IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-3-030-17681-5_20.html
   My bibliography  Save this book chapter

Preview of Islamic Life Insurance Products

In: Islamic Insurance Products

Author

Listed:
  • Mohd Ma’Sum Billah

    (King Abdulaziz University)

Abstract

Life insurance under Islamic discipline is quite different from that which is practised under the conventional system. An Islamic model of a life insurance policy, however, is a financial transaction based on the principle of the Al-Mudharabah financing technique, relying on the principle of mutual co-operation, undertaking a responsibility towards safeguarding widows, orphans and other dependants of the deceased (assured/policyholder) from unexpected future material risk. The nominee(s) in the life insurance policy who is appointed by the assured, is not an absolute beneficiary(s) over the policy but a mere trustee who receives the benefits and distributes them among the heirs of the deceased (assured) according to the principles of Mirath (inheritance) and Wasiyah (bequest).

Suggested Citation

  • Mohd Ma’Sum Billah, 2019. "Preview of Islamic Life Insurance Products," Springer Books, in: Islamic Insurance Products, chapter 0, pages 247-269, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-17681-5_20
    DOI: 10.1007/978-3-030-17681-5_20
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-3-030-17681-5_20. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.