Islamic Insurance in Bangladesh

 Islamic Insurance in Bangladesh Essay

Prospects for Development of Takaful in the twenty first CenturyВ by Omar Fisher and Dawood Con. Taylor| В | (Copyright and reserved by Fellows and President of Havard School, Mass, UNITED STATES. April 2000)| В | В

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| Introduction

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| According to the universe Bank Development Report 2000, the earth's human population is approaching 6 billion, which upwards of 25% are exercising Muslims who have adhere to one of the ancient Abrahamic faiths-Islam. Pressures from quickly expanding flights, globalization of industry and trade, day-to-day news media and global 'chat" are exponentially boosted by instant satellite telecommunications via the cyberspace to move a ordinaire consciousness that every peoples will be part of " global village". Yet paradoxically, these same modern pressures are revealing ethic diversity as never just before and this thought serves to empower affinity groups globally. | В | В

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| In the burgeoning discipline of financial companies, the most effective growing segment is Islamic Banking - particularly as it seeks to deal with needs of an underserved cast group. Individuals and organization in +40 countries with Muslim-majority population and another + 15 countries with Muslim-minority residential areas share a common value system. IslamiQ. com reports that as of Summer 2001, a global Islamic Bank sector manages USD$200 Billion dollars in ways that conform to Islamic principles (called the Shariah) with a progress rate of 15% every year. While zero definitive info exists, it truly is believed that represents 10% to 15% of Muslim-owned fungible property worldwide. Islamic banking and financial products are attractive pertaining to Muslims specifically because of their mix of financial efficacy, religious correctness and psychic rewards. Every single Muslim is definitely held given the task of how s/he manages riches, invests or perhaps borrows money and cleanses profits by providing a portion for just about any gains each year to charitable organization (Zakat). | В | В | В

| How Do Muslims Save for future years? | В

| Origins of Takaful| В

| What are the Crucial Elements comprise a Takaful System? | В | В | Proliferation of Takaful Programs| В

| Retakaful or perhaps Reinsurance| В

| How exactly does a Conventional Insurance firm Make Money? | В

| Three Types of Takaful Models| В

| Quick Comparison of Standard Insurance and Takaful| В | В | Argument between Ing Mudharaba and Al Wakala Takaful Versions? | В | В | Profile of Insurance Industry Worldwide| В

| Acceptance Prices of Insurance| В

| Emergence of Takaful Industry| В

| Projected Long term Demand for Takaful| В

| Challenges and Obstacles to Future Growth| В

| Conclusions| В

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| How Do Muslims Save for future years: В Today's Muslims share related challenges with non-Muslims as they progress through life levels how to fund education, matrimony and the demands of family members formation, and how to conserve for retirement living or an emergency fund to defray bills that may arise from long term illness, or tragic bad luck. Such significant yet mundane needs are typically addressed by conventional life insurance and associated long-tem savings instruments that commonly include elements that are not permissible pertaining to practicing Muslims. Islamic scholars declared conventional life insurance unlawful many many years ago and reconfirmed as a result in: | В | В | * Fatwa issued in Judicial Convention held in Mekkah in Shaban 1398 OH * Unanimous decision by Muslim College students in workshop held in The other agents on May six, 1972 5. Fatwa issued by Nationwide Religious Council of Malaysia in 1972 2. Verdict of the Supreme Court docket of Egypt on Dec. 27, 1926 * Unanimous resolutions and fatwa by simply Ulama in the Muslim Group Conference in Cairo more than 40 years ago. | В | В | Among the elements which makes life insurance, as presently utilized, prohibited are: | В | В | 2. Severance of the balanced risk-sharing relationship between policyholders and...


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