim-friendly banking systems, and applies the lessons learnt to a workable insurance framework by which Muslims can compete with non-Muslims in business and have cover in daily life.

The book uses relevant Quranic and Sunnah extracts, and the arguments of pro- and anti-insurance jurists to arrive at its conclusion that Muslims can enjoy the peace of mind and equity of an Islamic insurance scheme.

Author Information

Dr Aly Khorshid is a combination of creative talent, author, Academic, Photographer, TV presenter, and public speaker.
He is the creator/writer of several books on ethics and finance.
 
Dr Khorshid is involved with Islamic financial institutions for over 2 decades; expert on Shariah compliant finance within the Islamic law, Waqf family “Trust”, inheritance, capital market products, alternative finance and Islamic contracts.

Shari’ah board member in selected Islamic institutions, also served as wealth manager with several bank’s including Al-Baraka International UK.

Khorshid obtained his PhD on Islamic studies and economics from the University of Leeds (UK), studied Fiqh and Shariah at Al-Azhar University (Egypt), Master degree in managements (UK).

 
Publications includes, the Encyclopaedia of Islamic finance 2008, Dictionary of Islamic Finance 2011, and Corporate Governance in Islamic Banks (Du in 2012). Joint author of several publications and many articles published on Islamic finance.

Dr Khorshid is also a trustee member of Academy UK, fellow at ICMA centre Henley business school University of Reading UK, former visiting lecturer at El-Azhar University, Egypt.

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Book Review

The Muslim World Book Review:

The Islamic Foundation.

Islamic Insurance: A modern approach to Islamic banking.

The book aims to contribute towards further understanding of the conceptual frameworks of Islamic insurance in the hope that the world community will appreciate and recognise Islamic insurance as a suitable alternative model to conventional insurance. Each chapter deals with a specific topic which is both interdisciplinary and international in scope, and all the chapters are concerned with insurance and its relevant law and practices in Islamic perspectives.

Overall the book is quite persuasive on how Islamic insurance could work well globally. The author should be congratulated for this well-researched book which would be of interest to any economist and financial planner dealing with insurance. It could also serve as a text book at the graduate or advanced undergraduate level, and interested lay readers will find it a fine introduction to an important topic in the area of Islamic financial industry.