INSURANCE AND ISLAMIC LAW THE ISLAMIC INSURANCE COMPANY Professor Samir Mankahady* The vast revenues of the natural resources enabled the Arab oil producing countries to pursue massive investment programmes which required essential services such as banking and insurance. These services were also necessary for the development of the non-oil producing Arab countries. No documentary credit could be opened by a bank to finance imports without an insurance cover. The various construction projects require cover for the various risks. As a result, all kinds of insurance covers are nowa- days offered in the Arab markets as major insurance enterprises have been established in the Arab World. Despite this expansion in the use of the insurance services,l its legality has an air of mystery about it. Is it illegal under Shari'a law? Or is it only toler- ated because it is a necessary service in a modern society? 2 This paper considers the place of insurance in Islamic law. ISLAMIC SCHOOLS OF LAW There are many such schools in Islamic law. However, the two main ones are the Sunni and the Shi'a. The Sunnis consist of four sub-divisions: . the Hanafis; . the Malikis; The Shafi's; and . the Hanbalis.
Arab Law Quarterly – Brill
Published: Jan 1, 1989
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